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Against the background of consolidation, the price of XRP shows a clear disinterest of users, although there are definitely reasons for optimism.
The fact is that Justice of the Peace Sarah Netburn granted Ripple’s appeal not only to serve the subpoena to the plaintiff, but also to confirm the authenticity of video recordings of public speeches made by SEC officials.
However, the lawsuit is delayed, so investors and viewers lose interest in the money transfer token.
For the 14th day in a row, the price of XRP retested the $0.381 barrier with no signs of directional bias. The analysis shows that the money transfer token fluctuates between the barriers of $0.381 and $0.359.
And although on August 17 an attempt was made to rise higher, it ended in failure, like all the previous ones. The token is currently trading at $0.374. A breakout of the support level of $0.359 would lower the price of XRP by 5.3% to retest the $0.340 fulcrum.
If XRP owners continue to take profits, a double bottom formed at $ 0.326 is likely to break through. Due to the weakening of the bitcoin price structure, investors can expect a slight price drop in the token.
Due to the consolidation between the $0.381 and $0.359 barriers, trading the price of XRP is not currently advisable. As long as the money transfer token fluctuates in this region, there won’t be much benefit from trading.
However, a breakdown of one of these levels will confirm the directional short-term forecast of the XRP price. The transformation of the $0.381 barrier into a support level would trigger a bullish move and signal a move to $0.440.
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