XRPUSD (Ripple) – Week 19 – Small correction then up

Ripple, the digital payments company, has revealed that sales of its native asset, XRP, rose in the first quarter of this year while the SEC is set to disclose internal documents of the company.

The $1.3 billion SEC vs. Ripple case has taken a new turn, with the court ordering the securities regulator to release internal records, memoranda, and structured position papers that shed light on its conversations on Bitcoin, Ethereum, and XRP. In contrast to her prior decision, U.S. Magistrate Judge Sarah Netburn has explained that the SEC must report contacts with third parties, including foreign entities and business actors, unless a privilege claim is asserted.

Technically, XRP is in a slow trend to the upside after the sharp drop of the price from $1,95 USD to $0,91 USD in mid-April. The next move we think it’s down, with the price reaching at least the minor support area or the blue trendline before going to the top (resistance) again. This down move should be a corrective one and the reversal may be sharp.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

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Minor support reached as expected