- XRP Token on the weekly time frame has lost the support of the 50 EMA, thus awakening a possibility of a reversal
- The current price of the XRP/USDT is $0.59 established on the back of a 3.95% decline in the past 24 hours
- XRP Bulls lost steam in an attempt to clear the overhead resistance of $0.65
XRP Price continues to trade sluggishly under the pressure of Death Cross
The death Cross of June 24th validated the XRP Price to trade under the chambers of the 20 EMA. The bearish crossover was responsible for wiping off 32% of its gains. Since then, the token has been maintaining a neutral bias owing to the rejection from the overhead resistance at $0.65.
Presently fluctuating between the range of $0.58 to $0.65, XRP Price is at the brink of breaking out from the Descending Parallel Channel of May 20th. The token is in favor of a reversal owing to the fact that $0.58 has been accommodated as a swing entry point. With that being said, the 20 EMA on the daily chart is repeatedly invalidating the efforts of the bulls to retrace the price back up. For an upward trajectory to hold accountability, XRP Price demands a breach of the resistance of $0.65, which is also bolstered by the 20 EMA.
The Daily Stochastic RSI is in favor of a potential reversal as demonstrated by the awaiting positive conviction between the %K line and the %D line. Meanwhile, the volume of the XRP Token is facing a losing streak since the price attempted to clear the resistance of $0.69. Yesterday’s volume of (339 M) was being overlooked by the 20 MA which is hovering inside the range of (401 M). Multiple factors like the Ripple Lawsuit, overextended sell-off in the crypto market have contributed to the volume hitting a downward spiral.
XRP/USDT on TradingView
Ripple (XRP) scores another milestone against SEC as Judge authorizes William Hinman’s Deposition
It’s been half a year since SEC filed a case against Ripple. The ongoing SEC battle has cast a dark light on the Ripple Community. The two attorneys Jeremy Hogan and James K Filler have been consistent in updating the happening case affairs through social media. However, recent events highlight that they haven’t exactly been able to fill in.
Only yesterday, it was bought into attention that Ripple has crossed another milestone in this case as William Hinman, former director of the SEC is authorized to present his deposition. That being said, the deposition has been postponed to give both parties to devise their scopes in advance.
How is this deposition considered to be a victory for the Ripple Community?
William Henman had previously stated that Bitcoin and Ethereum are not securities because of their decentralized roots. Ripple Labs seeks to use this as an advantage and base its defense on the claim that the center is not giving XRP the same consideration that was given to Bitcoin and Ethereum.
Earlier the deposition was a long lost hope on account of the SEC’s concern with this testimony threatening other lawyers to take public service jobs. Interestingly, It is now anticipated that Hinman’s speech has personal remarks, which will be used to clarify in this deposition.
SUPPORT : $0.58
RESISTANCE : $0.65