Ripple Rejected at $0.7785 – Who’s up for a Sell Trade?

The XRP/USD was closed at $0.77030 after placing a high of $0.77560 and a low of $0.73078. XRP/USD reversed

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Ripple - XRP/USD Chart

  • The declining prices of the US dollar gave the XRP/USD ann added boost
  • Ripple faces strong resistance at 0.7785, which is being extended by a double top pattern
  • Rippleโ€™s lawyers have argued against the use of the term โ€œinvestment contractโ€
The XRP/USD closed at $0.77030, after placing a high of $0.77560, and a low of $0.73078. XRP/USD reversed its movement again, turning green on Tuesday, after the entire market sentiment found support. In the latest developments in the ongoing Ripple vs. SEC lawsuit, the payment giant has replied to the SECโ€™s supplemental letter of authority as part of the agencyโ€™s motion to strike the fair notice defense. The SEC cited the out-of-circuit decision in the case of FIFE.

Ripple Live Rate

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XRP/USD
Rippleโ€™s legal counsel, Michael K. Kellogg, has said that the Fife analogy does not apply to the Ripple case and its fourth affirmative defense. Kellogg also noted that Fife did not support the SECโ€™s motion to strike Rippleโ€™s affirmative defense, claiming that there was inadequate notice that XRP was an investment contract.In simple terms, Rippleโ€™s lawyers have argued against the use of the term โ€œinvestment contract.โ€ Ripple argues that the Fife case was not relevant to the SECโ€™s allegations against Ripple, and they oppose the SECโ€™s fair notice defense. Ripple Labsโ€™ response to the SEC proved somewhat positive for the price of the Ripple token, XRP, on Tuesday, and the cryptocurrency turned green for the day.

Furthermore, the declining prices of the US dollar added further impetus to the XRP/USD. For example, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, dropped to 95.58 on Tuesday. As a result, the dollar faced pressure, as the market had already priced in optimism related to the interest rate hikes and the balance sheet reduction. XRP and the USD have a negative correlation, which pushed the cryptocurrency higher on Tuesday, amid the greenbackโ€™s weakness.

Ripple - XRP/USD Chart
Daily Technical Levels

Supportย  ย  ย  ย  ย  ย  Resistance
0.74218ย  ย  ย  ย  ย  ย  0.78700
0.71407ย  ย  ย  ย  ย  ย  0.80371
0.69736ย  ย  ย  ย  ย  ย 0.83182
Pivot Point:ย  ย  ย 0.75889

Ripple โ€“ A Technical Outlook; XRP/USD retests double top at $0.7785

Ripple faces strong resistance at the 0.7785 level, which is being extended by a double top pattern. Closing of candles below this level supports chances of a selling trend in Ripple. On the lower side, the XRP/USD may find immediate support at 0.7400, and a break below this could expose Ripple to the 0.7135 level. On the higher side, a breakout at the 0.7710 level could drive an uptrend until 0.8058 or 0.8415. Good luck!
ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst โ€“ Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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