Ripple Technical Analysis: XRP Flips Parabolic SAR From Positive To Negative
Daily Ripple XRP Price Analysis
- The relative strength index (RSI) in the 4-hour chart has entered the neutral zone.
- The Ripple price has flipped the MACD from green to red.
- XRP has re-entered the Bollinger Band
- The relative strength index (RSI) has gone back into the neutral zone from the oversold territory.
The Ripple price has dropped from $0.695 to $0.533 since July 5. On July 19, XRP flashed a bearish cross with the 200-day SMA crossing over the 20-day SMA. Let’s take a closer look at what happened.
Ripple Price Drops Towards $0.50
Since flashing the bearish cross, XRP has dropped from $0.586 to $0.533 over the last two days, during which they reversed the parabolic SAR from positive to negative. Along with this, the MACD has also reversed from green to red.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple Price has flashed two positive signals that tell us that they are no longer underpriced.
Image: XRP/USD 4-hour
SEC and Ripple Reschedule Hinman Deposition To July 27
The US Securities and Exchange Commission (SEC) and Ripple Labs have agreed to reschedule the deposition of William Hinman, the former head of the SEC’s Division of Corporation Finance, to July 27. Last week, US Magistrate Judge Sarah Netburn ruled to authorize Hinman’s deposition to proceed, with a delay to allow the regulator and Ripple to agree on the scope of the deposition, given the privilege issues involved. Hinman’s deposition was originally scheduled for July 19.
In a letter to Judge Netburn, Ripple’s defense attorneys wrote:
"The parties have made substantial progress in narrowing and resolving the privilege issues, and plan to have additional meet and confer discussions in the next few days to further narrow and resolve the issues relating to Mr. Hinman’s deposition, without waiver of any party’s rights."
The SEC, which filed a lawsuit against Ripple in December 2020, alleged that Ripple’s sale of XRP was an unregistered securities offering worth over US$1.38 billion.
The SEC earlier had sought to prevent Hinman from testifying but failed to persuade Netburn that Hinman’s prior public statements were not relevant to the agency’s lawsuit against Ripple. Defense attorneys successfully argued that Hinman’s testimony could provide important insights into the SEC’s position on cryptocurrencies, including XRP.
Ripple is seeking to strengthen its defense that the SEC failed to provide “fair notice” that the agency would treat XRP differently from Bitcoin and Ethereum. In a 2018 speech, Hinman had declared these two were not securities.
Ripple Price Is Expected To Reach These Levels
The Ripple price will likely break below the $0.52 support wall and drop to the $0.50 psychological level.