XRP price remains steady above $0.58, while revelations from court documents suggest Ripple may have directed bots to influence gains.
Trading at $0.58 on Thursday, XRP continues its upward trajectory, maintaining its uptrend and staying above the critical support level of $0.55. Court documents have surfaced, indicating that Ripple may have utilized bots to stabilize and potentially boost the price of XRP between 2015 and 2016.
In response to the ongoing SEC v. Ripple lawsuit, both parties have agreed to a deadline extension, allowing more time for filing remedies-briefs. This delay in the legal proceedings could impact the outcome of the case.
Bitcoin’s recent surge past $61,700 has likely contributed to the upward momentum of XRP. Technical analysis suggests that XRP’s price rally is supported by indicators like the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO), indicating that the uptrend remains intact. However, a daily candlestick close below the 50% retracement level or a disruption in Bitcoin’s uptrend could pose risks to XRP’s recent gains.
Despite potential challenges, XRP may find support at the 38.2% Fibonacci retracement level at $0.5446.
