A surprising emergency filing on April 3 has ignited speculation in the XRP market, claiming to present critical evidence in the ongoing legal battle between Ripple Labs and the SEC. The document, submitted by Justin W. Keener, alleges that information concerning physical investment contracts could significantly affect Ripple, the cryptocurrency market, and legislative actions. Notably, Keener has faced over $10 million in fines from the SEC for prior unregistered stock activities. Coinciding with this, Coinbase made headlines by seeking approval from the Commodity Futures Trading Commission (CFTC) to launch futures for the third-largest cryptocurrency.
What Did the SEC Discuss in Closed Meeting?
During a private meeting on April 3, the SEC raised speculation regarding a potential pause on XRP’s programmatic sales. Although no formal announcement has been made, this uncertainty continues to cloud market stability. Observers have remarked on XRP’s volatility, which persisted despite a minor rebound.
Can XRP Break Resistance at $2.22?
Technical assessments indicated that XRP was encountering resistance at the $2.22 mark, the 20-day exponential moving average (EMA) on its daily chart. A tightening Bollinger Bands suggests a potential breakout, with expectations of retesting the middle and upper bands if support holds at $1.96. However, the RSI value of 38.71 points to a decline in momentum.
Eleanor Terrett: “An urgent filing was submitted in the SEC vs. Ripple case; decisive evidence was presented in favor of the defendants.”
Further analysis from Ali Martinez revealed a head and shoulders formation in XRP, hinting at a potential downward shift that might take prices as low as $1.30. A break below the neckline around $2.10 would affirm this pattern.
Contrasting views also emerged within the cryptocurrency sector. Analyst Dark Defender noted a positive RSI indicator for XRP, suggesting a potential upward trend could persist, emphasizing critical short-term price levels at $2.22 and $2.55.
Dark Defender: “The RSI gives a positive signal; we expect a strong rise after Wave B.”
Market participants believe that should XRP maintain essential support levels, it could witness upward momentum; otherwise, it risks remaining stagnant below current resistance. The blend of regulatory uncertainties and technical indicators is creating a landscape filled with both risks and prospects for traders.
