XRP price has maintained a consolidating trend just above the local support $0.42 since the asset recovered from the LUNA-UST crisis. As volume has returned to its original position, the strength of the rally has also weakened substantially. And so the coming few days may also see heavy accumulation before an upward eruption.
After falling from the bottom, XRP price was trading above $0.4 near the $0.35 level and is currently consolidating near the $0.42 level. The technicals mainly point to a notable pullback in the coming days, as the RSI has taken a bearish divergence. On the other hand, the selling pressure may start to build up as MACD too may turn bearish to a large extent soon. Therefore, it appears that XRP price may eventually move back below local support and then rise sharply.
Read also: How will LUNA react after the fork! Will the price be fixed or unaffected?
Ripple vs SEC – An Update
Ripple in a recent update has asked the court to prepare a motion to force. James K. Fillon has shared a copy of the motion filed by the defendants in the case, Ripple’s Brad Gardlinghouse and Chirs Larson, requesting the court’s approval of the briefing size. The defendants also asked for a schedule for dispute purposes regarding the SEC’s response to Ripple’s RFA, at which the two sides have reached an impasse.
However, it said this is one of an attempt to try and prevent a case from proceeding the way the SEC has done so far. Some even speculate as to whether they are really not interested in protecting or judging investors. On the other hand, some also believe that the matter is about to reach a destiny where- a clear picture of Ripple’s stand may appear before the end of 2022.
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