XRP Price at Crossroads After Emergency Filing in SEC Case – $1.30 or $3 Ahead?

Updated on Apr 4, 2025 at 6:12 pm UTC by · 4 mins read

Justin W. Keener claims to have “decisive evidence” in the Ripple vs SEC lawsuit that could significantly impact the ongoing developments.

On April 3rd, an unexpected emergency filing was submitted by Justin W. Keener, who claimed to possess “decisive evidence” that could impact the outcome of the years long Ripple Labs vs SEC lawsuit.

Keener claimed in an emergency filing that his proprietary data on physical investment contracts could be significant for Ripple, the crypto sector, and even Congress. He was previously fined over $10 million for unregistered penny stock dealings by the American securities regulator.

This follows leading American company Coinbase submitting a filing with the US Commodity Futures Trading Commission (CFTC) to debut futures trading for the fourth-largest digital asset. The product is expected to launch on April 21st.

A Closed-Door Meeting

The SEC held a closed-door meeting on April 3rd, resulting in speculations that the agency will drop the programmatic sales of XRP argument, which did not happen. No official word has been released by the regulator on the lawsuit yet, leaving the market in limbo.

Amid the regulatory uncertainty, XRP turned bullish, soaring 3.92% to $2.06 in the past day. The altcoin has dropped 17% in the last 30 days, failing to reclaim the $3 price tag despite numerous attempts.

XRP Price Analysis

On the technical front, the daily chart below confirms that XRP has encountered resistance at the 20-day Exponential Moving Average (EMA) of $2.22. Bollinger Bands (BB) show tightening, indicating a potential breakout is approaching.

If the lower band support at $1.96 holds strong, a retest of the middle band resistance ($2.27) and the upper band ($2.5) is likely. The $2 price tag needs to hold strong to confirm a next leg up.

Source: TradingView

However, the Relative Strength Index (RSI) at 38.71 suggests weakening momentum, leaning toward bearish sentiment.

If XRP fails to reclaim the 20-day EMA, it could break below immediate support at $2.02 and $1.95, potentially accelerating a downward move.

Head-and-Shoulders Pattern

Renowned analyst Ali Martinez has identified a head-and-shoulders breakdown in XRP’s price structure, forecasting a potential decline toward $1.30.

The head-and-shoulders pattern is a well-known reversal indicator that signals a shift in momentum. Based on the chart, the neckline has been breached around the $2.10 level, validating the pattern.

The measured move for a head-and-shoulders pattern is calculated by taking the height from the head (around $3.20) to the neckline ($2.10) and projecting this downward, leading to a potential target of approximately $1.30.

Contrasting this bearish outlook, analyst Dark Defender remains bullish, arguing that XRP’s RSI remains in a favorable position and that it is still within a bullish Elliott Wave structure.

According to him, the ongoing correction is merely a B Wave before a strong impulse move toward $3 and even a long-term target of $5.85.

His short-term targets include $2.22 and $2.55, suggesting a potential upside move if XRP can reclaim key resistance levels.

Share:

Related Articles

Will XRP Price Stage Quick Recovery on Coinbase XRP Futures Filing?

By April 4th, 2025

Coinbase submitted a filing with the US Commodity Futures Trading Commission (CFTC) to introduce XRP futures trading, which is expected to launch on April 21. 

XRP Price News: XRP Tests Crucial $2 Support, Will Bulls Defend amid Trump Tariff Woes?

By April 3rd, 2025

Amid Trump’s reciprocal tariffs, XRP price came crashing down 5%, testing crucial support at $2, while futures liquidation surged to $18.5 million.

XRP News Today: Ripple Labs Locks 700 Million XRP in Escrow Post-SEC Lawsuit Resolution

By April 2nd, 2025

Ripple Labs has made a major escrow move with over 700 million XRP locked in, the first since its US SEC resolution.

Exit mobile version