Will August 31st be a catalyst for XRP Price?
After the market’s dramatic reversal, XRP has declined by 8% in the last 24 hours. It dropped from $1.25 to $1.14. Further, XRP fell as low as $1.12 breaking below the ascending price channel.
Currently the token is recovering losses. It is trading at $1.17. Looking ahead, the immediate resistance is at $1.25. Subsequently $1.28 will come to play. In case of an extended rally, $1.36 and $1.40 will be the next levels to reach for.
However, in case of a downtrend, support is at $1.10, further at $1. If it fails to hold these, $0.92 and $0.85 will come into play.
As for the technical indicators, the relative strength index flashes a neutral signal with 60.24 value. Whereas the moving averages flash a strong buy signal.
Ripple Vs SEC – 31|8 the discovery deadline
The fact discovery date for the ongoing lawsuit is August 31. Ripple’s move to “compel the production of internal and inter-agency documents,” among other things, is being debated by both parties.
Attorney Anthony James Filan recently tweeted,
“Parties move jointly for brief extension of fact discovery deadline…and to extend expert discovery deadline until November 12, 2021.”
It’s probable that XRP’s positive position will strengthen depending on the outcome of the aforementioned case. Especially if Ripple’s plans go according to plan.
However, XRP has witnessed growth in the past month. Active addresses have grown from 10k to 21.6k. That also helped in improving XRP’s MVRV ratio. The asset’s value is represented by the Market Value to Realized Value ratio, which is at a three-month high currently.
Published at Wed, 25 Aug 2021 22:17:37 +0000
