Ripple Price Prediction: XRP Charts Bearish Cross
Daily Ripple XRP Technical Analysis
- Ripple price sentiment has reversed from negative to positive.
- The MACD in the 4-hour chart has flipped from bullish to bearish.
The Ripple price crashed by 66% as it went from $1.59 to $0.54 between May 19 and June 23. As a result, XRP reversed the parabolic SAR from positive to negative and flipped both the 20-day and 50-day SMAs from support to resistance.
Ripple Price Charts Bearish Cross
Since June 23 and June 29, the Ripple price jumped from the $0.54 support wall to $0.70. As things stand, the 200-day SMA has crossed above the 20-day SMA to form a bearish cross. XRP is currently sitting below the confluence of these two levels.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price jumped from $0.65 to $0.69 over the two latest sessions and flipped back the 20-day SMA from resistance to support. However, XRP dropped from $0.72 to $0.65, which has prompted the MACD to reverse from bullish to bearish.
Image: XRP/USD 4-hour
Ripple’s Lead Lawyer Talks SEC and DOGE
Ripple's lead lawyer Stuart Alderoty recently shared his views on the ongoing SEC-Ripple lawsuit and the crypto market. Alderoty said that on the surface, it’s over $1.3 billion big. Deep down, the lawsuit has the potential to engulf over 40% of the trillion-dollar crypto market, and it is all the result of the confusion set by the previous SEC administration.
"A person of ordinary intelligence really couldn’t figure out what was on the right side of the SEC interpretation and what was on the wrong side of the SEC interpretation."
Alderoty believes XRP transferring billions of its pre-mined digital currency to its parent company, Ripple, without the SEC’s notice does not in any way constitute a violation of SEC’s investor protection and disclosure laws.
The authority’s internal laws and regulatory systems for digital assets need to be clearly examined to know where the Howey test applies and where it does not, the lawyer added. By its nature, the Ripple lawsuit bears on its shoulder the burden of defending many other digital currencies with a similar structure or a similar pattern of a start-up.
It is the same reason why the company is seeking to get a deposition for the former SEC director, Joseph Hinman, who reportedly oversaw the crafting of SEC digital asset laws.
Even though Ripple has seen series of victories delivered by US Judge Sarah Netburn, there are still hurdles that lie ahead for the coin and till the US SEC admits it lacked the requisite clear and comprehensive regulatory framework that can convict Ripple of alleged wrongdoing, the popular crypto lawyer will continue to struggle for more successes at the court.
Alderoty also lamented the double standard displayed by Coinbase at the early stages of its legal battle. The exchange delisted XRP, sending its value to hydrocarbon levels. Given that the digital asset community is expected to stick together and help shape regulations favourably, Alderoty believes Coinbase acted distastefully to leave an asset like Dogecoin on its platform but take out XRP.
The front line legal wants the SEC, FinCEN, US Treasury, CFTC, and other financial and environmental bodies to get on a roundtable and clear interwoven set of laws that give the digital space a ground to breathe and innovate.
It should be something similar to what former US President Bill Clinton did in the 90s with the advent of the internet, Alderory added.
Ripple Price Is Expected To Reach These Levels
Having flipped the parabolic SAR from negative to positive, the Ripple price will now need to cross the 20-day and 200-day SMAs to continue the bullish movement.