It seemed like cryptocurrencies left behind the bearish period of the past several months after turning bullish in March. Although after the reversal back down early this month, cryptocurrencies have been stagnating for about a week. Bitcoin (BTC) and Ethereum (ETH) have been hovering around $40,000 and $3,000 respectively. On the other hand, other major cryptocurrencies such as Ripple (XRP) and Dogecoin (DOGE) marked some decent gains and are up respectively by 5% and 4%.
The ripple coin in particular has been displaying some bullish signals since early February, after suddenly jumping higher back then. The highs continue to keep getting lower so the bearish trend is not over yet, but the bearish momentum might have ended, considering that Ripple has been more bullish than the rest of the crypto market in the last two months or so.
SEC Files for Another Extension in Ripple Case
The legal battle between the SEC (Securities and Exchange Commission) and Ripple Labs has been going on since December 2020 and it has taken many twists and turns. Now, the SEC is requesting an extension of the lawsuit deadline to file an objection to Judge Sarah Netburn Opinion Orders from January 13, and April 11, who denied a motion for the courts to reconsider a ruling relating to a famous 2018 Hinman speech who considered Bitcoin and Ethereum are not securities. This will be a second extension request for the January 13 Opinion Order. This does drag out legal proceedings for Ripple.
SEC’s defence lawyer James Filan twitted once more to share the SEC’s latest extension request, as below:
“The SEC has filed a request for an extension of time to file its objection to Magistrate Judge Netburn’s ruling on the Motion for Reconsideration of the DPP Ruling. The SEC is raising new privilege assertions.”
#XRPCommunity #SECGov v #Ripple #XRP The SEC has filed a request for an extension of time to file its Objection to Magistrate Judge Netburn’s Ruling on the Motion for Reconsideration of the DPP Ruling. The SEC is raising new privilege assertions. pic.twitter.com/YgT0jqDqUE
— James K. Filan 🇺🇸🇮🇪90k+ (beware of imposters) (@FilanLaw) April 15, 2022
Ripple Weekly Chart – The 100 SMA Still Holding for XRP
The 50 SMA has turned into resistance at the top
Ripple failed to make new highs in the second half of last year, while most cryptocurrencies made record highs, with Bitcoin climbing to $69,000. XRP/USD couldn’t even make it to $1.50 and it reversed lower in September. making lower lows and lower highs until February, when it reached the 100 SMA (green) on the weekly timeframe.
That moving average turned into support and we saw a bounce that month as Ripple’s lawyer said that the lawsuit might end with a settlement this year which would be positive for XRP. But, as we explained above the lawsuit drags on and buyers are finding it hard to push the price above the 50 SMA. We are following the price action though trying to open a buy trade in XRP closer to the 100 SMA around $0.70.