The newest series of progress in the continuing Ripple v. SEC lawsuit marked the defendant’s appeal to deposition a former SEC official – William Hinman.
Yet, what resulted suddenly was a motion filed by the SEC to reject the same request with a comment;
“These proposed inquiries could be obtained by far less intrusive means.”
While both parties try to shift the ruling in their favor, XRP has been immersed under a heap of selling stress as part of more widespread crypto disposal. At the time of publishing, XRP was being traded at $0.608 and lower by 4% over the last 24 hours.
XRP Daily Chart
A dropping triangle breakdown prevented XRP’s progress as losses piled up to 40% from the weaker trendline to the $0.48-support. The market witnessed a brief recovery, but XRP failed to increase above the 200-SMA (green) and moved back towards $0.60 at the time of writing. The target now moved to the defensive line of $0.54, but the region was uncertain of a breakdown.
XRP Reasoning
XRP moved below its 200-SMA for the first time since December 2020 due to persistent downwards pressure. Now that the long-term moving average no longer offered support to the alt’s price, bearish sentiment can proceed to gain.
The Relative Strength Index was in bearish territory, and while a move into the oversold zone could result in a slight recovery, the index has failed to rise above 50 over the past month. If this continues, XRP would see lower levels in the coming week. According to the Awesome Oscillator, bearish momentum was on the up, something that confirmed with XRP’s price action.
The Directional Movement Index emphasized the bearish trend as the -DI line kept itself above the +DI line, while an ADX reading of 36 implied that the market was strongly directional.
A close below $0.54 would see XRP challenge the $0.48-support once again. Still, the Visible Range’s point on control indicated that interest for XRP was at its peak at $0.472 in the given timeframe; hence, XRP can avoid a sharper breakdown. If this level crumbles in the face of selling pressure, XRP could find relief around the late-February levels of $0.35-0.40.
Conclusion
XRP can be forecasted to drive back in the direction of its 22 June swing low of $0.48 over the following days. An insignificant rally may even offer some delay, but this zone can be anticipated to be in play over the coming week. A close below this point could delay the cryptocurrency towards another defensive area of $0.35-$0.40.
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