Ripple Technical Analysis: XRP Continues Horizontal Trend
Daily Ripple XRP Price Analysis
- Ripple price dropped to $0.72 after multiple rejections at 200-day SMA.
- A drop to the 50-day SMA will flip parabola SAR to negative.
Over the last seven days, the buyers and sellers have been playing hot potatoes with the Ripple price. During this period, XRP has steadily dropped from $0.75 to $0.73. Prior to this, Ripple had dropped from $0.695 to $0.533 between July 5 and July 20, flipping the MACD from red to green.
Ripple Price In A Steady Decline
As mentioned, Ripple’s price has been dropping for the last seven days. The 50-day SMA has prevented any further downtrend. Previously, XRP had jumped from $0.53 to $0.73 between July 21 and July 29, flipping the 20-day and 50-day SMAs from resistance to support, and reversing the parabolic SAR from negative to positive. The MACD indicates sustained bullish market momentum.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price dropped and flipped the 50-bar SMA from support to resistance, and entered the Ichimoku cloud. However, since then, Ripple has jumped from $0.713 to $0.73. The 50-bar SMA in this timeframe has prevented a further upward surge.
Image: XRP/USD 4-hour
Federal Judge Grants Brad Garlinghouse’s Request For Binance Documents
Ripple CEO Brad Garlinghouse had earlier filed a motion requesting documents from Binance Holdings Limited, Binance’s Cayman Island-based subsidiary, arguing that the records of his XRP transactions are relevant to the lawsuit.
US magistrate judge Sarah Netburn has recently ruled that Ripple may access Binance docs. As such, the court will organize the delivery of a letter of request to the Central Authority of the Cayman Islands on Garlinghouse’s behalf to compel evidence from the exchange.
The judge’s decision is not entirely unexpected. She previously granted Garlinghouse and co-founder Christian Larsen’s motions to obtain documents from Bithumb, iFinex, OKEx, Huobi, Bitstamp, and other international exchanges. Furthermore, the SEC did not oppose Garlinghouse’s latest request.
The ruling is significant because it lets Garlinghouse challenge SEC claims that he sold a large portion of his XRP tokens on US-based asset trading platforms. The XRP suit against Ripple has triggered outrage in the crypto community and a counter lawsuit, putting the agency itself on trial. A Ripple awakening might create the humility the SEC requires to determine if it’s truly justified to seek regulatory action.
Ripple intends to go public once the case concludes. The final resolution of the case is anyone’s guess. Some estimates, however, propose that the lawsuit will come to an end in early 2022. Meanwhile, a lawyer in the Ripple community recently alluded that Ripple had satisfactorily acquired the testimony of a former high-ranking SEC official who said in 2018 that Bitcoin and Ether aren’t securities.
Ripple Price Is Expected To Reach These Levels
If the buyers want to take back control, they must push XRP up to the 200-day SMA ($0.78). On the downside, a break below the 50-day SMA ($0.65) will flip the parabolic SAR from positive to negative.