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Will August 31st be a catalyst for XRP Price?

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After the market’s dramatic reversal, XRP price 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.

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Currently, the altcoin 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 a 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:

According to the Reports :

Due to the unexpected illness of an attorney for one of the parties who was integral to the Larsen deposition, and the intervening vacation schedules of other attorneys, the parties will not be able to reasonably complete the previously scheduled depositions of Garlinghouse and Larsen before August 31.”

The Reports also claim that the court had previously extended the original fact and discovery deadlines by two months from 2 July to 31 August for fact discovery, and from 16 August to 15 October for expert discovery. However, due to the aforementioned reasons, if the deposition is not completed, the expert reports will also be delayed.

Also read: Where is Ripple vs SEC Heading? William Hinman Says he warned ripple officials!

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.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Haripriya Sureban

A writer and a Crypto fanatic exploring the DeFi Space. Staying abreast on all the crypto trends and trivia is my forte. For the rest I nerd out on movies and series.

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