Ripple Technical Analysis: XRP On Course Of Fulfilling Flag-and-Pole Pattern
Daily Ripple XRP Price Analysis
- The upside for Ripple price currently lies around $1.90.
- The MACD shows increasingly bullish market momentum.
Since April 5, the Ripple price has been on an upward surge jumping from $0.57 to $1.67, gaining almost 300% in the process. When looking at the daily chart, we can see that XRP has charted a series of flag and pole patterns.
Ripple Price Upper Price Target Now Lies At $1.90
The latest bullish surge has made sure that the Ripple price is on course to charting the third flag-and-pole. In this case, the upside for XRP lies at $1.90 before it enters a consolidating flag formation. The MACD shows increasing positive momentum, which tells us that this surge is likely going to happen.
Image: XRP/USD daily
The 4-hour Ripple price chart has flashed two different sell signals –
- The RSI has entered the overbought zone, which will eventually trigger a bearish correction.
- XRP is also on the verge of flashing a sell signal in the form of a green-nine candlestick in the TD sequential detector.
This tells us that the Ripple price will likely consolidate after reaching the $1.90 top.
Image: XRP/USD 4-hour
Pundits Urge SEC To Retract Lawsuit
As the SEC-Ripple lawsuit continues, many crypto community members have shared their views on the ongoing legal battle. CNBC’s Ran Neuner recently took to Twitter to solicit his opinion.
Having followed the SEC vs Ripple case and the judge’s attitude to date, I would suggest the SEC withdraw the case and avoid the embarrassment.
Neuner is not the only one with this opinion. Ripple advocates are taking it a step further, as Thomas Hodge recently launched a petition, asking the SEC’s newly-appointed Chairman to withdraw the lawsuit. An excerpt from the petition reads:
We’re asking Gary Gensler, as soon as is confirmed as Chairman of the SEC, to take a close look at the SEC’s allegations against Ripple Labs, its cofounders, and the harm the SEC’s actions have already – and needlessly – caused to holders of the digital currency XRP.
The petition contained a few important points. Hodge requested the regulator to inspect the reasons for the lawsuit. He also suggested that the lawsuit is an indirect approach being leveraged by the SEC to enforce new rules.
It appears that Ripple is on the winning end of the lawsuit at the moment. According to an earlier report, the Court refused to grant the SEC access to Ripple execs’ personal finance records. Shortly after the news broke out, XRP surged 38%.
Ripple Price Is Expected To Reach These Levels
The Ripple price chart is on course to reach $1.90 before it consolidates around $1.75 and $1.80.