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XRP forms Bullish Engulfing as Ripple Wins Court Case

By 08/14/2018 No Comments


After days of selling off, Ripple’s XRP finally saw some bullish movements early during Wednesday’s Asian session, hours after it won a court case in the US. But is XRP’s market sentiment really connected to Ripple Lab’s fundamental news?

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About Ripple Lawsuit

The company behind the world’s third-largest cryptocurrency scored a small victory in its ongoing legal defense on Tuesday when the Northern District of California ruled to deny a motion to remand against it.

However, Ripple still has other legal battles to fight. All of the suits against Ripple, the company, share a similar complaint, and that is that the company worked to increase its XRP token’s value. Meanwhile, Ripple insists that Ripple that company and Ripple’s token, XRP, are independent and two different things.

The company has been in damage control mode since the lawsuits began and has circulated several press releases to distance itself from the XRP token. Heck, Ripple’s chief marketing strategist said earlier this year that they “happen to own a lot of XRP,” just like they “own a lot of cash, chairs and computers – but the company is called Ripple and we sell software.”

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Ripple’s XRP Price Action

Regardless, Ripple’s XRP showed signs of recovery early on Wednesday, surging over 13%. It actually formed a morning star bullish reversal chart pattern on the daily chart.

XRPUSD bullish engulfing

XRPUSD bullish engulfing

But also noteworthy is that so did many other cryptocurrencies in the top 100 list. So for now, it appears XRP’s price action has more to do with the overall market sentiment and less to do with Ripple as a company.

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