- Ripple price crashed below $1 this Wednesday.
- The MACD shows that overall market momentum is bullish.
Between March 25 and April 6, the Ripple price jumped from $0.476 to $1.093, rising by almost 130%. However, this is when XRP encountered major resistance and crashed to $0.915. The cross-border token has since recovered to $0.94, but it looks like a further correction maybe around the corner.
Ripple Price Tries To Recover After Wednesday Crash
This Thursday, the price reached an intraday high of $1, before it dropped to $0.95. The MACD shows that the overall market momentum is bullish, which could favor the Ripple price. However, this chart has also flashed a sell signal in the form green-nine candlestick, which could trigger another drop.
Image: XRP/USD daily
The 4-hour Ripple price met heavy resistance at the $1.09 line, which prompted XRP to drop and find support at the 20-day SMA. During this price drop, Ripple managed to flip the parabolic SAR from support to resistance. The relative strength index (RSI) is hovering next to the overbought zone. A further rise will definitely trigger bearish correction.
Image: XRP/USD 4-hour
New Petition Urges Gary Gensler to Drop Ripple Lawsuit
Crypto & Policy founder Thomas Hodge has recently started a petition that urges Gary Gensler to drop the ongoing SEC-Ripple lawsuit. Gensler is likely to be confirmed as the next chairman of the US Securities and Exchange Commission (SEC). An excerpt from the petition reads:
End the Ripple lawsuit and stop the SEC from making up cryptocurrency rules through lawsuits in place of writing these rules properly, with public input and partnership with the U.S. Congress.
Hodge accused the agency of attempting to silence XRP voices. He stated that Gensler has to sit down with XRP holders and hear their “stories.”
Gary Gensler must end this practice of making policy through lawsuits, sit down with XRP holders themselves and listen to their stories.
The petition has so far collected over 690 signatures since its launch.
Ripple Price Is Expected To Reach These Levels
The Ripple price will likely drop below $0.90 following a further bearish correction.