XRP’s $0.50 Support Continues to Hold Ahead of Ripple/SEC Pre-trial

Bitcoin price still far away from over overbought territory, breaking $50,000 will get it close
February 17th 2021
WE ARE GETTING SO CLOSE for Ripple XRP Price AND A FEW BIG THINGS TO NOTE WATCH ALL
WE ARE GETTING SO CLOSE for Ripple XRP Price AND A FEW BIG THINGS TO NOTE WATCH ALL
February 17th 2021


In brief:

  • Ripple and the SEC have a pre-trial conference on the 22nd of February
  • The SEC does not believe there is a prospect for settlement at this time thus increasing the chances of a full trial
  • XRP’s $0.50 support is a level to watch ahead of the pre-trial event on the 22nd

On the 22nd of February, the SEC and Ripple will have a pre-trial conference to decide on the next steps in the ongoing lawsuit against the latter company. The pre-trial conference will be between the defendant, the prosecutor and the judge handling the case.

SEC Do Not Believe in Settlement at This Time

In a letter to Federal Judge Analisa Torres of the US District Court for the Southern District of New York, the SEC explained that they had discussed the possibility of a settlement with Ripple. However, the SEC does not believe there is a prospect for settlement at this time. Therefore, it is highly likely that the lawsuit could morph into a trial that could be pivotal in setting a precedent for crypto regulations in the United States.

XRP’s $0.50 Support is an Area to Watch

With respect to price, XRP is currently trading at $0.52 as a result of renewed interest by traders from the crypto wing of the WallStreetBets online community: SatoshiStreetBets. Furthermore, the trading of XRP is still very much available to U.S hodlers via the Uphold crypto exchange. The latter exchange decided to take a wait-and-see approach rather than delisting the remittance coin.

A brief look at the 6-hour XRP/USDT chart below, reveals that the $0.50 support could continue to hold even with the uncertainty of what might transpire during the pretrial conference on the 22nd.

XRP's $0.50 Support Continues to Hold Ahead of Ripple/SEC Pre-trial 15

Also from the 6-hour XRP chart above, it can be observed that the 6-hour MACD is hinting of increased buying through its histograms changing color from red to pink. Furthermore, the 6-hour MFI and RSI are also in oversold territory at values of 22 and 44 respectively.

Therefore, XRP could experience a brief relief rally to the $0.60 price area before the 22nd of this month. A drop will most likely follow due to the possibility of panic selling or reduced trading as XRP traders wait for positive or negative news regarding the pre-trial conference between Ripple and the SEC.



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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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