XRPUSD (Ripple) – Week 37 – Watching the $1.22 area
Ripple, a global payments firm, has emptied a digital wallet containing 4,000,000,000 XRP tokens, which were used to compensate a former executive. Ripple’s now-empty wallet was periodically sending XRP to co-founder Jed McCaleb’s own “Tacostand” wallet. However, McCaleb’s wallet is expected to be drained as he must sell off his XRP in small amounts as a part of the agreement.
The most recent development in the XRP litigation might lead to a final decision. The most significant material for the case was revealed in Ripple's first request for admissions (No.99) to the SEC, which was included to the current court filing. Until the complaint was filed, the SEC never told any other parties that XRP was a security, according to the document.
Technically, Ripple advanced higher as we said in the previous report. After that it made a sharp wave to the downside and now it is consolidating. For this pair we give a higher probability for a retest of the support area marked on the chart. After retesting it we have to study the price action to decide if it will reverse to the upside or continue with a bigger retracement. If the price continues higher from here, we have to study the PA at the resistance to decide if a retest of the support is in play, or a total breakout to the upside. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
The most recent development in the XRP litigation might lead to a final decision. The most significant material for the case was revealed in Ripple's first request for admissions (No.99) to the SEC, which was included to the current court filing. Until the complaint was filed, the SEC never told any other parties that XRP was a security, according to the document.
Technically, Ripple advanced higher as we said in the previous report. After that it made a sharp wave to the downside and now it is consolidating. For this pair we give a higher probability for a retest of the support area marked on the chart. After retesting it we have to study the price action to decide if it will reverse to the upside or continue with a bigger retracement. If the price continues higher from here, we have to study the PA at the resistance to decide if a retest of the support is in play, or a total breakout to the upside. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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