Key Notes
- Justin W Keener claims to have “decisive evidence” in the Ripple vs SEC lawsuit.
- The SEC held a closed door meeting on April 3rd but no word about Ripple has been revealed.
- XRP could crash to $1.30, according to prominent analyst Ali Martinez. .
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.
🚨NEW: An odd filing just now in the @SECGov vs. @Ripple docket — an emergency request to “present decisive evidence in favor of the defendants and in favor of liberty for the American people.”
The letter, from a man named Justin W. Keener, doesn’t make clear what the so-called… pic.twitter.com/AQSDFIW6gi
— Eleanor Terrett (@EleanorTerrett) April 3, 2025
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.
$XRP is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30! pic.twitter.com/L5rlE4eXIc
— Ali (@ali_charts) April 4, 2025
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.
Hi all, this is the monthly frame update to the one I shared in the first week of February.
We have no Change on #Bullish #XRP.
RSI is Bullish. The A Wave is completed.
We expect a B Wave towards $3, and might skip Wave C by proceeding to the targets at $5.85. (NFA)
Short… pic.twitter.com/MhBe1DT02J
— Dark Defender (@DefendDark) April 4, 2025
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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
