XRP/BTC Drops Despite Lawsuit Against Ripple Being Dismissed - What's next?
Kiana Danial | Aug 12, 2018 11:42PM ET
Ripple got lucky on Friday, August 10, as a remand filed against XRP was overruled by the court. But XRP/BTC continued to drop. In fact, the majority of cryptocurrencies in the top 100 market cap list mostly chilled during the hot summer weekend, seeing minor gains or losses versus the USD, after last week’s bloodbath. Ripple’s XRP drop slowed down versus the USD. But it continued to drop versus the crypto King, Bitcoin on Saturday.
XRP/BTC Technical Overview
Looking at the charts, XRP/BTC reached an eight-month low and the 78% Fibonacci retracement key support level of 0.000048 as it travels below the daily Ichimoku cloud .
The pair has been on a downtrend since June and has broken below 61% Fibonacci pivot level of 0.000078. Since the support level appears to be close to getting broken, we may even see a revisit of the all-time-lows of 0.000012.
What's up with Ripple's Lawsuit?
The XRP/BTC drops were despite the fact the Ripple’s latest lawsuit involving XRP got rejected on Friday as the court ruled in favor of Ripple.
The order read: “Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”
This certainly is good news for XRP, considering its company is facing a couple more similar lawsuits. But haters gonna hate and simply focus on the negativity that lawsuits have been imposed. They took to Twitter, expressing their concerns over the lawsuits. But then an XRP fan and Twitter user @Ianbins pointed out that there are almost 60 class-action lawsuits against Apple (NASDAQ:AAPL), and yet the company is now worth $1 Trillion.
Now, we know that Ripple the company and Ripple as a tradeable token are two different things, and that the company is focused more on creating strategic financial partnerships at the moment than focusing on XRP. We also know that some crypto enthusiasts don’t even consider XRP as a real cryptocurrency. But this doesn’t mean that there isn’t light at the end of the tunnel for the XRP token. What do you think?
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