Ripple Technical Analysis: XRP Has Flashed Buy Signal In The Red-Nine Candlestick
Daily Ripple XRP Price Analysis
- Ripple price volatility is decreasing in the 4-hour chart.
- XRP indicates sustained bullish market momentum.
On June 4, the Ripple price encountered resistance at the $1.04 line and crashed to $0.85. Prior to this crash, XRP had been trending horizontally below the $1.04 barrier between June 1 and June 3. Between May 26 and June 4, Ripple had repeatedly tried to break this barrier and failed.
Ripple Price About To Flash Buy Signal
In the daily Ripple price chart, XRP is currently stuck between the 20-day SMA and the $0.80 support wall. The MACD shows sustained bullish momentum so further growth could be expected. Along with this, the TD sequential detector has flashed the buy signal in form of a red-nine candlestick.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price is struggling to break above the 20-day SMA. The Bollinger band has started narrowing, which tells us that volatility in this chart is decreasing.
Image: XRP/USD 4-hour
Ex-SEC Chair Jay Clayton Does Sudden U-Turn After Suing Ripple
Brad Garlinghouse, the CEO of Ripple, recently shared his thoughts on a Wall Street Journal’s post co-written by Jay Clayton, the former US SEC chairperson. The post was co-written by Brent MacIntosh, the former Undersecretary of the US Treasuries for International Affairs. It sought to elaborate on the narrative that cryptocurrencies need regulation, not new rules.
Garlinghouse expressed surprise over Clayton’s turncoat comments that the US government has no concrete and adequate regulatory framework for the crypto industry. He said:
Cryptos, like nearly any new innovative technology, can be used for good or bad purposes. The problem is that US companies seeking to be compliant and use this tech for good are left in limbo (or for Ripple, worse!) because of a lack of a clear, predictable framework.
Jay Clayton, in his last days at the SEC, pulled a shocking stunt on the crypto community, suing Ripple for what it believes is the undocumented sales of large-scale XRP digital assets to unidentified customers.
The lawsuit, first announced in December 2020, is in determining if XRP is an investment contract or just another type of cryptocurrency. Digital assets bought and sold do not lie under the jurisdiction of the SEC, but securities are well within their powers to investigate, using the Howey test as a measure.
XRP, unlike fully decentralized Bitcoin, is considered a centralized digital currency. This is because Bitcoin is mined by different people across the world, but Ripple pre-mined billions of XRP coins.
Ripple Price Is Expected To Reach These Levels
The bulls have a straightforward task. Push the Ripple price past the 20-day SMA and retest the $1.04 resistance barrier again.