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XRP swings below $1.01 as price exhibits mixed signals

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XRP has been consolidating between $1.01 and $1.16 for more than a week. It had sustained multiple retests on the current defensive area. Since the flash crash of September 7, the crypto-asset has failed to see the necessary momentum. While XRP maintained a steady route, the volatility in the market appeared to be garnering traction. Additionally, while some of its indicators took bearish positions, revival hints cannot be missed. If the token’s price manages to hold its fort above a crucial area as bulls tackle selling pressure, signs of upwards breakout would come into play.

Over the past 24-hours, XRP was down by a minor 0.67% and was priced at $1.08. The sixth-largest crypto-asset registered a market cap of $50.3 billion and a 24-hour trading volume of $2.10 billion at the time of writing.

XRP Daily Price Chart

XRP

XRP price candles have narrowly escaped from being dominated by the upsloping 50 DMA [Pink]. The 200 [Yellow] and the 100 [Blue] daily moving averages, on the other hand, appeared to lay low. The volume also did not depict any increase, and the above indicators flashed mixed signals, and the market seemed to hang in the balance between buyers and sellers.

XRP2

The formation of closing green candles of Awesome Oscillator [AO] depicted hints of bullish momentum in the market. A similar sentiment was indicated by MACD, which was also on the verge of undergoing a bullish crossover. The daily Relative Strength Index [RSI], however, did not fare too well. The indicator closely mimicked the price action of the token and consolidated below the 50-median line after slipping into the bearish territory. Hence, a pickup in terms of the RSI above the half-line would signify the onset of a bullish trend.

The immediate resistance levels for XRP stood at $1.18 and $1.39, while the support points were found to be at $0.95 and $0.78, respectively.

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XRP Lawsuit: Case extended further with Court Granting Expert Discovery Extension

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The latest update in the XRP lawsuit has brought bad news for Ripple and XRP Holders, as the court granted SEC’s 2-months extension request for the expert discovery deadline in a Text-Only Order.

The court noted that both parties agreed that there are likely at least 14 expert witnesses that will be deposed. However, Ripple argued that these depositions can reasonably be conducted within 18 business days given the resources available to the SEC. Furthermore, the Defendants along with the Movants (XRP Holders) claimed that any more delay in resolving this case will cause serious harm to the interests of both respectively.

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Nevertheless, the court has granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions. Additionally, the Court also denied Attorney Deaton’s Letter Motion to File Amicus Brief, on behalf of the XRP Holders that contended SEC’s extension request.

“While the Court recognizes that both parties have dedicated substantial resources to prosecute this case, given the pending motions to dismiss and strike, and the previous adjournment of any deadline to file a motion for summary judgment, the additional time sought by the SEC will not affect the schedule to resolve this case. Rather, the additional time sought by the SEC will allow both sides to complete the outstanding fact discovery and properly prepare for expert depositions. Accordingly, the SEC’s application is GRANTED.”, the court stated.

XRP Markets to remain Frozen

Earlier this week Ripple argued that the extension will continue to “freeze” the XRP markets within the United States that will further “unduly prejudice” Ripple. The defendants claimed that nearly every digital asset exchange in the United States has de-listed or suspended trading of XRP, “severely damaging” the token’s markets, and further damaging Ripple’s business as the defendants depend on XRP for its product offerings.

XRP Holders also bored the burn as their funds remain frozen due to the ongoing lawsuit. Many XRP Holders hold XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to trade, sell, transfer or convert their XRP.

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Why Can’t XRP Show Quality on the Basis of Price?

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We want to hear from you! When it comes to Ripple and industry updates, what’s your favourite way of learning more?

Community response:  I sold all of my XRP coin 2 hours ago. Frankly XRP was the worst coin that I ever had. More than a year wasted – my time and my money. I shouldn’t buy a coin that couldn’t hit its previous ATH for 4 years.

Please consider sending a message to all XRP holders, to update us on the SEC case. Or at least, consider having someone from your team being on an interview with some of the you tubers/lawyers.

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Why can’t XRP show quality on the basis of price? Now we want XRPs features to be reflected in its price and not to lose its reputation. I hope you have an answer.

We expect serious attacks from Ripple, make a Coin Burn if necessary Let the supporters like it.

XRP is the bridge.  RippleNet offers connections to hundreds of financial institutions around the world via a single API. It helps you reduce, the need to pre-fund accounts with On-Demand Liquidity (ODL)—a service that uses the digital asset XRP to source liquidity during cross-border transactions.

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It is the bridge between currencies – so it effectively translates currency to XRP and then out to a different currency is the way I understand it. It’s done in seconds so there’s no loss during the currency transaction. Swift does this but takes a day and costs more.

As long as you invest in XRP before the Ripple lawsuit ends then you’re still early.

By the time Ripple finds out that the Sec doesn’t want to clarify, but only wants them out of the way, Ripple will be out dated. Actually they already are.

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The price is being traded down by BTC and ETH whales. These same whales also fund other projects that they proposition as a “Ripple-killer”, and XRP is being held down while they try to build and capture market share. XRP is superior tech, and threatens BTC and ETH whales.

Early XRP investors reported nearly twice the poverty compared to other crypto investments.

The answer is very simple. The XRPLedger uses a consensus mechanism to validate transactions at high speed and very low cost. Secondly, it’s secure and highly decentralized which make it impossible for bad actors to behave dishonestly. And last the community is on point IMHO.

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All of these factors make the XRPLedger much more effective then PoW and PoS systems which are known to undermine smaller players.

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XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute

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ripple-v-SEC


The latest development in the XRP lawsuit saw Attorney Deaton write to Judge Torres on behalf of Movants (XRP Holders) to consider the community’s “meaningful perspective” to aid the Court in “reach[ing] a proper decision” in Expert discovery deadline extension dispute. The letter noted that while the court formerly denied Movants’ Motion to Intervene in lieu of SEC’s argument that it will “hopelessly delay” the final verdict, the plaintiff now itself is appealing for a two-months delay with the extension.

XRP Holders appeal access to their funds

Deaton’s letter also refers to Ripple’s opposition to the commission’s expert discovery deadline extension request. According to the letter, Ripple’s argument regarding the “freezing” of XRP markets within the United States impacts Ripple, however, it also directly impacts the XRP holders. Deaton cited Ripple’s argument that “nearly every digital asset exchange in the United States” has de-listed or suspended trading of XRP, leaving XRP holders helpless.

Furthermore, a large sum of XRP Holders holds XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”

Ripple opposition letter mentions frozen XRP markets

Following the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, Ripple filed an opposition letter on October 18, requesting the court to deny SEC’s extension appeal to prevent further delay in the final verdict. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.

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