Ripple Expects SEC Lawsuit Over XRP to Conclude Next Year, CEO Says ‘We’re Seeing Pretty Good Progress’

November 24, 2021 Bitcoin.com

XRP price eyes $1.50 next after bouncing 30% in just 10 days

October 10, 2021 Coin Telegraph

XRP price eyes .50 next after bouncing 30% in just 10 days

The XRP price chart is painting a golden cross while rising inside an ascending channel.

XRP has a good chance of hitting $1.50 in the fourth quarter of 2021 after painting a bullish crossover between its 20-day and 50-day exponential moving averages (EMA).

The so-called Golden Cross has appeared multiple times on XRP charts in history. Its last occurrence was on Aug. 10, which followed up with a circa 80% price rally later, with XRP topping out seasonally at $1.43 before pulling back to the downside.

Similarly, a close of XRP's 20-day EMA above 50-day EMA on Feb. 4, coincided with an approximately 400% price rally afterward. In doing so, XRP reached a year-to-date high of $1.98, further attesting that the latest Golden Cross could prompt a similar bullish response from traders.

*XRP/USD daily price chart featuring Golden Cross. Source: TradingView.com*

More cues for an upside move come from the Rising Wedge pattern. The upper and lower trendlines of the ascending channel pattern has lately served as resistance and support to XRP's price moves. The cryptocurrency's ongoing upside move also followed a strong bounce from the Wedge's lower trendline, as shown in the chart above.

Thus, XRP's potential to stretch its rebound towards the Wedge's upper trendline seems high. That roughly paints a bullish target of $1.50 for XRP.

Ripple vs. SEC

The latest bout of buying in XRP markets also came in the wake of a recent SEC vs. Ripple lawsuit update.

For the uninitiated, the U.S. Securities and Exchange Commission (SEC) filed an action against Ripple Labs and two of its executives in December 2020, alleging that they raised over $1.3 billion through an unregistered securities offering via XRP tokens.

In response, Ripple Labs has been trying to prove that XRP is a utility token—not security—based on the former SEC director William Hinman's speech wherein he noted that Ether, a blockchain token like XRP, is not a security asset.

The current SEC regime argues that Hinman's opinions were personal. But based on recent findings, the U.S. securities regulator may have been lying.

Ripple's legal team recently submitted logs in the court that showed SEC directing its employees to analyze digital currencies as per the framework provided by Hinman. It could prove that Hinman's speech was not a mere personal opinion but an official directive.

Judge Netburn ruled in favor of Ripple Labs and added the proofs to their "in camera" review.

#XRPCommunnity #SECGov v. #Ripple #XRP BREAKING: 1/3 Judge Netburn Orders the SEC to submit for in camera review the two documents related to the SEC's meetings with law firms and the email chain concerning discussions with a third party who received guidance from the SEC pic.twitter.com/zbjDi7HKYJ
— James K. Filan (@FilanLaw) October 8, 2021

The ruling came out on Oct. 8, which was followed by a 17% rally in XRP price.

Bearish reversal pattern also in pl

XRP's Rising Wedge is a bearish reversal pattern. As a result, the cryptocurrency's gains in the future would face correction risks if the price breaks below the lower trendline.

*XRP/USD price chart featuring Rising Wedge breakout setup. Source: TradingView.com*

The potential negative breakout risks sending the XRP price as low as the maximum distance between the Wedge's lower and upper trendline. That would put the cryptocurrency's downside target under $0.65.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price chart ‘bull flag’ puts the next bullish target at $1.50

September 2, 2021 Coin Telegraph

<div>XRP price chart 'bull flag' puts the next bullish target at .50</div>

Coin Telegraph

In the ongoing SEC vs. Ripple lawsuit, the judge sides with the latter over its request for "fair use" access to internal documents from the U.S. regulator.

XRP price edged higher on Sep. 2 as traders assessed Ripple Labs gaining an edge over the United States Securities and Exchange Commission (SEC) in an ongoing courtroom battle.

