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XRP price awaits 20% drop as Ripple breaks below critical level of support

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  • XRP price has formed a bearish outlook after breaking below the neckline of the head-and-shoulders pattern that has started to develop since late May. 
  • Ripple has failed to escape above the vital level of resistance at $0.79 and is now headed further south.
  • While the cross-border remittance coin has been toying with the 200-day Simple Moving Average as support, only a close above this level could spare the cryptocurrency from a free fall of 20%. 

XRP price has dropped over 11% over the weekend as Ripple fell in tandem with the leading cryptocurrency. The cross-border remittance coin has attempted to recover from the fall as it bounced from its swing low to retest the resistance level given from the recent bearish pattern formation.

XRP price undecided at critical level of support

XRP price has formed a minor head-and-shoulders pattern that started on May 23 on the daily chart. Now Ripple has broken below the bearish pattern, indicating that further losses are expected.

XRP price broke below the neckline of the head-and-shoulders pattern on June 18 for the first time, before a bearish close confirming the move to the downside the day after.

Since Ripple has fallen below the critical support level, a measured target of $0.57, a 20% drop from the current level, and a 28% decline from the neckline could be expected for the crypto asset. This target is given by measuring the top of the pattern to its neckline and subtracting it from the horizontal trend line.

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However, Ripple would need to lose multiple areas of support before the furthermost bearish target would be met.

The 200-day Simple Moving Average (SMA) has acted as support for XRP as it is now testing the dependability of the indicator as it breaks below the line of defense for the second day.

If sellers continue to overpower buyers, Ripple could fall into the demand zone that starts at $0.65 before reaching the head-and-shoulders target of $0.57.

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Now XRP appears to be trading around the 200-day SMA, and this level could play a significant role in determining the near future price moves for Ripple.

XRPUSDT

XRP/USDT daily chart

Should XRP bulls manage to lift prices higher, overthrowing the distribution of the sellers, Ripple would need to break and close above the first area of resistance, given by the neckline of the chart pattern at $0.78, before attempting to rally toward the 23.6% Fibonacci extension level at $0.89.

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Investors should also note that if a rally were to occur as Ripple recovers, XRP price sees massive resistance ahead at the 38.2% Fibonacci extension level at $1.04, coinciding with the 100-day SMA.

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XRP

XRP is UK’s most popular crypto as analyst expect massive gains

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  • In a recent report by the eToro trading platform, XRP emerged as the most popular cryptocurrency in Q3 2021.
  • Ripple has partnered with Digital Pound Foundation to support the creation of the UK’s central bank digital currency, the “Digital Pound Sterling.”
  • Analysts are bullish on XRP price, predicting a big move in altcoin within the next two days.

In the third quarter of this year, XRP became the number one cryptocurrency in the UK, according to social trading platform eToro. XRP holders are bullish on the proceedings in the SEC v. Ripple case. 

Analysts predict a big move in XRP, bullish on the new partnerships

eToro, the social trading platform, recently revealed that XRP is UK’s most popular cryptocurrency, followed by Cardano (ADA). Crypto traders in the UK have put more funds in XRP than any other crypto in Q3 2021. 

The year-on-year increase in XRP price is over 100%; despite higher gains in Bitcoin and Ethereum, traders held on to XRP for its volatility and risk-adjusted returns. 

Interestingly, XRP has witnessed a spike in retail and institutional adoption over the past few months. Ripple collaborated with the Digital Pound Foundation and prepared to work in line with the firm’s objectives to work with global banks and resolve issues related to CBDC development. 

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XRP is engaging with centralized institutions for the development of CBDCs. After announcing its partnership with Bhutan’s Monetary Authority, Ripple works with the UK’s central bank for the “Digital Pound Sterling.”

Ripple has positioned itself to be a bridge in CBDC development. Nearly 80% of central banks are currently exploring CBDC development, and the Ripple network’s engagement with centralized institutions is expected to boost XRP’s utility. 

The world’s sixth-largest cryptocurrency started at $0.22 in 2021 and hit a high of $1.9 in April before further correction. 

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Cryptocurrency analyst @Koolaid_crypto has predicted a big move in XRP price over the next two days. 

FXStreet analysts have evaluated the XRP price trend and predicted that the altcoin would skyrocket to $2 with a rise in trade volume. 

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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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Ripple Vs SEC

SEC v. Ripple Labs: Agency opposes motion to seal documents citing ‘influence’

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The SEC v. Ripple Labs lawsuit is in the news today after yet another crucial development. According to the latest updates from the court, the regulators have responded in opposition to Ripple’s motion to seal transcripts of audio and video recordings from internal meetings.

As per the filing shared by @CryptoLawUS, the SEC claimed that the documents “have the tendency to influence the Court’s ruling on the discovery dispute before it.” The tables turned for Ripple when SEC added that “no countervailing business or privacy interests outweigh their disclosure to the public.”

On 30 August, the SEC had filed a motion to compel the production of some audio and video-taped recordings after Ripple failed to disclose them during discovery. Ripple agreed to produce these recordings, along with “all recorded meeting by the custodians of such meeting, meeting name, and other criteria” for responsive documents.

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The SEC later filed another motion to compel Ripple on 1 October to conduct a “reasonable search.” Here, the intent was to find more responses through recordings of meetings at which the agreed-upon custodians spoke.

The SEC has been trying to make the documents public since it found statements made by Ripple CEO Garlinghouse and other key Ripple employees. The filing added,

“These transcripts contain statements by Garlinghouse and other key Ripple employees that bear directly on whether Ripple’s offers and sales of XRP are “investment contracts” and therefore securities under SEC v. W.J. Howey Co., 328 U.S. 293, 298-99 (1946), and whether Garlinghouse and Larsen had the requisite scienter for purposes of the SEC’s aiding-and-abetting claims.”

Although the concerning statements from the transcripts have been redacted, according to the SEC, Ripple is also seeking to seal excerpts of Garlinghouse’s deposition testimony. The same apparently pertains to the frequency of “all-hands” meetings, along with a certain email from the CEO.

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The SEC also argued that the transcripts of the recordings are Judicial Materials. Ones that should be disclosed to the public. Curiously, attorney Jeremy Hogan believes that the recording may be the backbone of the SEC’s case.

Nevertheless, only the Court’s decision will reveal the importance of the recordings for the people, Ripple, and the SEC.

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