XRP was exchanging hands at $0.65, down 8.20% in the last 24 hours
According to data from CoinMarketCap, XRP is down 11% in the past seven days, with its price set to mark the sixth consecutive day of losses. At press time, XRP was trading hands at $0.65, down 8.20% in the last 24 hours.
The subsequent declines made the RSI indicator enter oversold territory. The relative strength index (RSI) is a technical analysis indicator that weighs the extent of recent price fluctuations to determine if an asset is overbought or oversold. If the RSI reading falls below 30, the asset is considered oversold. The larger the negative value, the greater the chances for a possible purchase.
In the case of XRP, the RSI reading hit 16.84 on the four-hour chart, a signal that the recent sell-off is running out, and investors could start looking for breakout opportunities. buy-side entry. .
Recent updates in the Ripple-SEC lawsuit
In recent updates shared by defense lawyer James K. Filan on the XRP lawsuit, Ripple and the SEC have filed a joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas.
Ripple’s General Counsel, Stuart Alderoty, says Ripple is doing everything possible to settle the case as soon as possible, although a resolution is very likely in 2023. He says: ”To everyone who has followed the case so far – thank you. Know that Ripple is doing everything possible (and the Court is working hard) to resolve the case as quickly as possible, despite the fact that the SEC has repeatedly done everything it can to delay. ”
As previously covered by U.Today, Ripple CEO Brad Garlinghouse pointed out that despite a lengthy lawsuit, the company is enjoying “record growth” outside the U.S.
Recently, ETC Group announced the listing of its XRP-backed ETC on Deutsche Börse Xetra, Europe’s leading digital asset exchange. XRP will join the company’s suite of institutional-grade exchange-traded crypto products (ETPs), including Bitcoin, Ethereum, Solana, Cardano, Polkadot, Litecoin, Avalanche, Cosmos, Polygon, and Uniswap that trade on Xetra.