The XRP/USD exchange rate surged by up to 4.74% to reach $1.296 for the first time since Aug. 23. The pair's climb appeared alongside a spike in trading volume on the four-hour chart, confirming traders' intent to support the upside move in the coming sessions.

XRP has grounded higher this week reflecting a similar bullish move in other top digital assets. CrediBULL Crypto, an independent market analyst, noted that the Ripple blockchain token could reach $1.50-$1.60 next, citing impulse buying sentiment near the bottoms of almost every major cryptocurrency, including Bitcoin (BTC).

$XRP going for a break of $1.25. We clear this with conviction and we are headed to $1.50-$1.60. Talked about this in my last YouTube video. If you haven’t seen it yet, you should probably check it out before this baby heads to the moon
— CrediBULL Crypto (@CredibleCrypto) September 2, 2021

SEC vs. Ripple

The latest bout of buying in the XRP market also appears due to speculation that it would be termed a utility token by the end of the ongoing SEC versus Ripple courtroom saga. In a lawsuit filed in December 2020, the U.S. regulator accused that Ripple Labs and its top executives sold $1.3 billion worth of XRP as "illegal securities."

Months later, the case has reached a point where both Ripple and SEC wanted to look at each others' internal communications. Ripple stresses that the SEC has called top blockchain assets, Bitcoin and Ethereum, utility tokens in their internal meetings, putting XRP in the same category.

Magistrate Judge Sarah Netburn of the U.S. District Court for the Southern District of New York scheduled an online hearing regarding Ripple's request on Aug. 31. She ended up siding with the defendant's request to "fair use" right of access, stating that she would conduct a personal on-camera review of the documents.

The teleconference attracted attendees from the cryptocurrency community with many predicting that Ripple would likely win the SEC lawsuit.

The judge ended the call and it looks very bad for the SEC! #XRP THE STANDARD
— JackTheRippler (@RippleXrpie) August 31, 2021

CrediBULL Crypto also tweeted:

I am no lawyer but I simply can't imagine this case going to trial UNLESS Ripple wants to take it there. The odds seem stacked against the SEC at this time and a loss at trial would set precedents that could hinder future enforcement actions by the SEC against smaller fish. $XRP https://t.co/KLAHMRwxRE
— CrediBULL Crypto (@CredibleCrypto) September 1, 2021

Additionally, Ripple's CEO Brad Garlinghouse, also a defendant in the case, said:

"The SEC’s lawsuit isn’t just about Ripple, it’s about what impossible standards of fair notice and due process through regulation by enforcement can do to crypto innovation. Anyone could be next without warning.”

XRP underwent serious reputational damage following the SEC's lawsuit filing in December 2020. As a result, it faced delistings across many leading cryptocurrency exchanges, including Coinbase and Bitstamp. The FUD—fear, uncertainty, and doubt—also pushed XRP/USD prices more than 66% lower in the same month.

*XRP/USD 1-month candle chart featuring the December 2020 dump. Source: TradingView.com*

So it appears, Ripple's small wins against SEC boosted XRP's bullish outlook in the near-term.

Moreover, VORTECS™ data from Cointelegraph Markets Pro detected a bullish outlook flipping from yellow to green on Sep. 1 prior to XRP's breakout.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and Twitter activity.

*VORTECS™ Score (green) vs. XRP price. Source: Cointelegraph Markets Pro*

The VORTECS™ Score climbed from 59 (orange) to 67 (green) on Sep. 2 alongside a 22.22% surge in Twitter activity, prior to XRP/USD climbing above $1.25.

Technical outlook

XRP's latest gains helped its prices cross above a critical descending trendline resistance that constitutes a Bull Flag.

*XRP/USD 4-hour candle chart featuring a bull flag. Source: TradingView.com*

In detail, Bull Flags represent consolidation patterns that follow a strong price move to the upside (known as Flagpole). Investopedia reports that such structures are trend continuation indicators, meaning Flags end up sending the prices in the direction of their previous trend.

