Ripple Price Prediction: XRP Languishes below $0.57 Resistance Barrier
Daily Ripple XRP Technical Analysis
- Bollinger band expands which shows that Ripple price volatility is on the rise.
- XRP has stayed below the $0.57 resistance since February 15.
On March 25, the Ripple price bounced up from $0.48 to $0.57. Following this jump, the XRP has been trending horizontally below this resistance barrier. Since February 15, the Ripple price has failed to trend above this $0.57 line.
Ripple Price Volatility Rises Up
The 50-day SMA has stayed strong for the Ripple price. On March 20 and March 24, XRP dropped to the 50-day SMA and then managed to rise up again. The RSI shows us that of the buyers flip the $0.57 resistance, it will still have space to grow.
Image: XRP/USD daily
The 4-hour Ripple price has two bullish signals:
- The MACD shows slightly bullish market momentum.
- The parabolic SAR has flipped from bearish to bullish.
Image: XRP/USD 4-hour
SEC Tries To Block XRP Holders’ Bid To Intervene
According to a recent court filing, the US SEC is trying to restrict XRP holders from joining as a third party in its lawsuit against Ripple. In a letter to Judge Analisa Torres, the SEC argued that XRP holders must not be permitted to intervene due to statutory and sovereign immunity considerations.
The SEC asserted that XRP holders do not meet the requirements for intervention. The regulator added that it is capable of adequately protecting investors’ interests. It mentioned that investors have “no legally cognizable right to direct the SEC’s litigation of an action to enforce the federal securities laws.”
The SEC also noted that “permissive intervention” by the court was “strongly disfavored in SEC actions and not warranted.” All other XRP holders, including investors who had already sued Ripple for unregistered offers and sales of XRP securities, would likely seek to intervene too, added the SEC, and this could lead to an “avalanche” of claims and “near-certainty of undue delay, complexity, and confusion.”
The SEC’s letter came in response to a pre-motion letter filed earlier by attorney John Deaton. On behalf of XRP holders, Deaton sought to intervene in the SEC’s lawsuit as a third party to ensure that the interests of XRP holders were “fully and vigorously defended.” The request is now pending the court’s decision.
Ripple Price Is Expected To Reach These Levels
The $0.57 resistance barrier has proven itself to be a major obstacle for Ripple price. It doesn’t look like its breaking above this any time soon.