XRP declined 1.70 percent on Saturday. XRP started the day at $0.7055, down 2.06% from the previous day. Throughout the week, XRP trailed the larger crypto market, with market risk aversion weighing on the crypto market.
XRP, which has challenged support at $0.70, has been pulled down by news updates on the Ripple v SEC case.
Defense attorney James Filan shared a letter in which all parties agreed to new scheduling dates on Saturday.
According to the letter to Judge Sarah Netburn,
Furthermore, according to the letter,
“This schedule would not apply to any motions to exclude the expert testimony of Anthony M. Bracco, who offered testimony about the remedies available in this case.”
#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas. pic.twitter.com/DBVkl3LQXU
— James K. Filan ???? (@FilanLaw) April 22, 2022
The SEC requested an extension of time to file its opposition to Judge Netburn’s order on the Motion for Reconsideration of the DPP Ruling, which resulted in the latest postponement.
Judge Netburn ruled in favor of the SEC last week, giving the SEC a modest victory.
Ripple Lab’s move to strike a supplemental report filed by SEC expert Dr. Albert Metz was refused by Judge Netburn. The SEC is considering allowing Dr. Metz to challenge Ripple’s rebuttal experts, who found that Ripple’s public statements had only a “minimal” impact on XRP price movements.
While the updated timetables elicited mixed comments, the extension may provide an opportunity to reach an agreement.
To reach the First Major Resistance Level at $0.7204, XRP must break through the $0.7117 pivot. To break out of the $0.7150 range, XRP would need wider crypto market support.
XRP should challenge the Second Major Resistance Level at $0.7353 and resistance at $0.75 in the event of a prolonged advance. $0.7589 is the third major resistance level.
If the pivot is not crossed, the First Major Support Level at $0.6969 will be tested.
XRP should avoid falling below $0.69 unless there is a sustained sell-off throughout the day. $0.6881 is the second major support level.
A negative signal is sent by the EMAs and the 4-hourly candlestick chart (below). XRP is trading below the 50-day EMA at $0.7411 after four days in the negative. The 50-day EMA moved away from the 100-day EMA this morning. The 100-day EMA also retreated from the 200-day EMA, putting XRP in negative territory.
A break of the 50-day EMA would indicate a change in sentiment.
