Ripple is pressing forward in price despite the nagging SEC lawsuit.
For Ripple XRP, the week began with the SEC filing a fresh motion demanding access to communication between Ripple’s employees on Slack, a popular app for collaboration. The Commission alleges that a massive quantity of Slack data was missing from discovery and insisted that it be granted access to the same. In response, Ripple has filed a request asking for more time to process the request, seeking an extension on the deadline from August 12 to August 16.
XRP/USD Major Trend: Bullish
Since July 21, Ripple has been in an upward move as price breaks above the moving averages. In the first uptrend, Ripple’s (XRP) price attained a high of $0.77 and but was repelled. The altcoin retraced to a $0.70 low and resumed a sideways move between $0.70 and $0.77. Nonetheless, after six days of correction, the bulls broke the $0.77 resistance.
Buyers have pushed XRP above the $0.77 high as the market reaches the high of $0.82. If the current bullish momentum is sustained, XRP will rise to $0.85 or $1.07. Meanwhile, on July 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 1.618 Fibonacci extension or level $0.83. From the price action, XRP has reached the 1.618 Fibonacci extensions. However, further upward movement is not clear as the crypto reaches the overbought region of the market.
