Ripple Technical Analysis: XRP Hovers Above The $0.45 Level
Daily Ripple XRP Price Analysis
- Ripple price is hovering between 20-day and 50-day SMAs.
- The MACD shows sustained bearish market momentum.
In the second half of February, the Ripple price dropped from $0.635 to $0.417. Following this drop, XRP rose to $0.478 on March 4. Since then, the price has been hovering above the $0.45 level.
Ripple Price Keeps Moving Along Horizontally
The market sentiment of Ripple price is presently negative. The horizontal trend of the relative strength index (RSI) in the neutral zone shows that the buyers and sellers are cutting each other off. XRP is presently sandwiched between the 20-day and 50-day SMAs.
Image: XRP/USD daily
In the 4-hour Ripple price chart the MACD shows sustained bearish market momentum. However, the 20-bar SMA has stopped XRP from dropping any further.
Image: XRP/USD 4-hour
Ripple States That Tetragon Verdict Shows That XRP Stats Is Undetermined
Tetragon Financial Group had earlier requested an order asking Ripple to redeem the Series C preferred stock held by Tetragon. A court in Delaware, US has recently rejected this request. Shortly after the ruling, Ripple said:
This ruling, coupled with a separate filing the SEC made today, should put to rest any confusion. The SEC has NOT determined that XRP is a security.
The SEC’s separate filing refers to John E. Deaton’s allegations on behalf of XRP holders. According to Ripple’s legal counsel Stuart Alderoty, the SEC found that the complaints made by the plaintiffs were mere allegations. He added that the court presiding over the SEC’s case is “the exclusive method for testing the validity” of those allegations.
“Update on Tetragon’s Series C shareholder suit: the Judge ruled that since there has been no official determination regarding XRP’s status, Tetragon’s claim that a securities default occurred is wrong.”
According to the ruling of the judge in the aforementioned case:
… XRP is no more a security after the SEC filed the enforcement action than it was before it. A determination …resolves the question of whether XRP is a security. The enforcement action, by contrast, asks that question. The question is not yet resolved, so a determination has not yet been made. And when it is made, it will be made by the District Court.
Notably, soon after the ruling came out, Ripple went on to call the Tetragon lawsuit an opportunistic move to take advantage of the SEC’s allegations. On multiple occasions, Ripple’s lawyers have repeatedly claimed that the SEC is “dead wrong,” calling the Commission’s actions misguided.
Alderoty also highlighted that the recent actions would remove the uncertainties and doubt that the SEC unilaterally determining XRP to be a security. Ripple said:
We look forward to bringing the SEC’s case to a just and speedy resolution and remove the cloud that the SEC’s misguided actions have cast over the XRP market.
Ripple Price Is Expected To Reach These Levels
Ripple is probably going to keep trending horizontally above the $0.45 price level.