. Daily Crypto Analysis - XRP Surges to $1.31 Amid Legal Battles, Sparks Hope.

Daily Crypto Analysis – XRP Surges to $1.31 Amid Legal Battles, Sparks Hope.

Daily Crypto Analysis – XRP Surges to $1.31 Amid Legal Battles, Sparks Hope.

21 Sep 2023

Introduction:

With XRP’s price approaching the critical $0.5174 supply zone, the outlook for this cryptocurrency appears optimistic. Notably, legal expert John Deaton has shared insights into the possibility of a settlement between Ripple and the SEC. Ripple CEO Brad Garlinghouse’s critique of the SEC and Chair Gary Gensler’s cryptocurrency industry stance has intensified the situation. XRP’s long-term prospects remain positive. Meanwhile, other cryptocurrencies like Bitcoin, Ethereum, and Solana face their own unique challenges and opportunities in the ever-evolving crypto market.

RIPPLE:

Despite negative events, analysts are long for Ripple as the XRP price targets $1.31.

The XRP price outlook is positive as the asset tests the $0.5174 supply zone.

John Deaton, a lawyer who supports XRP, offered his opinions on the possibility of a settlement between Ripple and the SEC.

The SEC and Chair Gary Gensler have come under fire from Ripple CEO Brad Garlinghouse for their views on the cryptocurrency industry.

The long-term outlook for the XRP price is now positive as the altcoin maintains above crucial support at $0.50. The altcoin’s resurgence has likely been sparked by several encouraging developments. Recovery is made possible by the prospect of a resolution to the Securities & Exchange Commission (SEC) v. Ripple litigation and remarks made in Mainnet 2023 by Ripple CEO Brad Garlinghouse.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.4947 | Negative Crossover | Bearish
  • MA 20: 0.4949| Negative Crossover | Bearish
  • MA 50: 0.5227 | Negative Crossover | Bearish

Simple:

  • MA 5: 0.4944 | Negative Crossover | Bearish
  • MA 20: 0.4875| Positive Crossover | Bullish
  • MA 50: 0.5322 | Negative Crossover | Bearish

RSI (Relative Strength Index): 44.48| Neutral Zone |Neutral

Stochastic Oscillator: 92.12 | Sell Zone | Negative

Resistance And Support Levels: 

  • R1: 0.5281| R2: 0.5985
  • S1: 0.4578 | S2: 0.3548

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.4276 | Take Profit: 0.3548 | Stop Loss: 0.4879.

Elsewhere In the Crypto Market

Bitcoin maintains close to $27,000, but risks to the downside dominate. Ethereum drops to a 14-month low against Bitcoin. Solana pricing continues its rebound rise, but daily active addresses don`t mirror this outlook.

Bitcoin is down (1.40%) at 26,743.20, Ethereum is down (1.63%) at 1,595.86, Litecoin is down (1.86%) at 63.35, Solana is down (2.63%) at 19.60, Doge coin is down at (1.38%) at 0.62 as of writing time.

Key Economic Events & Data Release Today:

(USD) FOMC Press Conference at 12:00.

(GBP) BoE Interest Rate Decision (Sep) Forecast 5.50%, Previous 5.25% at 16:30.

(USD) Initial Jobless Claims Forecast 225K, Previous 220K at 18:00.

(EUR) ECB President Lagarde Speaks at 19:30.