- The US SEC has scored a small victory in the ongoing legal battle against Ripple Labs.
- Ripple aimed to highlight the lack of clarity by attempting to compel the agency to produce trading histories of the regulator’s employees.
- The judge has denied Ripple’s motion, but the fintech firm has no plans of backing down.
The United States Securities & Exchange Commission (SEC) v. Ripple case takes a turn as the judge has denied the blockchain firm access to view the agency employees’ trading history. The fintech firm initially filed the request on August 27, aiming to expose the regulator’s lack of clarity on XRP.
SEC scores small victory against Ripple
The $1.3 billion lawsuit filed by the SEC against Ripple Labs continues as the securities regulator scores a small victory. The US magistrate judge has denied the blockchain firm’s request for documents that would show whether the agency employees have executed transactions in Bitcoin, Ether or XRP.
While the court has previously ruled for the SEC to present its trading policies related to cryptocurrencies, Ripple’s lawyers argued when the firm met with the regulator’s counsel in August that the agency’s employees were prohibited from trading XRP after the investigation started in 2019.
Ripple further stated that the SEC has not produced any documents that would back up their claim. In addition, agency employees’ trading decisions would “expose the lack of clarity” on XRP’s status of whether the regulator views the cryptocurrency as a security, Ripple said.
Judge Sarah Netburn stated that according to her analysis, the aforementioned does not seem to be pertinent to this case. She added that individual trading decisions do not add weight to the issues on the case.
The other key argument for the denial of the motion was the lack of legal justification to approve the demands from the blockchain firm. The federal rule would protect the privacy rights of SEC employees as citizens of the United States.
Despite the SEC’s small victory on the recent ruling, Judge Netburn’s motion highlighted that the regulator should provide Ripple with documentation that confirms that it has advised its employees to refrain from trading XRP in 2019.
Ripple has reiterated that it has no plans to settle with the SEC at any time. The firm is confident that they can show the agency’s head, Gary Gensler, that pursuing the case is “picking winners and losers” in the crypto industry.
XRP price needs to secure $0.94 to avoid further losses
XRP price has nearly reached its bearish target given by the prevailing symmetrical triangle pattern on the 4-hour chart. The 27.2% Fibonacci retracement level has acted as strong support for Ripple, but selling pressure could see the token fall further toward $0.78.
Ripple bulls have struggled to lift prices higher against the overwhelming distribution of the sellers. As a result, XRP price plunged 20% from the apex of the governing technical pattern, nearly reaching the 26% pessimistic target.
The 27.2% Fibonacci retracement level has enabled Ripple to keep its head above water as it attempts to recover. However, its recuperation may be cut short as there are countless obstacles ahead.
XRP/USDT 4-hour chart
The next resistance for XRP price appears to be at the 38.2% Fibonacci retracement level at $0.94, then at the 20 four-hour Simple Moving Average (SMA) at $0.97. Further obstacles may emerge at the 50% Fibonacci retracement level at $1.02, then at the 50 four-hour SMA at $1.04.
Should XRP price witness a spike in sell orders, the token may eventually reach the target given by the technical pattern on the downside at $0.78.
Ripple Price Analysis: XRP spikes to $0.91, support found?
- Ripple price analysis is bullish for the rest of the day.
- XRP/USD saw heavy selling earlier today.
- Support found around $0.91.
Ripple price analysis is bullish today as a strong lower low has been set at $0.91, with buying pressure returning right now. Therefore, we expect bears to be exhausted, leading XRP/USD higher later today.
The market has seen strong selling pressure over the last 24 hours. The market leaders, Bitcoin and Ethereum, are down by 6.07 and 7.1 percent, while Ripple (XRP) has lost almost 9 percent.
Ripple price movement in the last 24 hours: Ripple breaks $1.02 support, finds support at $0.91
XRP/USD traded in a range of $0.9367 – $1.06, indicating strong volatility over the last 24 hours. Trading volume has increased by 35.61 percent, totaling $4.27 billion, while the total market cap trades around $44.745 billion, ranking the coin in 7th place overall.
XRP/USD 4-hour chart: XRP looks to reverse from $0.91
On the 4-hour chart, we can see slight rejection for further downside for the Ripple price as bears are exhausted after a strong selloff earlier today.
Ripple price has seen consolidation in an increasingly tighter range above $0.102 support over the past week. The $1.02 mark was initially reached on the 18th of November after a strong decline from the $1.35 previous major swing high.
Despite the $1.02 support holding, further lower lows were set over the week, slowly building up pressure in the market. Yesterday, another lower high was set at $1.06, leading to more downside overnight.
Ripple price continued lower to $1.02 when a sharp break lower was finally seen over the past hours. Currently, XRP/USD has found low around $0.91, likely leading to recovery over the next 24 hours.
Ripple Price Analysis: Conclusion
Ripple price analysis is bullish today as further downside currently gets rejected after a spike to $0.91 earlier today. Therefore, XRP/USD has likely found a new low, leading to a retracement over the next 24 hours.
While waiting for Ripple to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
XRP holds key support while indicators point to short-term recovery
- Ripple started a recovery wave above a key support level of $1.024.
- XRP price started an upside correction as indicators suggest a short-term recovery.
- The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds.
XRP rejected above the triple bottom at $1
XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.
If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108.
The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284
XRP 12-hourly chart – Triple bottom to drive uptrend
If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.
The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.
XRP price consolidates as Ripple bulls eye a 15% run-up
- XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
- A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
- A daily close below the $0.92 foothold will invalidate the bullish thesis.
XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.
XRP price to pull a 180
XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely.
In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.
While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.
XRP/USDT 4-hour chart
While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.