Ripple Technical Analysis: XRP Opens Candlestick Above 200-day SMA
Daily Ripple XRP Price Analysis
- Ripple price had seven bullish sessions out of the eight.
- XRP has jumped above the red Ichimoku cloud.
Over the last two days, the Ripple price has jumped from $0.775 to $0.825 as the buyers took full control of the market. During this jump, XRP managed to flip the 200-day SMA from resistance to support. Along with this, Ripple is now trending above the red Ichimoku cloud.
Ripple Price Retreats From $0.85
Between July 21 and August 7, the Ripple price jumped from $0.53 to $0.82. During this jump, XRP managed to flip the 20-day, 50-day, and 200-day SMAs from resistance to support. Along with this, Ripple has managed to push the relative strength index (RSI) into the overbought zone, which pushed XRP down to $0.78 and flip back 200-day SMA to resistance. However, the buyers have since taken control and pushed the price to current levels.
Image: XRP/USD daily
In the 4-hour time frame, we can see that on August 8 and August 9, the Ripple price has perfectly counterbalanced the three bearish sessions with three bullish sessions. Ripple has found healthy support at the 20-bar SMA and reversed the parabolic SAR from negative to positive. The MACD indicates slight bearish momentum.
Image: XRP/USD 4-hour
Is The US-SEC Worsening Crypto Regulations?
The US Securities Exchange Commission (SEC) recently vowed to spare no highhandedness in the proposed regulation of the US crypto space. Speaking with Bloomberg, SEC Chairman Gary Gensler expressed his willingness to overhaul regulations within the sector. He believes it will turn out a better outcome for every player in the industry.
In response to a Bloomberg question, Gensler reportedly said:
“While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection,” Gensler said. “If somebody wants to speculate, that’s their choice, but we have a role as a nation to protect those investors against fraud.”
Gensler, who majored as an MIT crypto professor before being called up for public service by the US President, Joe Biden, has largely remained silent, before now, on the issue of the market’s present structure. Back in April, Gensler replaced Jay Clayton.
The extent to which Gensler intends to spin the tentacles of his proposed regulation is unclear. But what is certain is the fact that all exchanges, stablecoins, ICOs, and every digital asset built on the Ethereum platform are likely to be roped in and conveyed through’ the furnace’ when the outcome becomes set.
Gensler’s declaration feeds into the camp of crypto-pessimists like Senator Elizabeth Warren (D-Ma), who recently wrote the SEC Chair a letter, issuing an ultimatum to structure the sector or risk congress overarching decision. Gensler has demanded a new law from the 117th congress to legally stretch the SEC’s dominance over crypto.
Ripple Price Is Expected To Reach These Levels
The Ripple price has repeatedly tried to take down the $0.85 resistance and failed. They must conquer this line to continue the upward trend.