Price Analysis

XRP Price Continues to Hover Within a Narrow Range, While Ripple VS SEC Takes Another Turn!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 18, 2022

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Highlights

    XRP price in the past couple of days has witnessed a reduced volatility which has hampered the rally’s strength of-let

    The asset is largely believed to remain consolidated for the rest of the month or until the market sentiments ease out a little

XRP price has largely maintained a consolidated trend just above the local support at $0.42 from the time when the asset recovered from the LUNA-UST crisis. As the volume has dropped back to its original position, the strength of the rally has also weakened to a large extent. And hence an upcoming couple of days may also witness a huge accumulation before an upwards blast. 

xrpprice

The XRP price after a flip from the bottoms around $0.35 ranged above $0.4 and is currently consolidating hard around $0.42.The technicals largely point to a notable pullback in the next couple of days, as the RSI has taken a bearish divergence. On the other hand, the selling pressure may start to accumulate as the MACD also may go largely bearish very soon. Therefore, it appears that the XRP price could eventually head back below the local support before taking off gigantically. 

Also Read: How Will LUNA React Post the Fork! Will the Price Recover or Remain Unaffected?

Ripple vs SEC- An Update

Ripple, in a recent update, has asked the court to prepare the motion to compel. James K.Filan has shared a copy of the motion filed by the defendants, Ripple’s Brad Gardlinghouse and Chirs Larsen, in this case, requesting the court’s approval of a briefing size. The defendants also asked for a schedule for purposes of a dispute with respect to the SEC’s response to Ripple’s RFA’s, on which both the parties have reached a deadlock. 

However, it has been said that this is among the attempts to delay & obstruct a case from moving forward, the way the SEC has done till now. Some also speculate whether they aren’t really interested in protecting investors or delivering justice. On the other hand, some also believe the case is about to reach a destiny, where-in a clear picture of Ripple’s stand could be visible before the end of 2022.

Also Read: Sell Signal Flashes For Shiba INU, SHIB Price Heading for Sharp Losses Ahead!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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