Today is a big day for not only XRP holders, but all cryptocurrencies as well. By order of Judge Analisa Torres, SEC will today make public the two remaining memos believed to contain key evidence in the Ripple lawsuit. As reported by Coingape,
The Estabrook Notes have compounded the SEC’s concerns in the matter. These notes were made by Commissioner Roisman’s counsel at the time, Matthew Estabrook. These are believed to contain the insider conversation between Commissioner Roisman and Bradley Garlinghouse dated November 9, 2018.
XRP Price Technical Analysis
Ripple (XRP) price remains lower for the second consecutive session. XRP faced multiple price rejections near the bearish trendline from the November 10 highs. Additionally, XRP price action has seen downward momentum from its February 9 swing highs at $0.91.
The price of Ripple (XRP) faces multiple hurdles as the token moves towards $1.0. XRP is consolidating near the swing highs with a pessimistic view. Increased selling pressure could lead to it hitting the 50-day SMA near $0.70.
At the time of writing, XRP/USD is trading at $0.81, down close to 2% for the day. The 24-hour trading volume stands at $2,360,042,684 with a gain of 12%.
XRP Price Up For Bearish Multiple
Source: Trade View
On the daily chart, after a single day gain on February 7, the pair continues to log lower. The declining trendline off the $1.34 highs is a strong barrier to the XRP bulls. Ripple is looking for critical support levels before targeting higher levels.
Selling pressure mounted near the death cross at $0.95, resulting in a 40% decline. After a few weeks of consolidation, XRP price registered a 55% growth above the 50-day Simple Moving Average (SMA) at $0.74.
A spike in the sell order would prompt XRP to move beyond the 50-day moving average to seek immediate support at $0.60.
On the other hand, if bullish sentiment rises, the XRP bulls are targeting the recent February 9 highs at $0.91. A resurgence in buying pressure would result in breaking the bearish slant to eliminate the psychological level of $1.0.
RSI: The Daily Relative Strength Index (RSI) reads at 55 with a bearish crossover indicating the bearish bias for the token.
MACD: Moving Average Convergence Divergence (MACD) continues to move sideways for XRP above the midline.
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This post Will Disclosure of Sealed Memos Today Raise the Price of XRP? XRP Price Analysis
was published first on https://coingape.com/markets/ripple-xrp-price-prediction-xrp-nots-out-of-woods-yet-struggles-below-0-90/