- Ripple’s legal team has stated no plans to settle with the securities watchdog.
- Ripple price prediction remains bearish below the 1.0330 level as this level has been violated already.
- Forex trading market participants may look to sell trades below the $1.0398 level today.
On Monday, Ripple is trading sharply bearish at $0.9590 level amid a breakout of a descending triangle pattern. On the day before, the XRP/USD ended the day at $1.04798, having reached a high of $1.08340 and a low of $1.03994. The XRP/USD dropped on Sunday amid recent negative developments surrounding the XRP ecosystem. Where to buy the dip? Let’s find out.
Check out our guide to trade XRP/USD with forex robots.
A Quick Update on the Securities and Exchange Commission Lawsuit
In its lawsuit against the Securities and Exchange Commission, Ripple’s legal team has stated no plans to settle with the securities watchdog.
On Friday, the legal team of Ripple told Fox Business that it has no plans to settle a lawsuit with the US SEC. They were confident that they could show Gary Gensler, in pursuing the case, was picking winners and losers in the crypto business as the determinant of innovation.
The supporters of XRP and Ripple hope that the new SEC chairman, Gary Gensler, who taught cryptography at the Massachusetts Institute of Technology (MIT), will throw out the XRP lawsuit. It was believed that there was a conflict of interest with former SEC Chairman Jay Clayton.
Meanwhile, there were also reports that XRP holders claimed that Apple allegedly beached the law by authorising a malicious application for download in the App Store. A complaint was filed against Apple on September 16th, 2021, by XRP holders stating that the tech giant allowed bad actors to steal their assets and information.
The filer of the complaint seeks compensation for damages stipulated under federal and state US laws. The plaintiffs said that the company was aware of the criminal activity enabled by the app and still maintained it without notifying users that their financial information had been compromised. This also kept XRP prices under pressure over the weekend.
XRP/USD Price Prediction – Daily Technical Levels
Support Resistance
1.03082 1.07428
1.01365 1.10057
0.98736 1.11774
Pivot Point: 1.05711
Ripple Price Prediction – Daily Technical Analysis: When to Buy the Dip?
Ripple price prediction remains bearish below the 1.0330 level as this level has been violated already. On the bearish side, the XRP/USD is heading towards the next support level of 0.9164. A further bearish breakout of this level can extend the selling trend until the 0.8450 support level.
On the 4-hour timeframe, the XRP/USD has closed the “Three Black Crows” pattern, suggesting solid selling bias among investors. Thus, the XRP/USD may continue trading with a bearish bias until the next support level of 0.8439.
On the bullish side, the XRP/USD’s immediate resistance stays at the 1.0339 level, which may exert solid pressure on Ripple. However, a bullish breakout of the 1.0398 level could extend the buying trend until the next resistance levels of 1.0988 and 1.1518.
The 50 days EMA (Exponential Moving Average-Red Line) will likely support the selling trend below the $1.0398 level. Whereas the oscillator tool, Stochastic RSI, is staying in the sell zone. Therefore, the chances of a selling trend remain pretty strong.
The Forex trading market participants may look to sell trades below the $1.0398 level today. The initial targets are likely to be at $0.9160 and $0.8440. Alternatively, the buy limit can be placed at the $0.8440 level with a target of $1.0339. All the best!
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
Share
