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XRP/USD Trading Pair Price Prediction: XRP/USD likely to trigger FOMO among newbie traders

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  • XRP/USD trading pair kicked off the day with a sharp momentum that topped at $0.46441.
  • The pair is trading below the 23.6 Fibonacci retracement level.
  • Increasing buying pressure will catapult XRP and trigger a Fear of missing out (FOMO) pattern.

Ripple Price Prediction: General price overview

XRP is still trading slightly below the $0.50 overhead resistance after consolidating a recovery above two resistance levels at $0.4200 and $0.4500. A bearish trend line is forming around $0.44120, even after the price of XRP is trading above the $0.4500 support and above the 100 simple moving average. The coin was trading well above $0.4650 before facing a downswing that saw it float below $0.50.

XRP bulls are struggling to sustain the price above $0.4950 and $0.5000; of course, they have already cleared to a press time price of $0.45420.

The 1-hour chart indicates an ascending triangle pattern which the bulls should hold intact and prevent the bears from dipping the price. This is because a slight sink below $0.4480 and $0.4500 raises the chances of a continuous downtrend.

The downswing below $0.50 in the early trading hours indicates bearish sell-outs and an attempt to induce a pullback. Meanwhile, the past few hours have no clear indication of whether the patterns will have a bearish or bullish outcome. Mainly because the XRP/USD trading pair has been trading within a narrow range on the 24-hour chart. There is intact support for a possible upward momentum at the 200 moving average (12-hour) but has only been defending the coin from a downward correction.

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News around XRP includes the Ripple-Moneygram partnership’s termination and the settlement of a legal dispute between Youtube and Ripple to shut down XRP giveaways.  Nonetheless, the two pieces of news have not created any price effect on the coin. As a matter of fact, the price of XRP has been performing within a stiff resistance since late February. There might not be any bearish downswings, but the consolidation is pretty narrow, with insignificant price changes since the week’s start.

XRP/USD trading pair price movement in the past 24 hours

XRP/USD Trading pair
(Source: Tradeview)

XRP/USD trading pair kicked off the day with a sharp momentum topped at an intraday high of $0.46441. However, the upward momentum halted and broke down into a descending channel with a bottom near $0.4400. Nevertheless, the coin seems to be ascending against the $0.4560 resistance and has its target at $0.4600 on the 1-hour chart. If the coin manages to clear resistances at $0.4580 and $0.4590, the trendline will break above $0.4600 and $0.4700.

XRP/USD trading pair 4-hour chart 

XRP/USD Trading pair
(Source: Tradeview)

The XRP/USD trading pair trades below the 23.6 Fibonacci retracement level of the upward price correction from $0.3938 to $0.45831. On the 4-hour chart, the coin formed a major bullish trendline below the descending triangle with support at $0.4408.

XRP has already cleared resistance at $0.4500, and the bulls are currently consolidating momentum to challenge resistance at $0.4600. There is first resistance around $0.4544 on the downside, but buyer action is likely to induce a new increase further above the $0.4600 support.

$0.5000 remains a key resistance, and a break out above translates to a strong increase. Sustaining an ascending channel above this key resistance could have the price touching the $0.5200 level. And therefore subsequently ascend towards $0.5500.

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XRP/USD Trading Pair Prediction

Two things might happen that will affect the price of XRP significantly.

One, increasing buying pressure will catapult XRP through multiple upside resistances and trigger a Fear of missing out (FOMO)  pattern among cryptocurrency investors. This will set the price to a major trading zone at $0.6530.

Two, the bears are applying downward pressure, which might create a pullback below $0.4500 and $0.4200, resulting in a downward correction by 26%, towards $0.3100.

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Conclusion

Now that the XRP/USD trading pair is already with the $0.4500 resistance, we hope the bulls will challenge the major resistance at $0.5000. The bulls should remain intact and prevent a break below $0.4450.

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Ripple Vs SEC

Court Orders SEC to Answer Ripple’s Interrogatories

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Ripple, however, has failed to bury the SEC in paperwork, with the judge granting the agency’s motion for a protection order against “unduly burdensome” requests

Magistrate Judge Sarah Netburn has ordered the U.S. Securities and Exchange Commission to answer some of Ripple’s hotly-contested interrogatories, which are meant to determine whether or not the plaintiff’s contentions can be supported by facts. 

