XRP price is currently facing a crucial support zone between $2 and $2.10, with a 1.3% decrease on April 4th. However, a recent “odd filing” in the SEC vs. Ripple lawsuit could potentially break XRP from this consolidation zone and trigger either bullish or bearish trends. This mysterious filing, presented by an individual known as Justin Keener, has sparked concerns in the XRP community as it may contain decisive evidence in favor of Ripple. The details of this evidence are not fully disclosed, but it is related to physical investment contracts.
Justin Keener, the individual behind this filing, has previously been involved in legal issues with the SEC for operating as a “penny stock dealer” and was required to pay over $10 million in a lawsuit. Despite the lack of clear information on the evidence presented, the XRP community eagerly awaits the final statement in Ripple’s case on April 16th, which could potentially mark the end of the years-long legal battles between Ripple and the regulator.
Apart from the legal developments, the upcoming launch of XRP futures on Coinbase later this month is expected to increase price volatility. The introduction of CFTC futures on April 21 will likely attract institutional interest in Ripple and lead to significant price gains. Investors can use XRP futures to hedge against the risks associated with investing in volatile crypto products, making Ripple more appealing to a broader audience.
In terms of price prediction and analysis, Ripple’s 1-day price chart shows bearish trends, with the descending triangle pattern indicating a negative overall trend. If XRP breaks below the multi-month support level of $2.02, a major downturn towards $1.04 could occur. Additionally, a decline below the 200-day EMA, which has been a long-term support level since November, could further impact XRP price negatively. The RSI indicator suggests that sellers are still active, signaling bearish territory, but a surge could occur if XRP surpasses the 50-day EMA.
In conclusion, while there are bearish signals for XRP price, such as the potential crash if it falls below $2, the launch of XRP futures on Coinbase and the upcoming final statement in the Ripple vs. SEC case could lead to a resumption of bullish trends. Investors should closely monitor these events to gauge the future direction of XRP price and make informed decisions based on the evolving market dynamics.
