Ripple Price Analysis: XRP Stuck In Lower Bollinger Band For 2 Months
Daily Ripple XRP Technical Analysis
- The Ripple price has met continuous resistance at the 20-day SMA.
- The relative strength index (RSI) tells us that buyers and sellers are canceling each other out.
- XRP has flipped the 20-bar SMA from resistance to support.
- The parabolic SAR shows sustained positive sentiment.
- The MACD indicates rising bullish market momentum.
Since May 19, the Ripple price has been hovering in the lower Bollinger Band or below the band itself. Since June 29, XRP has been continuously hugging the lower part of the 20-day SMA. The $0.060 support wall on the downside has prevented a further drop.
Ripple Price Volatility Slightly Increasing
Prior to this Saturday, the Bollinger band has been continuously narrowing to indicate decreasing volatility. However, the Band has lately started expanding to show increasing volatility. The relative strength index (RSI) indicates that the buyers and sellers have been canceling each other out.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple Price has flashed three different bullish signals:
Image: XRP/USD 4-hour
What Does The Ripple “Re-notice” Say About The Status Of The Lawsuit?
In a recent letter directed to US Magistrate Judge Sarah Netburn, who is overseeing discovery in the case, Ripple Labs and its execs informed the court that the deposition of former lawyer Willian Hinman has been re-noticed for July 19. Attorney James Filan tweeted:
"Ripple and the Individual Defendants have filed a letter with the Court informing Judge Netburn that the William Hinman deposition has been re-noticed for July 19, 2021."
In cases such as these, the party that requests a deposition has to give written notice to every other party involved in litigation that mentions the place and time of the testimony. The succeeding re-notice filed by the defendant changed the initially proposed date to accommodate Hinman’s availability for the same.
However, there is perhaps more to that. According to Filan, the fact that a date has been mentioned may have been a marker for the court. He added:
“They’re saying to Judge Netburn that they would like a decision denying the SEC’s Motion to Quash before then so they can take Mr. Hinman’s *deposition* that day.”
Notably, however, Hinman’s deposition remains uncertain primarily because of the pending motion to quash Ripple’s request filed by the SEC last month. If approved, Hinman will not be required to testify in the lawsuit.
The defendants’ quest to depose a former high-ranking SEC official received backlash and resistance from the agency. As highlighted in the past, the regulatory agency believes that allowing such testimony would set a bad precedent since it would likely deter lawyers from seeking public service jobs. The court has dismissed such requests in the past, the SEC noted.
“Director Hinman should not have to endure a lengthy deposition, dominated by the SEC’s assertions of privilege before Defendants challenge the SEC’s privilege assertions before the Court.”
Ripple Price Is Expected To Reach These Levels
The Ripple price needs to gain enough momentum to break 20-day SMA. Continuous rejections will take XRP to the $0.545 support wall. A break above the 20-day SMA will take XRP to $0.75 which coincides with the 200-day SMA.