Will Today’s Disclosure of Sealed Memos Drive XRP Price Up? XRP Price Analysis

By Rekha chauhan
February 17, 2022 Updated February 17, 2022
Best In

Earn

Telegram

XRP

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

Source: Trading view

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.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Next Story