Cryptocurrency sentiment has been bearish since November. We’ve seen a few bullish attempts where bus sellers have prevailed. , as they posted some decent gains in March. Moving averages have offered resistance during this period, pushing XRP and BTC to new lows until early last month. They have been consolidating for the past few weeks and on Monday we saw some bullish momentum but it seems like it’s over and cryptocurrencies are turning down.
Ripple Daily Chart – Buyers give up at 20 SMA
XRP failed to surge above $0.35
The SEC (Securities and Exchange Commission) in the USA opened a lawsuit against Ripple Labs at the end of 2020, which was heavily charged XRP , keeping bearish sentiment since April 2021. XRP has made lower highs and the previous attempt to turn bullish in February ended at the 200 SMA (purple) on the daily chart. The jump comes after Ripple’s attorney said the lawsuit could be settled with a settlement that would offer peace of mind to investors.
The court ordered a conference call on Hinman’s documents next week, and the risk for Ripple is that Judge Netburn gives the SEC the choice of whether Hinman’s speech was personal or on behalf of the SEC (as it’s sort of argued at various points). Ripple was seen as an alternative to replacing SWIFT. However, Ripple says it has bigger ambitions than becoming the SWIFT replacement.
Ripple CEO Brad Garlinghouse said yesterday that Ripple is exploring the possibility of an initial coin offering following its filing with the SEC. But for now, XRP is starting to reverse lower after doji candle forming at the 20-day SMA (grey) yesterday. My colleague Arslan opened a sell signal at this moving average yesterday and we booked a profit today as the price started to reverse to the downside.
Bitcoin Daily Chart – The $0.75 support that is holding for now
Below this level there is no longer any support for ADA coins
Bitcoin turned bullish on Monday after trading in a tight range for more than two weeks. Buyers surged above $32,000 against the US Dollar. Although BTC did form a doji candle after the jump yesterday, suggesting a bearish reversal after the bullish move. Today we see the start of the reversal, so let’s see if the 20-day SMA (purple) turns into support today.
Ripple XRP Coin live chart
XRP/USD
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