Bullish Engulfing Close for XRP/USD – Can it Drive the XRP towards $0.7995? - Forex News by FX Leaders
Ripple - XRP/USD Chart

Bullish Engulfing Close for XRP/USD – Can it Drive the XRP towards $0.7995?

Posted Thursday, June 24, 2021 by
Arslan Butt • 2 min read

The XRP/USD closed at $0.63800, after placing a high of $0.64300, and a low of $0.54684. The XRP/USD enjoyed some support on Wednesday, which saw it recover all of its losses of the previous day, amid the recent developments in the SEC vs. Ripple lawsuit. In the Southern District of New York, the US the Magistrate, Judge Sarah Netburn, has ordered the United States Securities and Exchange Commission (SEC) to produce internal policies that would govern any trading, purchase, or sale of digital assets, including cryptocurrencies, by the employees of SEC.

The SEC previously refused to provide documentation on how it monitors and regulates its employees’ digital access and cryptocurrency activities. The order by Judge Netburn was pronounced after a request by Ripple Labs Inc. led by Bradley Garlinghouse and Christian Larsen. The order was a reiteration of previous requests submitted to the SEC, initially filed on April 6 and reaffirmed on May 6. The judge said that despite the repeated instructions, the SEC persisted in refusing to search for a piece of responsive evidence on external communications, including the SEC’s FinHub electronic mailbox.

The SEC called this request irrelevant and needless, and refused to comply with it. However, Judge Netburn reaffirmed that the search was relevant as it will clear the involvement of the SEC with digital assets, particularly through its FinHub Electronic Mailbox. This decision seems to favor Ripple Lab; as a result, the Ripple token, XRP, benefited through it, driving the XRP/USD higher on the board. Furthermore, the US Dollar Index was steady throughout the session, and kept the gains in XRP/USD in check, as the two currencies have a negative correlation. The greenback suffered because of the poorer-than-expected Flash Services PMI report on Wednesday, and added strength to the upward momentum of the XRP/USD.

Ripple - XRP/USD Chart

XRP/USD – Daily Technical Levels

Support             Resistance
0.57556             0.67172
0.51312              0.70544
0.47940             0.76788
Pivot Point:      0.60928The XRP/USD pair has bounced off the support level of 0.5053, facing strong resistance at 0.6619. On the lower side, the violation of the 0.5053 level could extend the selling bias until 0.3746, whereas a bullish breakout at 0.6619 could extend the buying trend until the 0.7999 level. The MACD and RSI support a selling trend; therefore, failure to violate the 0.6619 level could extend the selling trend in the Ripple. So let’s keep an eye on the 0.6619 level, as below this, the selling trend seems strong, whereas we could see buying over 0.6619, until 0.7995 and 0.9354. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments