- XRP price needs to flip $0.95 into support to avoid further losses.
- A slip below the 100-day SMA at $0.8774 could see Ripple tag $0.80 level.
- SEC scores small win against Ripple after Judge Denied Ripple request for agency Employees’ XRP trading history.
XRP price prediction is bullish as it trades at $0.9183 with a bullish bias after tanking to areas below $0.8347 on Tuesday September 21. During September 20 global market shake-up, the XRP price dropped as much as 16% to secure support at the $0.8726 just below the 100-day Simple Moving Average (SMA).
At the time of writing, Ripple is trading in the green above $0.90 after rallying approximately 5.71% from yesterday’s closure around $0.8703.
The $0.95 Level Crucial For XRP Price Avoiding Further Declines
The Ripple price almost completed its bearish target spelt by the governing symmetrical triangle chart pattern as seen on the daily chart. The 100-day SMA at $0.8774 has acted as strong support for XRP price. However, selling pressure could see the cross-border remittances token tank further to tag the $0.80 psychological level, the governing pattern’s target.
Bulls are currently struggling to overcome the pressure from the selling zone around $0.9283, embraced by the tip of the support line of the symmetrical triangle. Note that Ripple price plunged approximately 20% from the apex of the symmetrical triangle, nearly reaching the 28.33% bearish target.
XRP/USD Daily Chart
The 100-day SMA has enabled Ripple bulls to keep their heads above the water as they attempt to undo the recent losses. However, the current bullish momentum may be curtailed given the multiple hurdles Ripple price faces upwards.
If XRP overcomes the immediate resistance at $0.9283, it will encounter the next resistance level at $0.95 embraced by the 200-day SMA, then the $1.0 psychological level. Further hurdles may be encountered around at the $1.04 resistance level and then the 50-day SMA at $1.0897.
Should things go awry for XRP price and it declines below the 100-day SMA at $0.8774, the international remittances token may continue the recent bearish leg eventually reaching the bearish target of the symmetrical triangle chart pattern around $0.80.
SEC v. Ripple: Judge Denies Ripple request for SEC Employees’ XRP trading history
A new twist has emerged in the United States Securities & Exchange Commission (SEC) v. Ripple case after the judge denied the defendant, Ripple Labs, access to the SEC employees’ trading history. On August 27, the blockchain firm filed a motion aimed at exposing the agency’s lack of clarity on the cross-border remittances token.
Judge Sarah Netburn stated that according to her analysis, the documents requested by Ripple to show whether the SEC employees have executed transactions in Bitcoin, Ether or XRP does not seem to be pertinent to this case. She added that individual trading decisions made by the regulator’s employees do not add weight to the issues on the case.
Another major reason for denial of Ripple’s motion, the judge argued, is that there is no legal justification to approve the demands from Ripple labs. The federal rule would protect the privacy rights of SEC employees US citizens.
This is a small win for SEC against Ripple. However, Judge Netburn’s judgement required the agency to provide Ripple with documentation that confirms that it had advised its employees to refrain from trading Ripple (XRP) in 2019.
Ripple has maintained that it does not plan to reach an agreement with SEC any time soon as it focuses on showings the Gary Gensler, the regulator’s head that pursuing the case is “picking winners and losers” in the cryptocurrency industry.
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Nancy Lubale
