On April 3, an unexpected emergency filing presented by Justin W. Keener claimed to contain decisive evidence in the ongoing lawsuit between Ripple 
$2 Labs and the SEC. Keener suggested that data related to physical investment contracts may impact Ripple, the cryptocurrency sector, and Congress. Previously, he had incurred fines exceeding 10 million dollars from the American securities regulator due to unregistered stock transactions. On the same day, prominent American company Coinbase submitted an application to the Commodity Futures Trading Commission (CFTC) to initiate futures for the third-largest cryptocurrency.
Ripple Meeting Insights
On April 3, the SEC sparked speculation in a closed meeting about the potential halt of XRP’s programmatic sales. As the regulatory body has yet to make an official statement, market uncertainty remains. Observers noted that XRP maintained its volatile trend despite a short-term rebound during this process.
According to technical analyses, XRP faced resistance at the $2.22 level, the 20-day exponential moving average (EMA) on its daily chart. The narrowing of the Bollinger Bands suggests a potential breakout signal. If the support level at $1.96 is maintained, a retest of the middle and upper bands is anticipated. However, the RSI indicator, at a value of 38.71, indicates a loss of momentum and a weakening trend.
Eleanor Terrett: “An urgent filing was submitted in the SEC vs. Ripple case; decisive evidence was presented in favor of the defendants.”
Will XRP Reach $1.30?
In technical analysis, analyst Ali Martinez indicated the formation of a head and shoulders pattern in XRP. This pattern suggests a potential downward breakout, possibly bringing the price down to the $1.30 level. A break of the neckline around $2.10 would confirm the pattern.
Supporting Ali Martinez’s remarks, a technical model indicating the head and shoulders pattern has been observed on the relevant chart. This model heightens expectations for a short-term decline.
Contrary opinions exist within the cryptocurrency market. Analyst Dark Defender argues that XRP’s RSI indicator is in a positive position, suggesting that an upward wave could continue. He highlights the significance of the $2.22 and $2.55 levels in the short term.
Dark Defender: “The RSI gives a positive signal; we expect a strong rise after Wave B.”
Market observers indicate that if XRP maintains its critical support levels, upward movement may continue; otherwise, it could remain below current resistance levels. Developments surrounding the regulatory process’s uncertainty and technical indicators have introduced both risk and opportunity in the digital asset market. Investors are advised to closely monitor relevant support and resistance levels.