The agency will have to specify why the company’s XRP sales are investment contracts:

The SEC’s legal theory is not an excuse to avoid responding to Defendants’ factual inquiry. Nor is it a basis to answer a different question than posed.

In addition, the SEC will have to state whether it believes that Ripple’s efforts were key to boosting the price of XRP.

However, Ripple’s interrogatory about whether or not the XRP Ledger was fully functional prior to the start of the securities offering has been denied for being too vague:

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The Court agrees that this interrogatory seeks relevant information. But Defendants’ interrogatory is too vague for the reasons identified by the SEC.

Netburn has also granted the SEC’s motion for a protective order, which allows the regulator not to respond to all of Ripple’s “unreasonably burdensome” interrogatories.

The agency claimed that covering all the 29,947 requests would take 104 days without “breaks or sleep.”

Earlier this week, the court also granted the SEC’s motion to extend the expert discovery deadline to Jan. 14, 2022, despite Ripple’s protestations.

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Ripple CEO Says the SEC Helped Ethereum to Surpass XRP as No.2 Crypto

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  • Ripple CEO aired his opinion on the crypto market and regulations.
  • Brad Garlinghouse said the US SEC granted Ethereum regulatory green light.

At the DC Fintech Week virtual conference on October 21, Ripple CEO Brad Garlinghounse aired his thoughts on the state of the crypto market and regulations. Besides, he holds a grudge over the financial regulator’s approach to Ethereum.

In addition, Garlinghouse declared that the US Security and Exchange Commission (SEC) granted Ethereum regulatory green light that enabled it to surpass his firm’s XRP token.

Likewise, the Ripple boss feels that his firm has been played out. But, at the same time, Ethereum’s subsequent success is at least in part down to more favorable treatment by the US SEC. Also, Garlinghouse stated that it is affecting its market. He said,

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has exploded, and that clarity has helped.”

To clarify, XRP was the second-largest crypto asset by market cap in late December 2017. But, currently, it has dropped to seventh place while Ethereum has kept the second spot ever since.

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Furthermore, the reason why XRP dropped is the US SEC pursuing Ripple over claims that XRP is unregistered security. In fact, in January, Ripple filed a Freedom of Information Act request with the US SEC demanding to know why it didn’t consider ETH security.

As a result, later in July, a district judge allowed the firm to depose a former official who declared in 2018 that ETH was not a security.

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Ripple CEO reinstates SEC bias towards ETH, claiming XRP could’ve been No.2

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It is not news that the ongoing XRP lawsuit has got the better of Ripple’s XRP token. Ripple CEO, Brad Garlinghouse recently questioned the SEC’s bias towards Ethereum, claiming that XRP would’ve been at the No. 2 position instead of ETH if it weren’t for the commission’s partial crackdown. Garlinghouse spoke at the DC Fintech Week virtual conference yesterday, arguing that the U.S. Securities and Exchange Commission alleged Ripple’s XRP as unregistered security while granting Ethereum a regulatory free pass, which in turn helped ETH shoot through the roof.

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

XRP secured the position of the second-largest crypto asset by market capitalization during the latter half of 2017. However, the token has dropped down to seventh place while Ethereum stands strong as No. 2. Furthermore, Garlinghouse claims that the SEC’s exclusively aggressive anti-crypto stance to allegedly protect the consumers is in fact anti-investors. Referring to the XRP lawsuit, Ripple CEO emphasizes that “nearly 50,000 U.S. people who hold XRP who are trying to sue the SEC for ‘protecting them’”.

XRP Holders left with bearish and frozen funds

Earlier this week, Attorney Deaton Filed a Letter Motion on behalf of the XRP Holders (Movants) that contended SEC’s extension request, with the main argument concerning the XRP holders’ frozen funds because of the consistent postponement of the lawsuit’s final verdict. During the ongoing bull run, XRP remains considerably bear because of the regulatory crackdown on Ripple. However, the court has overlooked the community’s concern and granted the extension explaining that in lieu of pending motions, extra time will only facilitate both parties to complete pending fact discovery and thoroughly prepare for upcoming expert depositions.

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“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”, wrote Deaton.

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