Ripple Price Lock-step Trading Prevails Despite Court Ruling Denying the SEC Request for Transaction Documents
- Ripple bags another win after the Court ruled against the SEC’s lobbying efforts and access to transaction documents.
- Ripple price dances in a narrow range between $0.8 and $0.9.
Ripple investors are dealing with a 2.5% loss posted in the last 24 hours. The retreat notwithstanding, Ripple keeps trading in a range between $0.8 and $0.9. At the time of writing, XRP teeters at $0.86 amid a seemingly unending sideways price action.
The US SEC denied access to Ripple Labs’ transactions
Ripple continues to make great strides in the ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC). In the latest ruling, Judge Sarah Netburn denied the SEC access to Ripple’s transaction documents and its lobbying efforts that the regulator has undertaken following the filing of the lawsuit in December. The ruling read in part:
“As discussed in the Court’s earlier Opinion and Order denying access to Ripple’s privileged communications, Ripple’s fair notice defense centers on the activities of the SEC, not its own behaviours.
Ripple focuses on the SEC’s failure to provide fair notice to the market about the Commission’s state of mind as to whether XRP qualified as a security. It is not clear that such a defense even requires that a defendant act in good faith.”
Ripple price consolidation could last longer
Ripple price failed to react to the above win the Court remaining in consolidation between $0.8 and $0.9. As a result, the range’s upper limits have been off-limits for bulls, while bearish advances to $0.8 have been kept at bay.
The Bollinger Bands on the four-hour chart emphasize that the consolidation will last longer. This technical indicator is helpful when determining the market’s overbought and oversold levels, in addition to being a trend tracking tool while monitoring breakouts.
Breakouts are identified as the bands squeeze. However, the Bollinger Bands do not foresee the direction of the trend. Therefore, the area between the upper and the lower band is relatively a no-trade zone. However, tighter squeezes point toward more significant breakouts; thus, Ripple’s sideway trading may last longer.
XRP/USD four-hour chart
The Moving Average Convergence Divergence (MACD) indicator emphasizes the sideways trading action based on the leveling motion at the zero line. The momentum indicator has been in this same position since the beginning of the week.
The consolidation will continue unless the MACD line confirms a divergence above or below the signal line. Closing the day above the signal will pave the way for a breakout above $0.9, while crossing beneath the signal line would mark a continuation of the downtrend.