Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – January 30th, 2021

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Ethereum

Ethereum rose by 3.47% on Friday. Following on from a 7.46% rally on Thursday, Ethereum ended the day at $1,379.87.

A mixed start to the day saw Ethereum fall to an early morning intraday low $1,286.56 before making a move.

Steering clear of the first major support level at $1,248, Ethereum rallied to an early afternoon intraday high $1,442.88.

Ethereum broke through the first major resistance level at $1,391, before a late pullback.

Coming within range of the second major resistance level at $1,449, Ethereum slid to $1,332 levels and into the red.

Finding late support, however, Ethereum bounced back to $1,410 levels before ending the day at sub-$1,380 levels.

At the time of writing, Ethereum was up by 1.57% to $1,401.59. A bullish start to the day saw Ethereum rise from an early morning low $1,379.61 to a high $1,402.72.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid a fall through the pivot level at $1,370 to support a run at the first major resistance level at $1,453.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $1,442.88.

Barring an extended crypto rally, the first major resistance level and swing hi $1,477.30 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test the second major resistance level at $1,526.

Failure to avoid a fall through the $1,370 pivot would bring the first major support level at $1,297 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,214 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,297

Pivot Level: $1,370

First Major Resistance Level: $1,453

23.6% FIB Retracement Level: $1,148

38.2% FIB Retracement Level: $944

62% FIB Retracement Level: $614

Litecoin

Litecoin rose by 0.88% on Friday. Following on from an 8.89% rally on Thursday, Litecoin ended the day at $134.91.

Story continues

A mixed start to the day saw Litecoin rise to an early high $138.97 before hitting reverse.

Falling short of the major resistance levels, Litecoin slid to a late morning intraday low $131.60.

In spite of the sell-off, Litecoin steered clear of the 38.2% FIB of $125 and the first major support level at $124.25.

Finding late morning support, Litecoin rallied to an early afternoon intraday high $145.88.

Litecoin broke through the first major resistance level at $139.63 before hitting reverse once more.

Coming up against the second major resistance level at $145.65, Litecoin slid back to $133 levels and into the red.

Finding late support, however, Litecoin briefly revisited $138 levels before easing back to end the day at sub-$135 levels.

At the time of writing, Litecoin was up by 0.62% to $135.75. A mixed start to the day saw Litecoin fall to an early morning low $134.51 before rising to a high $135.87.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $137.46 pivot level to support a run at the first major resistance level at $143.33.

Support from the broader market would be needed, however, for Litecoin to break back through to $140 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB of $148 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $150 before any pullback. The second major resistance level sits at $151.74.

Failure to move through the $137.46 pivot level would bring the first major support level at $129.05 into play.

Barring another extended sell-off, Litecoin should steer clear of the second major support level at $123.18. The 38.2% FIB of $125 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $129.05

Pivot Level: $137.46

First Major Resistance Level: $143.33

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 6.89% on Friday. Following on from a 5.63% gain on Thursday, Ripple’s XRP ended the day at $0.28314.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.26024 before making a move.

Steering clear of the first major support level at $0.2512, Ripple’s XRP jumped to a mid-morning intraday high $0.31694.

Ripple’s XRP broke through the day’s major resistance levels before hitting reverse.

Coming within range of the 23.6% FIB of $0.3172, Ripple’s XRP fell back through the major resistance levels to $0.272 levels.

Finding late morning support, Ripple’s XRP revisited $0.29 levels before easing back.

Ripple’s XRP broke back through the first major resistance level at $0.2745 and the second major resistance level at $0.2843.

The late pullback, however, saw Ripple’s XRP fall back through the second major resistance level to end the day at sub-$0.284 levels.

At the time of writing, Ripple’s XRP was up by 0.49% to $0.28454. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.28208 before rising to a high $0.28504.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will need to move through the $0.2868 pivot level to bring the first major resistance level at $0.3133 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

Barring an extended crypto rally, resistance at $0.30 would likely leave Ripple’s XRP short of the first major resistance level.

In the event of an extended rally, Ripple’s XRP could test resistance at the 23.6% FIB of $0.3172 before any pullback. The second major resistance sits at $0.3435.

Failure to move through the $0.2868 pivot would bring the first major support level at $0.2566 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.25 levels. The second major support level sits at $0.2301.

Looking at the Technical Indicators

First Major Support Level: $0.2566

Pivot Level: $0.2868

First Major Resistance Level: $0.3133

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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Ripple Cites SEC’s Stance on Bitcoin, Ethereum in Lawsuit Defense

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Crypto payments firm Ripple today filed its response to the billion-dollar lawsuit it faces from the U.S. Securities and Exchange Commission. And it’s asking the court to look to the regulator’s position on Bitcoin and Ethereum as part of its plea.

The SEC filed charges against Ripple, the company behind what was once the third-most capitalized cryptocurrency in the market in XRP, late last year. The Commission alleges that the firm illegally raised $1.3 billion through the unregistered sale of XRP. The Commission also charged co-founder Chris Larsen and current CEO Brad Garlinghouse.

Today, in a 93-page response filed in a Manhattan court, Ripple meticulously countered each of the Commission’s allegations, establishing what will be its defense should the lawsuit proceed to trial.

As part of its defense, Ripple asserts that the SEC has failed to establish its claim and that, chiefly, XRP is not a security or an “investment contract” under US federal law.

Notably, Ripple also claims a “lack of due process and fair notice” in its defense. It reasons that the SEC could have and should have brought these allegations forward in 2015, when Ripple settled a claim with FinCEN. The settlement, according to firm, describes XRP as a “convertible virtual currency.”

In this vein, Ripple states that XRP should be considered a virtual currency in the same way that the SEC apparently views Bitcoin and Ethereum, citing statements made by former SEC Director of Corporation Finance William Hinman in June 2018.

Hinman’s now infamous “sufficiently decentralized” statements indicated that he, and presumably the SEC as a whole, did not currently view Bitcoin and Ethereum as securities. This despite the fact that Ethereum launched through what would be today considered an ICO and therefore an illegal offering of securities by the SEC’s standard.

Hinman “told virtual currency purchasers that the agency did not consider the virtual currencies bitcoin or ether to be securities and would ‘put aside the fundraising that accompanied the creation of [Ethereum]’ and look instead at the ‘present state of [Ethereum],’” Ripple said in its defense.

The company also today filed a Freedom of Information Act request seeking clarity as to how Director Hinman and the SEC arrived at its conclusions regarding the way in which blockchain-based assets are able to morph from securities to non-securities as the native network matures.

We also filed a Freedom of Information Act request asking how the SEC determined ETH evolved from a security to not a security. No explanation or guidance was given why. We’re simply asking for the rules to be 1. stated clearly 2. applied consistently. 3/5 — Stuart Alderoty (@s_alderoty) January 29, 2021

“The SEC has clearly picked two winners and ignored a growing and robust industry that is much larger than Bitcoin and Ether,” a Ripple spokesperson said in a statement. The spokesperson added that, to date, the SEC has “offered no guidance” for how it determined that ETH, specifically, is likely not a security.

Ripple: “the SEC’s case against us is an attack on all of crypto, the industry should rally around us!” Also Ripple: attacks bitcoin & etherhttps://t.co/5L7koenbXS pic.twitter.com/zOvGb0BwpS — Jake Chervinsky (@jchervinsky) January 29, 2021

Whether XRP falls within the still dubious parameters of “sufficiently decentralized” may ultimately be for a court to decide.

Editor’s note: This story was updated after publication to include comments from Ripple and provide additional details regarding the company’s FOIA request.