- The SEC v. Ripple case has taken multiple twists and turns.
- The Ripple price prediction remains bearish below the 1.1590 level as it’s expected to push the pair lower towards the 1.0555 level.
- Forex trading market participants may look to sell trades below the $1.1535 level today.
The XRP/USD pair is trading with a solid bearish bias, falling to 1.1009 and losing -3.45% on Monday. The XRP/USD pair failed to stop its previous-session bearish rally and took some further offers around the $1.1200 level. The Ripple price prediction remains bearish below the 1.1590 level as it’s expected to push the pair lower towards the 1.0555 level.
Check out our guide to trade XRP/USD with forex robots.
What’s causing the selling trend in Ripple?
Firstly, the reason could be attributed to the bearish sentiment in the crypto market. This was witnessed after the world’s largest crypto, Bitcoin, failed to hold the $48,000 support zone against the US Dollar and dropped to the 47,653.5 level. The BTC must clear $49,500 and $49,750 to continue its recent increase.
Secondly, the reason behind Ripple’s downward rally could also be attributed to the mixed investor‘s sentiment. The ongoing uncertainty in keeps traders out of the market. On the other hand, the selling bias surrounding the greenback was seen as one of the key factors that kept the lid on any additional losses in the XRP/USD pair.
XRP/USD is in a bearish mode despite a weaker dollar
The US Dollar Index (DXY) refreshed a two-week low, thanks to Federal Reserve Chair Jerome Powell’s dovish stance, which suggested the slower-than-expected path to rate hikes. Last Friday, at a symposium in Jackson Hole, Wyoming, US Federal Reserve Chairman Jerome Powell did not indicate when the Fed would start tapering down its support for the economy. However, he repeated the stance that the current spike in inflation is temporary.
He suggested that the central bank could start tapering off the massive levels of support for the economy by the end of the year. It’s a bit slower than many had expected. But it did not suggest a rush to raise interest rates. Nevertheless, the traders’ focus shifted to US jobs figures for clues on a tapering timeline on Friday. Thus, these dovish stances put bearish pressure on the US dollar.
Securities and Exchange Commission Reveal Policies
The latest report could also cap the losses in the Ripple prices. The SEC report suggested that Ripple recently filed a motion to compel the United States Securities and Exchange Commission. Ripple wants the SEC to reveal policies and information regarding its employees trading in cryptos like Bitcoin, Ethereum, and XRP. This motion will add to Ripple’s fair notice defense.
Securities and Exchange Commission Vs. Ripple
The SEC v. Ripple case has taken multiple twists and turns. However, despite the court’s discovery extensions, there is a growing sense that a settlement could be on the way.
The critical date is August 31, when the court will hold a hearing with both parties to resolve the months-long privilege debate.
Despite the judge’s persistence, the SEC refuses to hand up vital records, claiming they are protected by the DPP (deliberate process privilege). It tries to protect documents and the legitimacy of the deliberative process itself.
XRP/USD Price Prediction – Daily Technical Levels
Support Resistance
1.11 1.17
1.08 1.20
1.06 1.22
Pivot Point: 1.1400
Ripple Price Prediction – Daily Technical Analysis: Descending Triangle Pattern
Ripple price prediction remains bearish below the 1.1590 level as it’s expected to push the pair lower towards the 1.0555 level. In the 4-hour timeframe, the XRP/USD pair has formed a descending triangle pattern extending resistance at the 1.1947 level. On the bullish side, a breakout of the 1.1947 resistance level could trigger an additional buying trend until the 1.3504 level.
On the bearish side, the immediate support prevails at the 1.0555 level, and a breakout of this could lead the XRP price towards the 0.9164 support level. The 50 days EMA (Exponential Moving Average-Red Line) will likely support the selling trend below the $1.1500 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 $1.1535 level today. The initial targets are likely to be at $1.055 and $0.9901 levels. Alternatively, the buy limit can be placed at the $ 0.9164 level with a target of $ 1.1985. All the best!
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