Ripple Price Prediction: XRP Continues Its Horizontal Sluggish Walk
Daily Ripple XRP Technical Analysis
- Ripple price faces multiple rejections at 200-day SMA.
- Elliott Wave oscillator has turned bearish in the 4-hour chart.
Over the last four days, the Ripple price has faced continuous rejection at the 200-day SMA and is trending around $0.71 and $0.75. Previously, XRP had dropped from $0.695 to $0.533 between July 5 and July 20, flipping the MACD from red to green.
Ripple Price Faces Continuous Rejection At 200-day SMA
Over the last six days, the Ripple price has been trending horizontally below the 200-day SMA. Before that, XRP had jumped from $0.53 to $0.73 between July 21 and July 28. In the process, it managed to flip the 20-day and 50-day SMAs from resistance to support, reverse the parabolic SAR from negative to positive, and flip the MACD from bearish to bullish.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price dropped below the 20-bar SMA and found support at the 50-bar SMA. While the Ichimoku indicator shows positive market sentiment, the Elliott Wave Oscillator has reversed from green to red.
Image: XRP/USD 4-hour
Brad Garlinghouse's Lawyers Issues Challenge To SEC Lawsuit
As per recent court documents filed, Ripple's Brad Garlinghouse’s legal team has requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited. The filing cited US laws concerning the Department of State and the Hague Convention and asked the court to issue a letter of request for the Central Authority of Cayman Island to compel evidence from Binance.
An excerpt from the filing reads:
“Mr. Garlinghouse seeks foreign discovery on the basis of his good faith belief that [Binance Holdings Limited] possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted."
Specifically, the lawyers seem to be challenging claims from the SEC that the Ripple CEO sold more than 357 million XRP tokens on “worldwide” crypto trading platforms to investors “all over the world.” The team cited Section Five of the Securities Act of 1933, stating the alleged illegal XRP sales applied only to domestic sales and offers of securities. The documents requested of Binance may contain evidence in support of that claim.
“As the SEC knows, Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States [...] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.”
Ripple Price Is Expected To Reach These Levels
It doesn’t seem like the Ripple price is going to break above the 200-day SMA anytime soon. If this bearish thesis holds, then expect XRP to drop to the 50-day SMA ($0.66).