Ripple Price Prediction: XRP Retests Crucial Resistance Barrier

Daily Ripple XRP Technical Analysis

2 Min Read
Last Updated July 23rd 2021
  • Ripple price volatility is decreasing in the daily chart.
  • XRP flashed multiple buy signals in the 4-hour chart.
  • Between June 4 to June 8, the Ripple price crashed from $1.04 to $0.86. Following this mini-crash, XRP has been hovering horizontally for the next week between the lower Bollinger Band and the 20-day SMA. Let’s take a closer look with technical analysis.

    Ripple Price Fails To Overcome 20-day SMA

    In the daily Ripple price chart, XRP is currently hovering around $0.89 and has faced constant rejections at the 20-day SMA. The Bollinger Band has narrowed down considerably to show decreasing volatility, The relative strength index shows us that the buyers and sellers have pretty much canceled each other out. 

    Image: XRP/USD daily

    XRP/USD daily chart 061521

    In the 4-hour time frame, the Ripple price has flashed three different positive signals:

    1. XRP has managed to flip both the 20-day and 50-day SMAs from resistance to support.
    2. The parabolic SAR has reversed from negative to positive.
    3. The MACD shows increasing bullish market momentum.

    Image: XRP/USD 4-hour

    XRP/USD 4-hour chart 061521

    SEC Wants Two More Months to Prepare Documentation on Bitcoin, Ethereum and XRP

    The US Securities and Exchange Commission (SEC) wants two more months to disclose emails and internal documents on Bitcoin, Ethereum, and XRP. In a recent letter to the court, the SEC said:

    Making careful, good-faith determinations of applicable privileges, as is required in these circumstances, is a sensitive, time-consuming endeavor. 

    In December 2020, the SEC alleged that payments company Ripple has raised over $1.3 billion in ongoing unregistered securities sales of its native currency, XRP. Ripple denied the allegations. On March 15, Ripple asked Judge Sarah Netburn to order the SEC to hand over its communications about crypto. Ripple’s lawyers said that the SEC could be prejudiced against crypto, and proof of prejudice could help Ripple win the case, claimed the lawyers.

    On April 6, Judge Netburn granted Ripple’s requests “in large part,” denying its request to access the SEC’s staff emails about XRP’s legal status. On June 4, Ripple asked the court to order the SEC to give a deadline of June 18. Scraping through all the data takes time, the SEC responded in its June 11 filing. The agency called the June 18 deadline “one-sided.”

    The SEC said the agency has already collected 25,000 emails and is still reviewing “tens of thousands” of internal documents. But it has to speak with its former employees to make sense of some of the old documents, it added.

    Ripple’s lawyers want the information by June 18. It accused the SEC of purposefully delaying the production of documents “as a reason for extending the [discovery] schedule.” In the March 15 filing to Judge Netburn, Ripple said:

    For almost a decade, the SEC watched as XRP grew and developed, all the while issuing no formal guidance that its sales may be illegal.

    However, the SEC announced that sales of two similar digital assets, Bitcoin and Ether, were not securities offerings. But the SEC has never disclosed its internal reasoning. 

    Ripple Price Is Expected To Reach These Levels

    The bulls have a straightforward task. Push the Ripple price past the 20-day SMA and retest the $1.04 resistance barrier again.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.