XRP remains under intense selling pressure despite Judge Torres bringing hopes of an end to the SEC v Ripple case by the end of this year.
It’s been a bearish second half of the month for XRP.
On Thursday, XRP fell by 1.46%. Reversing a 1.54% gain from Wednesday, XRP ended the day at $0.6428.
XRP tracked the broader crypto through the week, with market risk aversion weighing on the crypto market.
News updates on the Ripple v SEC also weighed on XRP, with the extension to the SEC case troubling XRP investors.
Overnight, defense attorney James Filan shared a new proposed calendar. Judge Torres modified the SEC and Ripple Lab’s extension request dates.
According to the court document filed on April 28,
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres modifies proposed calendar. Motions to exclude expert testimony must be fully briefed by August 30, 2022. Motions for summary judgment must be fully briefed by November 15, 2022. pic.twitter.com/nP9SpXyLik
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 28, 2022
Previously, both parties made an extension request for,
“Oppositions to any motions for summary judgment, response to Rule 56.1 Statements, and responses to motions to exclude testimony must be filed by November 2, 2022.”
Additionally, both parties previously requested,
“Replies to any opposition must be filed by December 20, 2022.”
The move by Judge Torres to bring forward the proposed end data by more than a month may be in favor of Ripple Lab.
It remains to be seen whether the SEC is willing to test Judge Torres with another extension request.
The news follows a recent Bloomberg interview with Ripple CEO Brad Garlinghouse.
On Wednesday, Bloomberg Crypto Full Show interviewed Ripple CEO (time stamp 00:11:10), Brad Garlinghouse. While XRP showed little reaction to the interview, there were some interesting comments for the crypto market to consider.
Salient points from the interview included,
At the time of writing, XRP was down 0.34% to $0.6406. A mixed start to the day saw XRP rise to an early morning high of $0.6466 before falling to a low of $0.6334.
XRP will need to move through the $0.6445 pivot to target the First Major Resistance Level at $0.6553. XRP would need broader crypto market support to return to $0.65.
In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.6681 and resistance at $0.67. The Third Major Resistance Level sits at $0.6917.
Failure to move through the pivot would bring the First Major Support Level at $0.6317 into play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.60. The Second Major Support Level at $0.6209 should limit the downside.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. Following eight days in the red from nine sessions, XRP sits below the 50-day EMA at $0.6406. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, XRP negative.
A move through the 50-day EMA would support a shift in sentiment and a return to $0.65.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.