- Updates on SEC Lawsuit Underpins Ripple at $0.6408 Stronger
- Dollar Weighted on Ripple Over Weekend, But Not Anymore
- Investors may look for a buy limit at 0.6400 to target the 0.6811 level.
The XRP/USD closed at $0.60674 after placing a high of $0.60674 and a low of $0.59100. It remained flat most of the day and followed the prevailing bullish market trend. Ripple price forecast remains bullish, and it has the potential to go after the $0.6835 level.
Updates on SEC Lawsuit Underpins Ripple at $0.6408
Ripple has shown interest in bolstering its defense against the SEC lawsuit. Two SEC commissioners said that Ripple was not given enough clarity around how securities laws should be implemented to digital assets.
Two of the current five SEC commissioners, Hester Peirce and Elad Roisman, made some statements. Ripple has decided to use in court before judge Analisa Torres of the Southern District of New York.
Ripple has filed a new motion requesting the court to consider the statement made by two SEC commissioners. The XRP/USD wasn’t informed with enough clarity about how securities laws could be applied to digital assets.
Hester Pierce said that SEC should have provided enough clarity on how crypto companies should operate. Ripple uses this statement to bolster its “lack of fair notice” defense against the lawsuit with SEC.
On the other hand, SEC is hoping to overturn the latest move from Ripple. The remarks made by Commissioners were not statements made by SEC itself. These cannot be used against SEC as they do not hold any authority with the court.
Stronger Dollar Weighted on Ripple Over Weekend, But Not Anymore
The boosted strength of the U.S. dollar kept the gains in XRP/USD limited over the weekend. The U.S. Dollar Index that estimates the dollar worth against the basket of six major currencies rose to 93.0 level, limiting the upward momentum in XRP/USD.
The recent bullish trend of the cryptocurrency market was driven by the surge in the price of the leading cryptocurrency. Bitcoin also supported the gains in XRP/USD. Bitcoin was gaining traction in the market as investors were entering the market, hoping to gain profit from lower prices of BTC/USD.
Furthermore, the latest positive remarks from Elon Musk and Jack Dorsey also pushed bitcoin prices higher that ultimately supported the whole cryptocurrency market.
Ripple Price Forecast: Ripple Violates Double Top at $0.6408
Support Resistance
0.59624 0.61198
0.58575 0.61723
0.58050 0.62772
Pivot Point: 0.60149
Ripple Price Forecast – Technical Outlook: Focus on $0.6835 Resistance
The Ripple price forecast is bearish as the XRP/USD is heading north towards the $0.6811 level. On the 4-hour timeframe, the XRP/USD has violated the double top resistance level of 0.6408 level.
On the higher side, the breakout of 0.6408 level is suggesting odds of a further bullish trend. Ripple has the potential to go after the 0.6835 level today.
We can see on the 4-hour timeframe; the XRP/USD pair has violated the upward channel, plus, it’s closing a solid bullish engulfing candle at 0.6560. Both of these signals odds of a bullish trend continuation in Ripple.
Closing of candles below 0.6835 resistance level can drive selling bias in Ripple. However, the support will remain at 0.6420. Below this, the XRP/USD price may drop until 0.6200 and 0.5910 levels.
The technical tools like Stochastic and 50 M.A. (Moving Average – Red Line) suggest bullish trends in Ripple. The current market price of XRP is at 0.6485, right above the 50 M.A. support level of 0.6000. While the Stochastic is at 75, demonstrating a bullish trend.
The XRP/USD price forecast remains bullish today. Therefore, the forex trading participants may look for a buy limit at 0.6400 to target the 0.6811 level. All the best.
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