As a result, XRP/USD faces the prospect of undergoing a bull run, especially as it attempts to break out of its Bull Flag pattern to the upside. Should the rally continue, the pair's next profit target would as high as the Flagpole height (approximately $0.28).

That puts the bullish target for XRP/USD at $1.51.

Government Watchdog Investigates Conflicts of Interest Involving SEC Officials, Crypto, XRP, Ripple Lawsuit

August 18, 2021 Bitcoin.com

XRP chart triggers sell-off warning after price explodes by 54% in one week

August 14, 2021 Coin Telegraph

Bollinger bands

XRP price has bounced back from its July lows but some indicators are starting to suggest that the rally is due for a pullback.

XRP price almost surged to its three-month high following a strong uptrend continuation on Aug. 14. Nevertheless, its wild weekly run-up triggered overvaluation risks, thus raising possibilities of an imminent price pullback.

In detail, the XRP/USD exchange popped 11.78% higher to reach $1.20 for the first time since May 22. The pair's gains appeared as a part of a prevailing bullish trend that started July 20 when it was trading for as low as $0.154—a 134% upside retracement on the whole.

On a week-to-date timeframe, the XRP/USD rates were up circa 54%.

XRP overbought

The latest bullish moves in the XRP market prompted two classic indicators to forecast imminent price corrections.

The first indicator is the relative strength indicator (RSI). It represents a magnitude of price changes to evaluate overbought or oversold conditions. In detail, the RSI oscillates between zero and 100, with a reading above 70 showing overbought and a reading below 30 showing oversold conditions.

If the asset's RSI stays above 70, it typically prompts traders to sell it at higher prices to secure maximum available profits. Similarly, if the RSI dips below 30, it creates opportunities for traders to buy the asset at a seemingly lower rate.

The XRP/USD's daily RSI triggered warnings of excessive valuations after its readings crossed above 70. As a result, the pair experienced a modest sell-off near its local high of $1.20, dipping to $1.14 at the press time.

*XRP/USD daily price chart featuring RSI indicator. Source: TradingView.com*

The second indicator is Bollinger Bands.

They are envelopes plotted at a standard deviation level above and below the price's simple moving average. They tend to measure an asset's volatility based on the distance between the upper and lower band. When the price moves out of the band, it tends to immediately move back inside the band area.

*XRP/USD daily price chart featuring Bollinger Bands indicator. Source: TradingView.com*

XRP/USD's latest volatile move upside pushed its rates outside the upper band resistance, signaling overvaluation. As a result, its probability of correcting back below the upper band level appears high, which may later follow up with an extended move towards the 20-day simple moving average (orange wave) near $0.80.

Additional gains anticipated

Despite overvaluation risks, other traders believe XRP is poised to continue its bull run. For instance, independent market analyst DonAlt thinks XRP could sprint towards its all-time high merely because it has broken above a so-called resistance area, as shown in the chart below.

*XRP/USD daily chart BitFinex. Source: TradingView.com, DonAlt*

"Close above red ($1) this week and I don't see a reason for XRP to not make new ATHs," the analyst said, adding:

"But, at the same time, if it ATHS the end of the run is near."

Kevin Cage, another popular chart analyst, added a dose of fundamentals to the bullish outlook, noting that XRP at its all-time high would mean that Ripple has reached a settlement with the United States Securities and Exchange Commission (SEC).

The U.S. securities regulator filed a lawsuit against Ripple in December 2020, alleging that the latter engaged in this illegal securities offering via the sale of XRP tokens in 2013 and afterward. Ripple denied the allegations.

On Aug. 16, Ripple will respond to the motion filed by the SEC for the discovery of "terabytes" of Slack communication data. The documents, if filed, may shed more light on whether or not Ripple sold XRP to its investors as securities.

