Ripple Technical Analysis: XRP Volatility Going Down
Daily Ripple XRP Price Analysis
- Ripple price crosses the 20-day SMA.
- MACD shows increasing bearish market momentum.
Since May 13, the Ripple price jumped from $1.26 to $1.52 - gaining more than $0.25 in its overall valuation. Prior to this, XRP had dropped from $1.62 to $1.35 – crashing by $0.27 between May 6 and May 13 and flipping the 20-day SMA from support to resistance. Let’s see what happens with technical analysis.
Ripple Price Flips 20-day SMA From Resistance To Support
Looking at the daily Ripple price chart, we can see that the Bollinger Band has started narrowing which shows decreasing price volatility. XRP has flipped the 20-day SMA from resistance to support, which is a very positive sign. The relative strength index shows that XRP has room to grow before it gets overpriced.
Image: XRP/USD daily
In the 4-hour Ripple price chart, XRP has flashed two powerful buy signals – firstly, it has flipped the 20-bar, 50-bar, and 200-bar SMAs from support to resistance. Secondly, XRP MACD has reversed from bearish to bullish.
Image: XRP/USD 4-hour
XRP Holders’ Petition To End SEC Lawsuit
XRP holders are requesting the US Securities and Exchange Commission (SEC) head, Gary Gensler, to terminate the lawsuit against digital payments giant Ripple. Crypto and Policy founder Thomas Hodge has successfully collected 30,000 signatures on a petition requesting that the SEC drop its lawsuit against Ripple where the regulatory agency accused the firm of selling XRP tokens as unregistered securities.
Hodge and supporters have claimed that the SEC has caused undue damage to XRP holders by taking legal action against Ripple, causing XRP to lose billions of dollars in value. Petitioners have urged the SEC to end the suit and rethink their approach to regulate the crypto industry.
End the Ripple lawsuit and stop the SEC from making up cryptocurrency rules through lawsuits in place of writing these rules properly, with public input and partnership with the U.S. Congress.
The petition also requested that the intention behind the lawsuit be investigated by Inspector General Carl Hoecker.
Request the SEC Inspector General conduct a thorough investigation of the matters that led to the last-minute lawsuit against Ripple, filed on the last day in office by former SEC Chairman Jay Clayton…
Hodge submitted the petition with 30,000 signatures to Gary Gensler’s office just a few days back. In early May, Ripple filed a motion in its lawsuit with the SEC to allow XRP holders to intervene in the case. The firm also asserted that the SEC’s accusations against Ripple caused billions of dollars worth of damages to XRP holders.
Merely by alleging its novel theory, the SEC imposed billions of dollars in immediate losses on third-party XRP holders, dried up XRP liquidity in the United States, and chilled third parties from continuing to develop applications for XRP.
Ripple Price Is Expected To Reach These Levels
The buyers will need to push the Ripple price up to the 1.65 resistance barrier to cross it to the $1.85 resistance barrier.