Ripple Technical Analysis: XRP Downside Constantly Protected by the $0.415 Support Line
Daily Ripple XRP Price Analysis
- Ripple price has found constant resistance at the 20-day SMA.
- The 4-hour XRP chart has flashed the buy signal on the TD sequential detector.
Between March 10 to March 15, the Ripple price dropped from $0.485 to $0.44, losing almost $0.04 in valuation. During this timeframe, XRP encountered continuous resistance at the 20-day SMA. Finally, Ripple fell below a critical level.
Ripple Price Drops Below 50-day SMA
Having encountered constant resistance at 20-day SMA. the Ripple price got dragged below the 50-day SMA. In the process, the 50-day SMA had crossed over the 20-day SMA to form the bearish cross pattern. Plus, the MACD shows sustained bearish momentum, so these are all very negative signs for XRP.
Image: XRP/USD daily
Plus, we can also see that the downside repeatedly challenged the $0.415 support and it has held strong. There is another positive sign when we observe the 4-hour Ripple price chart. As you can see, it has flashed the red-nine candlestick in the TD sequential detector, which could boost a bullish resurgence.
Image: XRP/USD 4-hour chart
Investigation Into Personal Finances Called An “Overreach” By Ripple Executives
The legal representatives of Brad Garlinghouse and Chris Larsen (Ripple Labs co-founders) have recently said that the execs’ personal finances are irrelevant to the ongoing lawsuit. According to a request made earlier, the lawyers have asked for a protective order in regards to the personal finance information of the executives.
The SEC had asked the legal team to provide personal financial information as part of the ongoing investigation. The lawyers rejected the SEC’s demands and requested the court to abolish subpoenas issued to six of the defendant’s banks.
The filing stated:
The SEC’s multi-front attempt to troll through the Individual Defendant’s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, is a wholly inappropriate overreach.
The legal team specified that Garlinghouse and Larsen are willing to provide financial information related to the sale of XRP and other transactions relevant to the lawsuit put forth by the US SEC.
According to a CoinTelegraph report, attorney Preston Byrne said that courts generally grant permissions to government agencies for investigations into personal finance despite being intrusive. He also said the inquiry could be appropriate for the ongoing investigation.
In this instance personal financial records would seem to be material to the investigation. I’m not surprised that Garlinghouse and Larsen are pushing back, but I’d be surprised if they succeed.
Ripple Price Is Expected To Reach These Levels
The Ripple price will have a hard time crossing above the 50-day and 20-day SMAs.