Ripple coin has made quite a reversal since July 20, when the crypto market turned around following the major crash of the previous months. Ripple fell to $0.52 in late June and retested that area again in July, but the zone around it turned into support for this crypto, and now the price is trading way above that level.

Ripple Analysis – XRP/USD H4 Chart

The 20 SMA (gray) provided support on the H4 chart during the first leg of this bullish trend in late July, then we saw a consolidation period in the first week of August. The bullish momentum picked up again in the second week of August and RIPPLE coin surged higher, while the 20 SMA turned into support again.

Ripple has broken below the 20 SMA on the H4 chart

According to my crypto broker, at some point on Sunday, XRP/USD was trading at 1.35, and the trade that we opened a few months ago, when Ripple was retreating lower, was around 700 pips in profit, although, we saw a retreat lower yesterday, which took the price down to $1.12.

The 20 SMA was broken on the H4 chart, although the decline seems to have stopped now, and Ripple is trading at around $1.20. Although, while other main cryptos, such as Bitcoin and Litecoin, have recuperated nearly all of their losses, Ripple is hesitating to turn bullish again and jump from here. This is not a good sign of the price action in XRP/USD.

Ripple Coin Live Chart

The US Securities and Exchange Commission (SEC) requested “terabytes” of slack messages between Ripple employees. This is a massive burden for Ripple, since between them, the employees sent over half a million messages during the relevant period, some of which were already sent during Ripple’s collection and production of responsive private channel data.

The deadline for the release of all the slack communication is short, so we will see whether Ripple goes ahead with it or opposes it, as it has been doing. But, it is hurting the sentiment for XRP/USD, which is climbing higher very slowly today, while other main cryptos have made a decent bounce and have claimed most of yesterday’s losses.