XRP price is down slightly by 1.3% today, April 4, and stands at a crucial support zone between $2 and $2.10. However, a spike in volatility caused by an “odd filing” in the SEC vs. Ripple lawsuit might break XRP from this consolidation zone, and trigger either bullish or bearish trends.
“Odd Filing” in SEC vs. Ripple Lawsuit Sparks Concerns
Crypto America host, Eleanor Terrett, identified an emergency request in the SEC case with Ripple. In an X post, Terrett noted that an individual known as Justin Keener had presented “decisive evidence” in favor of Ripple, which might impact the XRP price.
This filing did not provide much detail into the evidence, but Keener noted that it related to his physical investment contracts.
However, Keener has previously been sued by the SEC for operating as a “penny stock dealer.” A US court ordered Keener to pay more than $10M in the lawsuit.
This “odd filing” comes as the XRP community eagerly awaits the final statement in Ripple’s case on April 16. According to crypto analyst John Squire, this date might mark the end of years-long legal battles between Ripple and the regulator.
XRP Futures on Coinbase Might Drive Volatility
Besides this development in the SEC vs. Ripple case, the launch of XRP futures on Coinbase later this month might also drive the price volatility.
A recent Coingape article reported that US crypto exchange giant Coinbase has filed with the CFTC to launch CFTC futures on April 21. This product will drive institutional interest in Ripple, and trigger massive price gains.
Through XRP futures, investors can mitigate against the risk of investing in risky crypto products. Therefore, this offering will make Ripple appealing to most people.
XRP Price Prediction & Analysis
Ripple’s 1-day price chart shows a prevalence of bearish trends. The first bearish sign is the descending triangle pattern, which shows that the overall trend is negative, and XRP may drop below $2 and spark a major downturn.
The height of this triangle pattern suggests that if XRP breaches the multi-month support level of $2.02, the price will crash by 48% to $1.04.
One of the signs that might signal this looming crash is a decline below the 200-day EMA. XRP price has been fluctuating above this long-term support level since November last year. Therefore, a decline below it might wipe out months of price gains.
The RSI shows that sellers remain active despite the indicator dropping to 39. This signals that Ripple is still within bear territory. Conversely, the XRP price might surge if it gains past the 50-day EMA.
Despite this bearish XRP price prediction, the launch of XRP futures on Coinbase as well as the highly-anticipated final statement on the Ripple case with the SEC on April 16 might trigger the resumption of bullish trends.
The post XRP Price Prediction & Analysis Amid “Odd Filing” in SEC vs. Ripple Case appeared first on CoinGape.
