Investing.com – The SEC litigation enters next month and, in all likelihood, September could be an interesting month in terms of the progress of the lawsuit.
Both parties will file their requests for exclusion of expert testimony. According to a schedule set by mutual agreement, these must be filed by September 9. But this does not automatically mean that the public will know on that date which of the parties disputes which statements. The reason is that these documents are filed under seal and Judge Torres has yet to decide what can be made public. This will be done on September 16 at the earliest.
On September 13, the deadline for requesting an abbreviated procedure will expire. The objection period for this procedure does not end until October 18 and the court then has until November 15 to make a decision.
We should therefore not expect a rapid end to the process in the coming weeks. Ripple’s CEO, Brad Garlinghouse, in the meantime estimates that the costs of the legal battle will ultimately amount to 100 million dollars.
That’s not stopping the company from participating in a new initiative that’s working to develop a digital dollar. The project, called the “Technical Sandbox Program”, should be launched as early as October and will initially focus on the most efficient way to process cross-border transactions.
Ripple has been able to gain some know-how over the past few years with various CBDC pilot projects and should therefore have some influence on the development of a digital dollar.
Ripple price technical benchmarks
The is currently posting a loss of -1.62%, while trading at $0.3259.
The 23.6% fibo retracement at $0.3219 continues to offer good support. This has been tested several times in recent days, but there has never been a daily close below it.
While this is the case, we can expect an extension of the sideways move around $0.33 and a possible rally towards the 38.2 percent Fibo retracement of $0.3432. If this level is breached on the day’s close, further gains towards the 50 percent Fibo retracement of $0.3604 are possible.
On the other hand, below the 23.6 percent Fibo retracement, expect further losses towards the psychological mark of $0.30 and the cycle low of $0.2875.
By Marco Oehrl