Ripple’s XRP appears to be trading cautiously optimistic on Thursday, making slight gains after losing more than 24% of its value over the past week. At the time of writing, XRP/USD is trading at around $0.64.
The legal action seems to be heating up, with Ripple serving a deposition subpoena to put a former SEC on the stand to testify. Speculation suggests that the deposition could be aimed at former SEC chairman Jeff clayton who initiated the case against the company in the first place. The SEC, unsurprisingly, is working hard to oppose this request.
Ripple’s executives have previously questioned the timing and intent of the SEC’s actions, especially considering the agency does not consider other cryptocurrencies like Bitcoin and Ethereum as securities. A couple of months ago, CEO Brad Garlinghouse called out Clayton for filing the lawsuit just before leaving office, terming it as a misguided move.
Ripple’s XRP could potentially enjoy some support in the present trading session from a leading crypto trader who goes by the pseudonym Credible Crypto on social media. He believes that the digital asset is currently experiencing a pullback which could be another shakeout event as “XRP is still on major HTF (high timeframe) support, so I’m not getting distracted by this lower TF PA (price action).”
Key Levels to Watch
The H4 chart of XRP/USD reveals a bearish bias among most of the moving averages. However, leading technical indicators MACD and momentum as well as the smaller timeframe MAs are suggesting some build-up of buying interest in the near-term.
Ripple’s XRP looks set to test the immediate support level at $0.67 if it continues to work its way back up. Although, a confirmation of bullish momentum can only happen once the price overtakes the pivot point which sits at $0.80.