Ripple Technical Analysis: XRP Repeatedly Fails To Consolidate Above $0.50
Daily Ripple XRP Price Analysis
- Ripple price has been under bullish control for three straight days.
- The Bollinger band has started expanding to show increasing price volatility.
The Ripple price has picked up from $0.42 to $0.48 over the last eleven days. As things stand, XRP has failed to reach the $0.50 psychological line three times in the last three days. Let’s see what’s going on behind the scenes with technical analysis.
Ripple Price Volatility Is On The Rise
The bulls have taken control of the Ripple price over three straight days, during which it went up from $0.433 to $0.476, gaining almost $0.043 in overall valuation. The MACD has flipped from bearish to bullish, due to this upward surge in price.
Image: XRP/USD daily
The relative strength index in the 4-hour Ripple price chart is hovering around 60, which tells us that XRP still has space to go up before the asset is overvalued.
Image: XRP/USD 4-hour
SEC Believes That Ripple Co-Founder Keeps Moving His XRP Despite Ongoing Lawsuit
The US Securities and Exchange Commission (SEC) wants to know whether the proceeds from XRP sales are a major source of income for Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
In a letter to Judge Sarah Netburn, the SEC's attorney Jorge G. Tenreiro wrote that the agency has obtained evidence that Larsen is “moving” his XRP in spite of legal scrutiny.
Tenreiro claimed that the defendants’ financial condition is of critical importance to the case. By obtaining the bank records of Larsen and Garlinghouse, it will be possible to de-anonymize their XRP transactions and determine “the whole universe” of their sales.
Without the bank records, the SEC would have to take Individual Defendants at their word, particularly as the SEC has already had to “manually” trace the Individual Defendants’ transactions since they last provided data, with no guarantee that the SEC has been able to identify the complete universe of their sales and blockchain movements of XRP.
Earlier this month, the SEC served subpoenas to some of the executives’ banks. As reported earlier, Larsen and Garlinghouse had asked the judge to quash these subpoenas, stating that the executives’ “grocery purchases” are not relevant to the case.
To this, Tenreiro wrote that the SEC takes no interest in the defendant’s financial affairs apart from determining how important XRP sales were to their income.
The SEC agreed to narrow the Requests to documents sufficient to show Individual Defendants’ financial condition at the time of their receipt and sales of XRP—which does not appear in Individual Defendants’ Letter.
Ripple Price Is Expected To Reach These Levels
The Ripple price will probably keep retesting the $0.50 psychological level.