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Ripple Price Analysis: XRP bulls need to crack 200-DMA to extend the recovery

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  • XRP/USD looks to extend recovery from two-week lows.
  • 200-DMA is the level to beat for the XRP bulls.
  • Daily RSI edges higher but holds below the midline.

Ripple (XRP/USD) is attempting to build on Friday’s impressive bounce from two-week lows of $0.2400 amid the upbeat sentiment witnessed across the crypto board so far this Saturday.

The no. 5 coin currently trades near $0.2800, adding over 2% on a daily basis. However, it remains on the track to end the week almost unchanged.

The altcoin rose as high as $0.3295 earlier this week following the news of the nomination of Michael Barr, a former US Treasury official and a former key member of Ripple’s advisory board, as head of the Office of the Comptroller of the Currency (OCC).

XRP/USD: Battling 21-DMA on the road to recovery

XRP/USD: Daily chart

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Ripple’s daily chart shows that the bulls are trying hard to recapture the 21-daily moving average (DMA) at $0.2826, in order to revive the recovery momentum.

However, with the 14-day Relative Strength Index (RSI) still trading within the bearish territory, the XRP bulls lack the conviction for the upside extension.

Acceptance above the 21-DMA could open doors for a test of the critical horizontal 200-DMA at $0.3066, Note that the coin has failed to sustain above the latter since January 10.

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A daily close above the 200-DMA barrier is needed to negate the bearish bias.

Alternatively, a rejection at the abovementioned 21-DMA hurdle could expose the three-week-long falling trendline support at $0.2465, below which the two-week troughs will be put to test.

The next best support awaits around $0.2150 while the December 29 low of $0.1719 would be the last line of defense for the bulls.

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XRP/USD: Additional levels to consider

XRP/USD

OVERVIEW
Today last price 0.2782
Today Daily Change 0.0046
Today Daily Change % 1.68
Today daily open 0.273
TRENDS
Daily SMA20 0.2828
Daily SMA50 0.379
Daily SMA100 0.3616
Daily SMA200 0.3061
LEVELS
Previous Daily High 0.2785
Previous Daily Low 0.24
Previous Weekly High 0.3295
Previous Weekly Low 0.24
Previous Monthly High 0.6817
Previous Monthly Low 0.1719
Daily Fibonacci 38.2% 0.2638
Daily Fibonacci 61.8% 0.2547
Daily Pivot Point S1 0.2492
Daily Pivot Point S2 0.2253
Daily Pivot Point S3 0.2107
Daily Pivot Point R1 0.2877
Daily Pivot Point R2 0.3023
Daily Pivot Point R3 0.3262

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XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.

Ripple Opposes SEC extension appeal to save XRP from an isolated bear run

While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.

The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.

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SEC supports extension appeal with pending motions

The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.

“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.

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XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher

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A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security

Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.

According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.

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Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.

So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.

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Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.

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Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It

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Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place

Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.

One third of Ripple’s 100 million XRP shifted to Huobi

This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.

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Image via Bithomp

The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.

XRP becomes number one choice for UK retail investors

At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.

As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.

Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.

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