- Since April 14, the Ripple price dropped from $1.83 to $1.15.
- The 4-hour chart flashes bullish signals.
On April 15, the Ripple price faced sharp resistance at the $1.83 barrier and crashed to $1.15 over the next ten days. During this crash, XRP managed to flip the 20-day SMA from support to resistance. Let’s take a closer look with technical analysis.
Ripple Price May Soon Begin Its Upward Surge
Looking at the Ripple price chart, we can see that the MACD shows increasing bearish market momentum. However, do note that the TD sequential detector has flashed the red-nine candlestick. This means that the buyers are probably going to take control soon. The last time Ripple flashed this signal was way back in December 2019, wherein it went up by 5.5%
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, there are two significant bullish signs. Firstly, the parabolic SAR has reversed from bearish to bullish, secondly, the 20-day SMA has flipped from bearish to bullish.
Image: XRP/USD 4-hour
XRP Lawsuit Drama: SEC Accuses Ripple Labs of Harassment
The US Securities and Exchange Commission (SEC) has recently accused Ripple of harassment, requesting that the Court limit the payment giant’s access to internal SEC documents.
The SEC asserted that Ripple is attempting to undermine its lawsuit against Ripple by highlighting irrelevant SEC documents. On April 6th, Judge Sarah Netburn granted Ripple access to SEC documents related to its correspondence and conversations surrounding cryptocurrencies.
A few days ago, the SEC filed a motion with the Judge to limit Ripple’s access to said documents, claiming that the firm is trying to move attention away from the lawsuit to unrelated SEC comments and actions regarding digital assets.
An excerpt reads:
...It has become evident through the meet-and-confer process that Defendants are seeking to ignore the limitations of this Court’s Order and to mire the SEC in indefinite discovery disputes and, if successful, document review…
Defendants’ approach is part of a pattern of gamesmanship with respect to discovery and the following examples show that Defendants do not actually seek relevant evidence, but rather seek to harass the SEC, derail the case’s focus away from its merits, and bog down the SEC with document review.
So far, it appears that Ripple has the upper hand in the lawsuit. In addition to the Court granting Ripple access to the SEC’s internal documents, it also denied SEC access to the financial records of Ripple executives Brad Garlinghouse and Chris Larsen.
Ripple Price Is Expected To Reach These Levels
The upside target for Ripple price is at the 20-day SMA ($1.33) as the buyers take control.