- XRP/USD stays around $0.5200, recovering from Asian lows
- XRP-backed loans are now available at Cred.
XRP/USD is changing hands at $0.5140 at the time of writing, 10% lower from the recent peak $0.5668 reached on October 6. The third largest cryptocurrency has lost 1.5% in recent 24 hours and settled above critical $0.5100 support.
Legal niceties
The lawyers of the California-based startup Ripple Labs managed to take the consolidated class-action lawsuit to federal court. Now the hearings will take place in the U.S. District Court, Northern District of California as, the consolidated suit meets the requirements for a case that can to be brought to the federal court.
A short reminder: the plaintiffs claim that the company has been selling unregistered securities and manipulated the price of XRP token. According to the court filings, the consolidated lawsuit includes cases filed by plaintiffs Avner Greenwald, David Oconer and Vladi Zakinov against Ripple Labs and its subsidiary XRP II.
Meanwhile, a lawyer Jake Chervinsky admired the move of Ripple’s legal team.
“Ripple’s legal team showing some tactical brilliance here.
It’s hard to explain the procedural maneuver in one tweet & I’m not going to thread this, but suffice to say it’s a *seriously* crafty attempt to go federal. Might not work, but slick regardless,” he tweeted recently.
Ripple’s technical picture
XRP/USD dropped under $0.5200 handle, which worsens the short-term technical picture. Now the upside is capped by ).5150 (SMA50, 4-hour chart), this level needs to be cleared before we can proceed to $0.5200 and to the ultimate $0.5265 (the lower border of the recent channel).
On the downside, the first support is created by $0.5100 strengthened by SMA100 (1-hour). It is followed by psychological $0.50 and $0.4826 (SMA100, 4-hour).
XRP/USD, 4-hour chart
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