Ripple Price Analysis — April 23
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Ripple (XRP) began April on a very bullish note as investors grew more confident in a positive outcome for Ripple in its legal battle with the US Securities and Exchange Commission. However, the entire cryptocurrency market has suffered a massive crash, and investors are finding out that the SEC case outcome may not be as straightforward as initially believed.
In the latest developments in the Ripple vs. SEC case, the SEC has requested that the court blocks Ripple and its executives from gaining access to several internal records claiming that they are not relevant to the case.
The SEC commented that it was getting harassed by defendants who are trying to derail the objective of the case. The SEC stated that:
“It has become evident through the meet-and-confer process that defendants are seeking to ignore the limitations of this court’s order and to mire the SEC in indefinite discovery disputes and, if successful, document review.”
Although XRP investors reacted negatively to the recent development, Ripple and its execs getting locked out of the said record will not have any impact on the outcome of the lawsuit.
Key XRP Levels to Watch — April 23
Ripple has suffered a massive crash to the $1 area, as the entire cryptocurrency market bleeds on Friday. The fourth-largest cryptocurrency is maintaining its momentum along the descending channel, indicating that any bullish move will be construed as a correction and could drive the price lower.
However, the bearish bias can get disrupted if bulls push XRP above the top-end of the channel ($1.2500). Failure to break above the $1.25 resistance over the coming hours could send the cryptocurrency back to the $1 mark and lower.
Meanwhile, our resistance levels are at $1.2000, $1.2500, and $1.3300, and our support levels are at $1.0900, $1.0000, and $0.9000.
Total Market Capitalization: $1.84 trillion
Ripple Market Capitalization: $50.7 billion
Ripple Dominance: 2.74%
Market Rank: #4
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