XRP Price Remains Bullish Despite The Nearing Court Dates
Last October 16, XRP went down by 1.48%. It ended with $0.48164. As with its ongoing legal case against SEC, there are still no updates that can give XRP price support. This translates to the dependence of XRP on the broader market sentiment.
It has been said that both parties (SEC vs Ripple) should file relevant materials specifically for summary judgment motions. This should consist of Rule 56.1 counterstatements, briefs as well as supporting exhibits. It is a must that they file under a temporary seal. The parties will meet on October 20 to discuss what parts of the opposing briefs should be redacted.
The Court date for the XRP lawsuit will be determined this week. This follows an amicus brief filed by several banks, which seeks to show that XRP doesn’t meet the third prong of the Howey test. This is the basis they will use to request a summary judgment in their favor.
As mentioned above, the XRP price should be affected by market sentiment until a court date is announced. Investors should pay close attention to this and set their expectations accordingly. As such, only a few traders are likely to be short XRP at the moment, with the bulk of traders bullish on the XRP price.
With this week’s court date coming to an end, investors should expect a bit more volatility in XRP price as it heads into the weekend. Any price movement will also be driven by developments in the broader market. The possibility of a material impact on the markets is high given that there are several days left before the weekend.
In case of any absence of news, XRP price will once more be affected by its correlation to Bitcoin and the performance of other cryptocurrencies.
What precautions should be taken to ensure that XRP price remains bullish (to maintain the leveraged position gained in previous weeks), and not weaker than its already bearish trend?
These precautions include maintaining a long-term perspective, and a high-risk tolerance. A trader must defend himself from attacks by any level of market forces. This includes attacks coming from within the market itself such as a price correction, or news against his long-term position.
In this week’s trading update, we reviewed how the XRP price has transferred to the bearish trend that was followed immediately after the SEC vs Ripple court date. What should be done to counter this bearish trend and make the XRP price rise back above $0.50?
Traders should remain optimistic in the face of any developments on October 20, even if they don’t favor the XRP price.