#XRPCommunity #SECGov v. #Ripple #XRP Below is a summary of upcoming events and outstanding items. pic.twitter.com/u8I9zYb8eD
— James K. Filan (@FilanLaw) August 12, 2021

XRP price chart ‘double bottom’ puts next bullish target at $1

August 11, 2021 Coin Telegraph

<div>XRP price chart 'double bottom' puts next bullish target at </div>

Coin Telegraph

The classic "double bottom" pattern's success rate of hitting its profit target lies around 78.55%.

Ripple's XRP token could hit $1 in the coming sessions per a classic technical chart setup.

Dubbed as "double bottom," the trend reversal indicator appears after the price bottoms out at a level, rebounds toward a higher resistance level, and then pulls back to or near the first bottom level, only to rebound again to the previous resistance line (also called neckline).

Should the price close above the neckline, it anticipates an extended move upward, the length of which equals the total height between the neckline and the bottom level. So it appears, XRP is closer to executing the said pattern entirely, as shown in the chart below.

*XRP double bottom setup in play. Source: TradingView.com*

XRP/USD formed the first bottom at $0.65 on June 22 and rebounded towards its neckline resistance at $0.75. It fell again to log the second bottom level at $0.51, followed by another retracement toward the $0.75-resistance and a subsequent breakout.

In other words, XRP has a decent chance to test $1 as its double bottom pattern's profit target.

In fact, research conducted by Samurai Trading Academy shows that double bottoms have a 78.55% success rate.

On the flip side, XRP's daily relative strength indicator, or RSI, alerted about its interim excessive valuations. At 72.29, the RSI reading was two points into the overbought region, hinting at an imminent sell-off period in the sessions ahead.

Fundamentals

XRP price surged by 77.39% to $0.91 after bottoming out at $0.514 on July 20.

A majority of its gains came in the wake of a market-wide upside rally, led by the euphoria surrounding Ethereum's milestone software update.

The ETH/USD exchange rate surged 89.13% to $3,235 after bottoming out on the same date as XRP—on July 20—at $1,718.41. As a result, it appears XRP merely tailed the crypto market trend, thanks to its 0.69 positive correlation efficiency with Ether, as per the 30-day average data collected by CryptoWatch.

SEC vs. Ripple update

In the latest events, the U.S. Securities and Exchange Commission (SEC) failed to turn up the internal documents despite two orders from Judge Sarah Netburn on request from the defendant, Ripple Labs.

In detail, Ripple Labs had filed a motion in early June to compel the SEC to turn over its internal communications regarding XRP's rival cryptocurrencies, Bitcoin and Ether. Judge Netburn approved the motion, but SEC did not deliver even a single document.

Financial Feeds noted that Judge Netburn can order monetary sanctions against the SEC for not complying with a court order. More so, she can even dismiss the U.S. securities regulator's case against Ripple Labs should the former remain uncooperative.

Meanwhile, SEC chairman Gary Gensler asserted in his response to Senator Elizabeth Warren that their means to determine whether a crypto asset is a security or not is clear, adding that:

"The SEC has taken and will continue to take our authorities as far as they go [...] We haven’t yet lost a case."

I find it funny He pointed out they had never lost a case. That is because most don't have the capital or willing to risk everything to continue to fight a rigged fight. Unfortunately for @SECGov they have Met their match with @Ripple
— JIM MARSHALL XRP (@jimmars74259096) August 11, 2021

The SEC vs. Ripple lawsuit, which started in December 2020, damaged XRP's investment prospects. The Ripple token's value fell by almost 80% in a month (to $0.168). It also faced delisting across regulated exchanges, including Coinbase, Bitstamp, Crypto.com, OKCoin, Wirex, and others.

Ripple Wins Discovery: Judge Grants Access to SEC Internal Records on Bitcoin, Ether, XRP

April 7, 2021 Bitcoin.com

US Court Rejects SEC’s Attempt to Block XRP Holders’ Motion to Intervene in Ripple Lawsuit

March 30, 2021 Bitcoin.com

SEC vs Ripple