Ripple Price Prediction: XRP Bears Halted By 20-day SMA
Daily Ripple XRP Technical Analysis
- Bears have been in control for market For Six Days Out Of The Last Seven
- MACD shows increasing bearish market momentum.
Since May 13, the Ripple price bounced up from the $1.25 support wall and jumped to $1.49. Prior to this XRP had dropped from $1.62 to $1.35 – crashing by $0.27 between May 6 and May 13 and flipping the 20-day SMA from support to resistance. Let’s take a closer look with technical analysis.
20-day SMA Acts Spoilsport For Ripple Price
Looking at the daily RIpple price chart, it is obvious that the buyers would want to enter the $1.50 psychological level, however the 20-day SMA has provided strong resistance. There are two negative signals in this timeframe – the MACD shows sustained bearish momentum, while the parabolic SAR has reversed from positive to negative.
Image: XRP/USD daily
In the 4-hour Ripple price chart, XRP jumped from $1.35 to $1.60, wherein it managed to flip the 20-bar and 50-bar SMAs from resistance to support. The TD sequential detector is on the verge of flashing the green-nine candlestick, which is a major sell signal.
Image: XRP/USD 4-hour
Apparently SEC Misquoted Ripple in Latest Development
Ripple has recently countered the SEC’s previous legal motions by filing a new legal memo. This memo claims that the SEC misquoted some important parts of Ripple’s defense. In December, the SEC filed a lawsuit against Ripple, alleging that its sales of XRP constitute an unregistered securities offering.
As the case proceeded, Ripple tried to defend itself by arguing that there was a lack of due process and fair notice from the SEC. Ripple also requested discovery of SEC documents. In April, the SEC filed a motion to dismiss this, arguing that Ripple’s defense and demands would impose unfair obligations on it.
Now, in a recent memorandum, Ripple has accused the SEC of omitting “key parts of discussions” in its motion to dismiss its claims. First, the SEC quoted Ripple as stating that its request for communications “[had] great relevance …to [its] fair notice defense.” However, Ripple says that its full statement implies that the request was relevant whether its defense was successful or not.
Ripple reiterated the statement in the recent memorandum, which reads: “
The discovery is relevant “both” to the fair notice defense ‘and the same … applies to whether the individual defendants were reckless or had knowledge that XRP would be found to be a security.'
Ripple also claimed that the SEC misquoted a statement from the case’s judge. In its previous motion, the SEC claimed that the Judge said that discovery of internal communications “could conceivably be relevant to Ripple’s fair notice defense.” However, Ripple said that this is incorrect. As per Ripple, the Judge stated that the SEC’s charges merely open the door to such a discovery.
Ripple Price Is Expected To Reach These Levels
The buyers will have to conquer the 20-day SMA and flip it from resistance to support to reach $1.50 and eventually reach the $1.65 resistance barrier.