Ripple Price Prediction: XRP’s Upside Severely Limited By The 20-day SMA
Daily Ripple XRP Technical Analysis
- The Ripple price volatility is decreasing.
- XRP sitting below the 20-day SMA.
- XRP has flipped the 20-bar and 50-bar SMAs from support to resistance.
- The parabolic SAR has reversed from positive to negative.
- The MACD has flipped from bullish to bearish.
Since May 19, the Ripple price has dropped from $1.46 to $0.62, flipping the 20-day, 50-day, and 200-day SMAs from support to resistance. During this time period, XRP has been successfully stuck in the lower half of the Bollinger Band.
Ripple Price Stuck In Lower Bollinger Band For almost 2 Months.
Since July 8, the Ripple price has been hovering horizontally around $0.63 between the 20-day SMA resistance and the $0.615 support wall. The Bollinger Band has been gradually narrowing, which indicates decreasing volatility. The horizontal movement of the relative strength index (RSI) shows that buyers and sellers are canceling each other out.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple Price has flashed three different sell signals:
Image: XRP/USD 4-hour
Ripple Wants Former SEC Exec As Part Of Lawsuit
Ripple recently rescheduled the deposition of William Hinman, the SEC’s former director of Division of Corporation Finance, to July 19, as per a recent court filing.
“Mr. Hinman’s deposition has been re-noticed for July 19, 2021, to accommodate his availability."
The SEC filed a lawsuit against Ripple Labs and its executives (CEO Brad Garlinghouse and executive chairman Chris Larsen) in late 2020. The regulator alleged that defenders have “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering” in the form of XRP since 2013.
Initially, Ripple planned to depose Hinman on June 30. However, the SEC argued that there were not enough “exceptional circumstances” that would allow deposing someone “who held one of the highest-ranking positions within an independent federal agency, in order to question him about external meetings (about which they could depose other participants), and about internal SEC deliberations that are privileged.”
To prevent Hinman from testifying on XRP, the SEC filed a motion to quash his deposition on June 24. James K. Filan, a defense lawyer, and former federal prosecutor said:
“They’re [Ripple] saying to Judge Netburn that they would like a decision denying the SEC’s Motion to Quash before then so they can take Mr. Hinman’s deposition that day."
Ripple Price Is Expected To Reach These Levels
The Ripple price needs to gain enough momentum to break above the 20-day SMA and touch the upper Bollinger Band (~$0.70).