Ripple Price Analysis: XRP Immediately Retreats After Touching $0.70
Daily Ripple XRP Technical Analysis
- Ripple price has reversed the parabolic SAR from negative to positive.
- XRP flipped the 20-day SMA from resistance to support.
The Ripple price jumped to $0.70 this Monday as the buyers took full charge of the market. Due to this charge, XRP managed to reverse the parabolic SAR from negative to positive. Prior to this, between July 5 and July 20, XRP fell from $0.695 to $0.533.
Ripple Price Must Overcome 50-day SMA
Over the last seven days, the Ripple price has jumped to $0.65 from $0.53. During this jump, XRP managed to:
- Reverse the MACD from bearish to bullish.
- Flip the 20-day SMA from resistance to support.
- Reverse the parabolic SAR from negative to positive.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price has dropped from $0.66 to $0.62 over two sessions before finding crucial support at the 20-bar SMA. Due to this drop, XRP has reversed the market momentum from green to red.
Image: XRP/USD 4-hour
Ripple Transfers 60 MIllion XRP
Ripple recently claimed two of the SEC's sitting commissioners have spoken out about the lack of clarity on how securities laws apply to crypto. Ripple’s legal defense used a recent public statement by SEC Commissioners Hester M. Peirce, aka “crypto mom,” and Elad L. Roisman. The statements support Ripple's argument “that during the time relevant to the case, members of the public did not have fair notice of what the law requires.”
According to the defense, the statement by SEC Commissioners ought to be taken into consideration as it supports the opposition to the SEC’s pending motion to strike Ripple’s fair notice defense.
Ripple’s defense against the SEC’s accusations is based on the assertion that the agency failed to warn the company about the fact that their cryptocurrency is unregistered security, which the SEC moved to strike as legally insufficient on May 7.
Ripple’s defense strategy got bolstered as the sitting Commissioners themselves stated that “the only certainty [they] see is that people have questions about how to comply with the applicable laws and regulations.”
The SEC promptly filed a response, stating those remarks were made by Commissioners Pierce and Roisman and were not statements made by the SEC, thus arguing they should have no authority with the court.
Meanwhile, the large transaction tracker caught Ripple and Binance on its radar as 110 million XRP tokens worth roughly $65,105,100 got moved.
Ripple Price Is Expected To Reach These Levels
The Ripple price must conquer the 50-day SMA to consolidate position above the $0.70 psychological level. If it does that, XRP could reach $0.78 before encountering resistance at the 200-day SMA.