- Ripple’s CTO David Schwartz thwarts claims that the payment remittance firm was looking to conceal its XRP sales from the public.
- The US SEC will file an opening brief under seal on Friday in its lawsuit against Ripple.
- XRP price’s recent decline appears to have bottomed out.
XRP price trades above the key $0.60 psychological level on Friday, holding on its recent gains as the Securities and Exchange Commission (SEC) is expected to file its remedies-related opening brief in the Ripple lawsuit. As the two parties have agreed, the filings will temporarily remain sealed from the public.
Meanwhile, Ripple CTO David Schwartz recently rejected the claims that the firm concealed its XRP sales from the public.
Also read: XRP holders lose interest, shed holdings as Ripple and SEC seal lawsuit proceedings
Daily digest market movers: Ripple CTO addresses claims of concealed XRP sales
- The SEC is set to file its remedies-related opening brief on Friday. The remedies-related legal proceedings in the SEC vs. Ripple lawsuit will take place under seal as previously agreed upon by the two parties.
- XRP price started its recovery as anticipation surrounding the lawsuit’s progress increased, posting daily gains on both Wednesday and Thursday..
- Ripple’s opposing brief is due no later than April 22, according to the lawsuit’s deadlines.
- Ripple CTO David Schwartz addressed concerns from the community regarding the firm’s token sales in a recent Spaces discussion on X. Schwartz said that Ripple could have directly sold XRP tokens on exchanges, but the payment remittance firm sold the tokens in a manner as to not influence the altcoin’s price on cryptocurrency exchanges.
- Ripple sourced XRP from exchanges to ensure a sufficient reserve for on-demand liquidity businesses.
- Schwartz said in a tweet on X:
Ripple can sell all the XRP we want on exchanges with less accountability than doing so on blockchains.
Technical analysis: XRP sees recovery
XRP price made a comeback above the psychologically important price level of $0.60 on Friday. The altcoin is recouping recent losses and could to retest resistance at $0.6561, the 50% Fibonacci retracement of the drawdown from XRP’s year-to-date peak of $0.7440 from March 11 to the trough of $0.5681 on March 20.
XRP price could face the next resistances at $0.7025 and $0.7440, on its path to the Fair Value Gap (FVG) between the range of $0.7527 and $0.7609.
The Moving Average Convergence/Divergence indicator is flashing red bars below the zero line, meaning that negative momentum persists. XRP’s recovery is an uphill battle and needs sustained demand from traders to push its price higher.
XRP/USDT 1-day chart
In the downside scenario, XRP price could suffer a correction to $0.6057, the 78.6% Fibonacci retracement level. The next significant support would be at the March 20 low of $0.5681.
