Will Today’s Disclosure of Sealed Memos Drive XRP Price Up? XRP Price Analysis
Today is a big today for not only XRP Holders but also for entire crypto. As per orders of Judge Analisa Torres, SEC will unseal the two remaining memos publicly today which are believed to hold key evidence in the Ripple lawsuit. As reported by Coingape,
The Estabrook Notes have increased the problems of the SEC in the case. These notes were taken by then counsel to Commissioner Roisman, Matthew Estabrook. It is being believed these hold the insider conversation between Commissioner Roisman and Bradley Garlinghouse from November 9, 2018.
XRP Price Technical Analysis
Ripple’s (XRP) price continues to trades lower for the second straight session. XRP met with multiple price rejections near the descending trend line from the highs of November 10. Furthermore, XRP price action has seen its downside momentum from its swing highs made on February 9 at $0.91.
- Ripple (XRP) price faces multiple hurdles as the token advances toward $1.0.
- XRP has been consolidating near the swing highs with a pessimistic view.
- Increased selling pressure might result in meeting the 50-day SMA near$0.70.
As of press time, XRP/USD is trading at $0.81, down nearly 2% for the day. The 24-hour trading volume stands at $2,360,042,684 with gains of 12%.
XRP Price up for bearish several
On the daily chart, after login a single day gains on February 7, the pair continues to retrace lower. The descending trend line from the highs of $1.34 acts as a strong barrier for the XRP bulls. Ripple is on the lookout to discover critical levels of support before targeting higher levels.
The selling pressure intensified near the ‘death cross’ at $0.95 resulting in a downfall of 40%. After a few weeks of consolidation, XRP price registered a growth of 55% breaking above the 50-day Simple Moving Average (SMA) at $0.74.
A spike in sell order would push XRP to move beyond the 50-day moving average to seek immediate support at $0.60.
On the other hand, if bullish sentiment rises, XRP bulls aim for the recent highs made on February 9 at $0.91. A resurgence of the buying pressure would result in piercing the bearish sloping line to take out the $1.0 psychological level.
Technical indicators
RSI: The Daily Relative Strength Index (RSI) reads at 55 with a bearish crossover signaling the bearish bias for the token.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline indicating some sideways movement for XRP.
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
