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Ripple Price Analysis: $1.65 Resistance Barrier Prevents XRP Upsurge

Daily Ripple XRP Technical Analysis

2 Min Read
Last Updated May 3rd 2021
  • The Ripple price jumped from $1.03 to $1.65 between April 26 to May 1.
  • Before that XRP dripped from $1.83 to $1.03 between April 15 and April 25.

The buyers took charge of the Ripple price on April 26 as it jumped from $1.03 to $1.65 till May 1 – rising by ~6%. During this upward climb, XRP flipped the 20-day SMA from resistance to support. This bullish surge followed a negative drop wherein XRP crashed from $1.83 to $1.03, between April 15 to April 25.

 

Ripple Price Falls After Hitting $1.65 Barrier

After hitting the $1.65 resistance line, the Ripple price dropped to $1.57. Despite this temporary drop, the overall sentiment of XRP looks positive.

  • The MACD shows increasing bullish market momentum.
  • The parabolic SAR has flipped from negative to positive.

Image: XRP/USD daily

xrp/usd daily chart 050321

Looking at the 4-hour Ripple price chart, we can see that the Bollinger band has started narrowing, which tells us that overall volatility is decreasing. As such, we can expect XRP to hover horizontally around $1.57. 

Image: XRP/USD 4-hour

xrp/usd 4-hour chart 050321

SEC About To File Response to Ripple’s Individual Motions to Dismiss

The US Securities and Exchange Commission (SEC) is filing a response to Individual Motions to Dismiss. James K. Filan, one of Ripple's attorneys, noted that counsel for the individual defendants, namely Ripple executives Brad Garlinghouse and Chris Larsen, does not consent to this response. 

The SEC’s letter to US District Judge Analisa Torres confirmed the news. Filan, a defense attorney at Filan LLC in Connecticut, addressed the need to hear the defendants’ exact reasons for not consenting. However, he believes the explanation will be “relatively straightforward."

In response to a question from a Twitter follower, the former federal prosecutor mentioned that there are no hearings scheduled in the days ahead. However, he said that both the SEC and Ripple Labs need to respond to a Motion to Intervene from lawyer John E. Deaton by May 3.

Deaton, founder of Crypto Law and reportedly the representative for thousands of XRP users in the lawsuit, filed his motion on April 19. The lawyer, who is Managing Partner at The Deaton Law Firm, has also been very outspoken throughout the case. On the Motion to Intervene, he tweeted:

…This isn’t my motion, it’s the motion of over 16,000 #XRPHolders and there are a lot of very smart people in the #xrpcommunity

 

Ripple Price Is Expected To Reach These Levels

The Ripple price will likely keep hovering horizontally around the $1.57-level.

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