Connect with us

Ripple

Ripple Price Forecast: XRP rejected from $0.72 amid multiple sell signals

Published

on

  • Ripple price gained ground to settle briefly above $0.7 but hit a barrier under $0.72.
  • Losing support at $0.7 opened the Pandora box as a correction to $0.64 becomes apparent.

Ripple price was able to break the resistance at $0.7 on Tuesday. This move allowed bulls to stretch the up leg to $0.72. However, the seller congestion at the 200 Simple Moving Average (SMA) on the two-hour chart stopped the bullish action.

In the meantime, XRP trades at $0.68 after losing support at $0.7. If the ground above $0.7 is not reclaimed soon, losses will likely extend toward $0.64. At the moment, the path with the slightest hurdles seems downward, as observed from the short-term technical picture.

Why could Ripple price declines soar in the near term?

Ripple’s short-term technical picture is flipping massively bullish, according to the two-hour chart. Applied technical tools such as the Moving Average Convergence Divergence (MACD) are about to send a bearish signal. The indicator follows the trend of an asset and measures its momentum.

When the MACD line (blue) crosses below the signal line, it is a call to sell, as observed on Ripple’s chart. Moreover, traders watch out for the MACD crossing under the zero line into the negative territory to validate the downtrend.

Advertisement

XRP/USD two-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

As the bearish momentum gains power, the Relative Strength Index (RSI) shows that bearish aggression intensifies. Unlike the MACD, the RSI follows the trend of an asset and calculates its strength. A sharp drop from the oversold area suggests that sellers are entirely in control. Breaking below the midline and toward the oversold region would cement the bears’ influence in the market before the bulls turn the trend around.

On the other hand, a golden cross pattern has occurred with the 50 SMA crossing above the 100 SMA. The pattern infers that the uptrend is still intact despite the correction, and Ripple price will likely secure higher support, leading to its resumption.

Ripple intraday levels

Spot rate: $0.68

Trend: Bearish

Advertisement

Volatility: High

Support: $0.64 and $0.58

Resistance: The 200 SMA

Advertisement

News Source

Ripple Vs SEC

Court Orders SEC to Answer Ripple’s Interrogatories

Published

on

ripple-v-SEC

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:

Advertisement

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.

Advertisement

News Source

Continue Reading

Ripple

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

Published

on

  • 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.

Advertisement

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.

News Source

Advertisement
Continue Reading

Ripple

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

Published

on


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.

Advertisement

“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.

News Source

Continue Reading