Ripple Price Prediction: XRP Retreats After Nearly Touching The $0.55-Level
Daily Ripple XRP Technical Analysis
- Ripple price's latest candlestick crossed the 20-day and 50-day SMAs.
- XRP has flashed the buy signal in the 4-hour chart.
Since February 24, the Ripple price had been trending between $0.48 and $0.41, in a narrow $0.07 channel. Over the last six days, the Ripple price had encountered constant resistance at the 20-day SMA , which forced XRP to drop below the 50-day SMA.
Ripple Price Crosses Above Key Levels
This Wednesday, the Ripple Price caught some steam and reached almost as high as $0.55. In the process it successfully crossed the 20-day and 50-day SMAs. However, the $0.52 resistance has remained strong and successfully pushed XRp down to $0.47.
Image: XRP/USD daily
Looking at the 4-hour Ripple price chart, the $0.45-level sees the confluence of the 20-bar and 50-bar SMAs. This zone is robust enough to prevent a downward drop.
Image: XRP/USD 4-hour
Ripple To SEC: Produce Documents On Bitcoin And Ethereum
The lawyers representing Ripple Labs and its execs in the ongoing SEC lawsuit have asked Judge Analisa Torres to compel the regulator to produce documents relevant to the lawsuit against Ripple.
In a recent motion, the attorneys claimed that the SEC has not produced any documents apart from the ones that the regulator. Ripple wants the Commission to produce documents regarding Bitcoin and Ethereum, the two largest cryptocurrencies that have been classified as non-securities.
Notably, the motion asserted that “the economic substance” of XRP transactions is similar to the aforementioned cryptocurrencies even though XRP often faces criticism for its centralization. The SEC claimed that documents related to Bitcoin and Ether were irrelevant to the case.
Ripple later accused the SEC of “withholding potentially exculpatory evidence,” claiming that it’s “clear” that exchanges were told that XRP wasn’t a security.
Based on information gleaned to date, it is clear that the SEC was told by sophisticated market participants that XRP was not a security and solicited feedback on that position, but not provide a contrary public statement until it filed its allegations in this case in December 2020. Learning all there is to learn about these facts (whether through internal or external communications) is relevant to the defense and will be central to the Court’s understanding several issues critical to the case.
Ripple also requested the court to compel the SEC to produce documents from ten custodians, including former SEC Chairman Jay Clayton.
Ripple Price Is Expected To Reach These Levels
Ripple price is expected to keep trending around $0.45.