Ripple Technical Analysis: XRP Is On The Verge Of Flashing Buy Signal

Daily Ripple XRP Price Analysis

Last Updated July 23rd 2021
3 Min Read
  • Ripple price has had five straight bearish sessions in the 4-hour chart.
  • XRP is on the verge of getting oversold.
  • On June 15, the Ripple price has met resistance at the 20-day SMA and dropped to $0.774. Prior to that XRP had crashed from $1.05 to $0.64 between June 4 to June 12 before improving to $0.887 on June 14. 

    Ripple Price Breaks Support At 200-day SMA

    This Monday, the Ripple price has crashed from $0.774 to $0.67, reversing the 200-day SMA from support to resistance. A further drop will take XRP to the oversold zone. The TD sequential detector shows that XRP could crash for three more sessions before flashing the buy signal in the form of a red-nine candlestick.

    Image: XRP/USD daily

    XRP/USD daily chart 062221

    In the 4-hour time frame, the Ripple price has flashed three negative signals:

    1. Ripple has had five straight bearish sessions.
    2. The MACD shows increasing bearish momentum.
    3. The parabolic SAR shows that current market sentiment is negative.

    Image: XRP/USD 4-hour

    XRP/USD 4-hour chart 062221

    SEC vs Ripple To Extend To 2022?

    The US Securities and Exchange Commission’s (SEC) lawsuit against Ripple is taking a lot longer than anticipated. The lawsuit alleges that Ripple raised more than $1.3 billion by selling XRP in ongoing unregistered securities offerings. The payments giant has denied the allegations and wants the case resolved as quickly as possible.

    But without a settlement, the case will likely continue into early 2022, as per attorney Jeremy Hogan, who closely follows the lawsuit. Earlier this week, a New York court pushed back a fact key finding deadline to October 15. But that is far from the only obstacle. One close commentator of the case, lawyer James Filan, rounded up all the key dates holding back the case. 

    Source: Twitter

    XRP vs SEC twitter image 062221

    In March, Judge Sarah Netburn compelled the SEC to disclose its emails and internal documents on Bitcoin, Ethereum, and XRP by June 18. But on June 14, the court granted the SEC’s motion to delay the deadline for another two months.

    Ripple thinks these emails will show whether the SEC is prejudiced against top cryptocurrencies and if the SEC brought that baggage to the lawsuit.

    These emails aren’t publicly available at the moment. The judge is also yet to rule whether the SEC has to disclose its internal trading policies around crypto.

    The SEC must produce email correspondence from its main FinHub mailbox about Bitcoin, Ethereum, and XRP, as well as internal documents by July 2. Last week, the SEC said it has already collected 25,000 emails and is still reviewing “tens of thousands” of internal documents. 

    On 14 June, Judge Netburn extended the deadline to conduct fact discovery to August 31. That is the deadline by which the SEC and Ripple must polish their arguments and marshal evidence.

    The deadline was initially set for July 2, so both parties have a little more time even though Ripple’s lawyers initially objected to the SEC’s extension request. They said that the litigation constitutes “an existential threat to its business.”

    Later on June 14, the Judge also extended the expert discovery deadline until October 15. Expert discovery demands the collection of evidence, well, experts in their fields. 

    Ripple Price Is Expected To Reach These Levels

    As things stand, the Ripple price is crashing towards the $0.60 psychological level.

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