XRP price has largely maintained a consolidating trend just above the local support at $0.42 since the time the asset recovered from the LUNA-UST crisis. As the volume has dropped back to its original position, the strength of the rally has also greatly weakened. And so the next couple of days may also see a big build up before an upward burst.

XRP price after a swing from the bottom around $0.35 has ranged above $0.4 and is currently consolidating around $0.42. Technical data is largely pointing to a notable pullback in the coming days as the RSI has taken a bearish divergence. On the other hand, selling pressure may start to build as the MACD may also turn bearish very soon. Therefore, it looks like XRP price could eventually return below local support before taking off in a big way.

Also read: How will LUNA react after the fork? Will the price recover or will it not be affected?

Ripple vs SEC: An Update

Ripple, in a recent update, has asked the court to prepare the motion to compel. James K.Filan has shared a copy of the motion filed by the defendants, Brad Gardlinghouse and Chirs Larsen of Ripple, in this case, requesting court approval of a report size. The defendants also requested a timeline for purposes of a dispute regarding the SEC’s response to Ripple’s RFA, in which both parties reached an impasse.

However, it has been said that this is one of the attempts to delay and obstruct the progress of a case, as the SEC has done so far. Some also speculate if they are not really interested in protecting investors or doing justice. On the other hand, some also believe that the case is about to reach a destination, where a clear picture of Ripple’s booth could be seen before the end of 2022.

Also Read: Sell Signal Flickers For Shiba INU, SHIB Price Heads For Big Losses Ahead!

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