Ripple Price Analysis: XRP Bulls Retreats From The $1.50 Level
Daily Ripple XRP Price Forecast
- Ripple price jumped from 122% over the last seven days.
- Ripple has flashed multiple signals that may trigger bearish correction.
The Ripple price has jumped by 122%, going up from $0.63 to $0.14 over the last week. As things stand, XRP reached an intra-day high of $1.50 before correcting itself to $0.14. Let’s see if a move back to $1.50 is in the cards or not.
Ripple Price Has A Resistance At $1.45
On the upside, there is a historical resistance wall at the $1.45-level. If the Ripple price has the potential to overcome this wall, it will reach the $0.15-line again. The relative strength index (RSI) is hovering in the overbought zone, so a bearish correction maybe in the cards.
Image: XRP/USD daily
Along with that, the Ripple price has flashed a sell signal in the form of a green-nine candlestick in the TD sequential detector, so a further drop in XRP is expected.
Image: XRP/USD 4-hour
Another Win For Ripple. Judge dismisses SEC’s Request To Reveal Execs Records
Magistrate Judge Sarah Netburn has recently permitted Ripple Labs to keep the records of its prevailing and former chief executives private. The SEC had requested the personal financial records of Brad Garlinghouse and Chris Larsen (Ripple's current and former chief executives) over the past eight years. However, in the recent ruling, Netburn noted that the personal financial records' revelation was irrelevant to the XRP case.
The court order said:
The Court finds that the SEC's requests for the Individual Defendants' personal financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.
The SEC argued that the personal financial records were relevant. They said that the documents show the extent to which the individual defendants personally funded efforts to promote a "reasonable expectation of profit" for XRP's investors. They also cited them as necessary to prove the alleged Section 5 violations.
However, Netburn asserted that the records would not indicate how the executives earned that money, even though it reflected bank deposits from crypto exchanges.
An excerpt from the order reads:
The Court is not convinced that the personal banking records would show (or even could show) what the SEC claims they would—individual violations of Section 5.
When the SEC filed the demand in March, Ripple's executives had termed the request a "wholly inappropriate overreach.
Ripple Price Is Expected To Reach These Levels
The Ripple price may jump up to the $1.45 resistance barrier before it drops to the $1.20 support wall.