Ripple Price Analysis: XRP Crashes Below $0.90
Daily Ripple XRP Price Forecast
- Ripple price fails to cross over the 20-day SMA.
- XRP in the 4-hour chart on the verge of getting oversold.
The Ripple price has been hovering below the $1.04 resistance barrier between May 31 and June 3. Following this, XRP has crashed to $0.862, at the time of writing. Since May 22, the Ripple price has been trending in a narrow $0.27 channel between $1.04 and $0.78. Let’s take a closer look with technical analysis.
Ripple Price Fails To Cross Over The 20-day SMA
Having failed to overcome the 20-day SMA, the Ripple price has crashed to $0.86 over the last four days. The MACD still shows that the market momentum is slightly on the bullish side. Looking at the daily chart, Ripple needs to cross over the 20-day and 50-day SMAs to reverse the parabolic SAR from negative to positive.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price has crashed from $0.96 to $0.84 over the last three sessions. During this drop, XRP has broken below the 20-bar SMA and the Bollinger Band. The Band has started to expand to show increasing price volatility. The relative strength index is on the verge of entering the oversold zone. As such, expect a further drop before Ripple becomes officially oversold.
Image: XRP/USD 4-hour
Ripple Orders SEC To Reveal Documents Related to Bitcoin, Ethereum and XRP
Ripple has recently filed a motion to compel the US Securities and Exchange Commission (SEC) to submit internal documents relating to Bitcoin, Ethereum, and Ripple’s native token XRP.
The payments firm wants the SEC to reveal documents about the three cryptocurrencies and explain how the regulator concluded that BTC and ETH were currencies, but XRP is a security.
The documents Defendants seek in this request are relevant because they show how the SEC itself has categorized and classified XRP and other digital assets, including Bitcoin and Ether, pursuant to its own policies. The SEC’s treatment of the trading in digital assets, including any distinctions it draws between XRP and other digital assets, is directly relevant to show the SEC’s own perspective on digital assets, which is relevant both to the applications of the Howey test and Ripple’s fair notice defense.
In the motion, Ripple requested the court to compel the SEC to produce documents. It also requested the SEC to produce its trading policies related to digital assets and virtual currencies responsive to Request for Production Number 26. The payments company also wants the SEC to complete its production of the two delinquent categories of documents described above no later than June 18, 2021.
The SEC formally filed a complaint against Ripple in December of 2020, alleging that XRP was (and still is) unregistered security.
Ripple Price Is Expected To Reach These Levels
If the MACD reverses from green to red, the Ripple price will likely drop to the $0.80 support wall. If this support barrier breaks, XRP will crash to the 200-day SMA ($0.71).