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- Ongoing lawsuit hinted at Ripple winning the case.
- Key entity of the XRP ecosystem called quits.
- CTO of Ripple teasing Musk on Twitter.
The Ongoing lawsuit between SEC and Ripple Labs has always been the driving factor of XRP prices. The recent developments have left XRP holders’ attorney more confident about the Judge rejecting SEC’s Summary Judgment Motion. The extended lawsuit has always played with XRP prices, similar to its Chief Technology Officer (CTO), David Schwartz.
David, CTO of Ripple Labs, congratulated Elon Musk in his playful manner by tweeting,” I’m taking XRP private at $420. Funding secured.” The tweet made by David shed more light to XRP, exciting the token fans. To balance out the optimism, Coil, surprisingly called out from the XRP ecosystem. Coil was a key entity in the ecosystem and one of the most significant entities in XRP’s ecosystem. Out of the blue, it announced to cease its operations. All these factors made XRP shake up a bit.
Here’s what charts reveal
The prices have formed a horizontal regression channel, with non-existing intraday gain. The volume showed volatility in its recent performance. The EMA ribbon lies under the price movement to signal bullish influence. A horizontal OBV suggests a neutral market to prevail for now.
The CMF moved closer to the baseline indicating decline in bullish control. The MACD records a thread of sellers as the lines diverged negatively. The RSI slipped closer to the halfline to indicate retrieving bulls. The study suggests prices to see a temporary fall.
The Peephole
The smaller time frame suggests the price to move sideways due to increased selling pressure. The CMF has moved akin to the baseline showing a neutral market. The MACD also shows an ambiguous control over the market. The RSI moves parallel to the halfline, closer to 50-range showing no inclination.
Conclusion
The XRP volatility was the response to the ongoing lawsuit. The fans seem exhausted to keep up the hype, but now await the judgment at the earliest. The holders may witness resistance near $0.47.
Technical levels
Support levels: $0.33 and $0.30
Resistance levels: $0.47 and $0.53
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
