FXNEWS24 |Ripple Rejected at $0.7785 – Who’s up for a Sell Trade?

The declining prices of the US dollar gave the XRP/USD ann added boostRipple faces strong resistance at 0.7785, which is being extended by a double to

The declining prices of the US dollar gave the XRP/USD ann added boost
Ripple faces strong resistance at 0.7785, which is being extended by a double top pattern
Ripple’s lawyers have argued against the use of the term “investment contract”

The XRP/USD closed at $0.77030, after placing a high of $0.77560, and a low of $0.73078. XRP/USD reversed its movement again, turning green on Tuesday, after the entire market sentiment found support. In the latest developments in the ongoing Ripple vs. SEC lawsuit, the payment giant has replied to the SEC’s supplemental letter of authority as part of the agency’s motion to strike the fair notice defense. The SEC cited the out-of-circuit decision in the case of FIFE.

Ripple’s legal counsel, Michael K. Kellogg, has said that the Fife analogy does not apply to the Ripple case and its fourth affirmative defense. Kellogg also noted that Fife did not support the SEC’s motion to strike Ripple’s affirmative defense, claiming that there was inadequate notice that XRP was an investment contract.In simple terms, Ripple’s lawyers have argued against the use of the term “investment contract.” Ripple argues that the Fife case was not relevant to the SEC’s allegations against Ripple, and they oppose the SEC’s fair notice defense. Ripple Labs’ response to the SEC proved somewhat positive for the price of the Ripple token, XRP, on Tuesday, and the cryptocurrency turned green for the day.

Furthermore, the declining prices of the US dollar added further impetus to the XRP/USD. For example, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, dropped to 95.58 on Tuesday. As a result, the dollar faced pressure, as the market had already priced in optimism related to the interest rate hikes and the balance sheet reduction. XRP and the USD have a negative correlation, which pushed the cryptocurrency higher on Tuesday, amid the greenback’s weakness.

Daily Technical Levels

Support Resistance
0.74218 0.78700
0.71407 0.80371
0.69736 0.83182
Pivot Point: 0.75889

Ripple – A Technical Outlook; XRP/USD retests double top at $0.7785

Ripple faces strong resistance at the 0.7785 level, which is being extended by a double top pattern. Closing of candles below this level supports chances of a selling trend in Ripple. On the lower side, the XRP/USD may find immediate support at 0.7400, and a break below this could expose Ripple to the 0.7135 level. On the higher side, a breakout at the 0.7710 level could drive an uptrend until 0.8058 or 0.8415. Good luck!

Ripple Rejected at $0.7785 – Who’s up for a Sell Trade?

Daily Technical Levels

Ripple – A Technical Outlook; XRP/USD retests double top at $0.7785

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