Ripple’s XRP Gains Even as Legal Woes Continue – $1.00 in Sight?
Early on Wednesday, Ripple’s XRP continues to trade bullish and notch up gains, making the most of the upbeat sentiment in the wider crypto sector. At the time of writing, XRP/USD is trading at around $0.890.
After several weeks of bearish moves, the cryptocurrency market has seen a return of investors lately, sending market leader higher above the key $45,000 mark. Meanwhile, the second most popular cryptocurrency Ethereum is also gaining strength after its London Hard Fork last week, rising above $3,000 level and increasing investor confidence in digital currencies, driving XRP’s value higher.
Meanwhile, on the legal front, 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.
On the fundamentals front, Ripple’s XRP could enjoy some support from a recent announcement by crypto exchange KickEX to list the token for trading on its platform. XRP will be made available to the exchange’s users starting from today, and the news could drive up trading activity of the token.
Key Levels to Watch
On the H4 price chart of XRP/USD, moving averages and leading technical indicators MACD and momentum are suggesting a strong bullish bias among investors at the moment. The price has broken past the pivot point at $0.772 as well as the first resistance at $0.849.
It looks like buyers are now gearing up to test the next resistance at $0.918. A break of this level can open the door for Ripple’s token to reclaim the key $1.00 level soon.
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