Ripple’s XRP price appears to be spinning around the $ 1.05 level, suggesting investors’ indecision about the sixth largest cryptocurrency as they hesitate to take any new steps amid the uncertainties surrounding the lawsuit with the SEC Companies. At the time of writing, XRP / USD trading at around $ 1.06.
Legal uncertainties weigh on investor sentiment
Earlier this week, we told you about an important development in the SEC vs. Ripple lawsuit where a judge granted XRP holders amicus curiae status, had them weigh the legal developments surrounding the case, and present their findings that could affect the result. This was a significant advance in the case that several pundits said could overturn the litigation in Ripple’s favor.
However, since then there has been no update on when XRP owners must file their pleadings with the court. Uncertainties surrounding the case have increased as the court has yet to announce a date for other significant developments, including discussing Ripple’s motion to demand how the SEC applies the Howie test to its XRP transactions , the motion for a fair notice defense, as well as if the court would discuss the motion to dismiss the case filed by Ripple executives Brad Garlinghouse and Chris Larsen.
Upcoming technology developments in Ripple’s XRP
On the fundamentals side, XRP could find support from a recent partnership between Qatar National Bank (QNB) and RippleNet to leverage its On-Demand Liquidity (ODL) service to enable fast and efficient cross-border payments. The partnership with RippleNet will enable transfers to Turkey as well as other countries that use its technology.
Meanwhile, Ripple’s development team is preparing to preview a major upgrade to XRP Ledger (XRPL) technology. After RippleX first discussed the concept of federated sidechains in June, RippleX announced an engineering preview that developers can use to experiment with applications in the areas of DeFi, interoperability and NFT. The expansion of the technology into these emerging areas could further increase the attractiveness of Ripple’s XRP with investors and users in the future.
In addition, XRPL recently presented a prototype of its Proof of Payments protocol xPoP at the Apex Developer Summity in Tallinn. xPoP will enable Ripple’s blockchain to initiate transactions on its network even without an internet connection, potentially paving the way for instant offline payments via a QR code. This revolutionary technology could lead to immense adoption and acceptance of digital payments in mainstream sectors in the coming years.
XRP / USD technical analysis
According to a recent survey by the digital asset investment company CoinShares, XRP is one of the cryptocurrencies that investors are most optimistic about, after the market leaders Ethereum and Bitcoin. XRP shares the stage with other leading competitors including Cardano, Polkadot, Solana and Terras LUNA in the poll, which shows a strong interest in crypto among investors despite the ongoing legal troubles.
On the H4 chart of XRP / USD, the smaller moving averages, in addition to the leading technical indicators MACD and Momentum, point to selling interest. However, the MAs with larger timeframes show a bullish bias in the market.
XRP / USD
Ripple’s XRP is holding above the pivot point at $ 1.01 and an increase in buying pressure could push it up to the first resistance at $ 1.13. If sentiment in the overall market remains optimistic, the price could rise and also break the $ 1.20 mark to the second resistance at $ 1.21.