XRP price steadily declined until support was met at around $0.33
According to CoinMarketCap, the price of XRP has risen almost 20% in the past 24 hours to a current price of $0.44. The price of XRP steadily declined until support was reached at around $0.33, which halted the decline. XRP then launched a rebound, reaching intraday highs of $0.463 on May 13.
The steady declines also caused the relative strength index (RSI) on XRP charts to reach oversold levels below the 30 mark, a signal that the recent selling might soon exhaust itself, and investors might begin to look for entry-point opportunities on the buy side.
RSI readings indicate oversold conditions once the value drops below 30. Thus, the higher the negative value, the greater the chance of a relief rally.
Ripple’s answer to SEC is expected today
According to defense lawyer James K. Filan, the Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by attorney-client privilege is due today, Friday, the 13th.
Earlier in the lawsuit, the SEC had moved forward to make new assertions of privilege in its ongoing efforts to avoid the publication of emails related to the 2018 Ethereum speech by William Hinman, the former chief executive of the corporate finance division of the SEC.
Ripple defendants then sought additional time to file their response to the SEC’s renewed assertions over the former SEC official’s emails, which are due today.
In a persistent attempt to prevent disclosure of the emails, the SEC continues to assert that the documents were protected by attorney-client privilege, stating “that the past year of briefings, pleadings, court decisions Court and their motion for reconsideration, were all an academic exercise because the documents (all of them) appear to be privileged attorney-client communications.”
However, Ripple defendants suggest a willingness to proceed to summary judgment without a definitive ruling on the issue.
Other key dates shared earlier by James K. Filan relate to the SEC’s response to the Ripple defendants’ response, which is expected within the next seven days, no later than May 18.
Last month, Judge Analisa Torres modified the briefing schedule for Ripple and the SEC, ordering that all motions excluding expert testimony be fully briefed by the end of August. Any motions for summary judgment must be filed by September 2022. Likewise, motions for summary judgment must be fully briefed by Nov. 15. These dates remain crucial as the lawsuit progresses.
