XRP Targets $0.60 in Anticipation of Rulings from the SEC vs. Ripple Case

Audy Castañeda
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<strong>XRP Targets $0.60 in Anticipation of Rulings from the SEC vs. Ripple Case</strong>

On Wednesday, XRP extended the winning streak to five sessions, rallying 5.60%, to end the day at $0.51399. News that SEC Chairman Gary Gensler has attended a subcommittee hearing on digital assets. as well as the sentiment towards the SEC vs. Ripple case, provided support. Technical indicators are bullish, signaling a return to $0.60.

On Wednesday, XRP rose 5.60%. Following a 7.21% rally on Tuesday, XRP ended the day at $0.54277. XRP revisited the $0.58 handle for the first time since May 2022.

Bullish since the start of the day, XRP rallied from an opening price of $0.51399 to a late-morning high of $0.58479. XRP broke above the first major resistance level (R1) at $0.5450, and the second major resistance level (R2) at $0.5761. However, a bearish second half of the day saw XRP pull back through R2 and R1, to close the day at $0.54277.

XRP Investors Brush Aside Intensified Regulatory Scrutiny

There were no updates on the ongoing SEC v. Ripple case on Wednesday to influence investor sentiment. The lack of statistics left investors digesting the latest regulatory activity and comments from lawmakers.

News of SEC Chairman Gary Gensler’s testimony at a subcommittee hearing on Capitol Hill generated a bullish morning session. However, investor optimism toward a Ripple victory in the SEC vs. Ripple case also supported the return of XRP to $0.58.

While lawmakers may finally question the SEC chair on his regulations through the digital asset space enforcement approach, the SEC is under further pressure in the SEC vs. Ripple case.

The CFTC’s filing against Binance could affect the strength of the SEC’s case. Disagreements between the SEC and CFTC over ETH’s classification support the opinion of the judge presiding over Voyager Digital’s bankruptcy case.

Investors should continue to track crypto news wires for conversations by US lawmakers and regulatory activity. The sentiment towards the SEC vs. Ripple will continue to be the key factor. Updates on the SEC vs. Ripple case will move the dial, with rulings on the latest court filings, the Hinman Documents, and Summary Judgment Response Briefs as focal points. With Binance and Coinbase (COIN) in the spotlight, related news will also need to be taken into account.

XRP Price Action – Technical Indicators

XRP was down 2.39% at $0.52979. A choppy start to the day saw XRP rally to an early high of $0.55143, before falling to a low of $0.52168.

XRP needs to move through the $0.5472 pivot to target the first major resistance level (R1) at $0.5804, and Wednesday’s high of $0.58479. A move through the morning high of $0.55143 would signal another bullish session. However, the talk SEC vs. Ripple would need to admit a breakout.

In the event of another extended rally, XRP would likely test resistance at $0.60 but would miss the second major resistance level (R2) at $0.6180. The third main resistance level (R3) sits at $0.6888.

The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA. The EMAs delivered bullish signals.

A hold above the major support levels and the 50-day EMA ($0.47249) would support a break of R1 ($0.5804) to target $0.60 and R2 ($0.6180). However, a drop-through S1 ($0.5096) would bring S2 ($0.4764) and the 50-day ($0.47249) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

XRP Bulls to Target $0.55 as Anticipation Builds of a Ripple Win

Audy Castañeda
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<strong>XRP Bulls to Target $0.55 as Anticipation Builds of a Ripple Win</strong>

On Tuesday, XRP extended the winning streak to four sessions, rallying 7.21%, to end the day at $0.51400. The lack of updates to the ongoing case SEC v. Ripple allowed hope to continue fueling a return to $0.60. Technical indicators are bullish, indicating a return to $0.60.

On Tuesday, XRP was up 7.21%. Following a 6.95% gain on Monday, XRP ended the day at $0.51400. XRP held the $0.51 level for the first time since October 2022.

A mixed start to the day saw XRP fall to an early low of $0.46542. Pulling away from the first major support level (S1) at $0.4521, XRP rallied to a late high of $0.53627. XRP breached major resistance levels. However, a late pullback saw XRP fall through the third major resistance level (R3) at $0.5612, and the second major resistance level (R2) at $0.5157, to end the day at $0.51400.

Betting on a Ripple Victory in the SEC vs. Ripple Case Send XRP to $0.536

It was another quiet session Tuesday, with no updates on the ongoing SEC vs. Ripple case to influence investor sentiment. The lack of updates left investors in favor of a Ripple victory.

Recent comments from Ripple Chair Monica Long and Amicus Curiae counsel John Deaton continued to reverberate on Tuesday.

The latest change in sentiment towards a Ripple victory came after Ripple filed a letter with the court referencing the court rulings from the Voyager Digital bankruptcy hearings.

The CFTC’s lawsuit against Binance could not have come at a better time. Presiding Judge Torres can now consider Ripple’s letter with greater conviction, following the Commodity Futures Trading Commission’s action against Binance.

In a matter of weeks, the SEC and CFTC have issued conflicting views on whether Ethereum (ETH) is a security or a commodity, in an already disjointed US regulatory landscape. The disagreement over ETH’s classification supports a recent ruling by the judge presiding over Voyager Digital’s bankruptcy case.

It would be a huge blow for Ripple to win based on a fair-notice defense. The latest infighting between two regulators responsible for overseeing the digital asset space should put Ripple on a firmer footing.

XRP Price Action – Technical Indicators

XRP rose 1.17% to $0.51999. A bullish start to the day saw XRP rise from an opening price of $0.51399 to an early high of $0.52331.

XRP needs to avoid the pivot at $0.5052, in order to target the first major resistance level (R1) at $0.5450. A move through Tuesday’s high of $0.53628 would signal another bullish session. However, the talk SEC vs. Ripple would need to admit a breakout.

In the event of another extended rally, XRP would likely test resistance at $0.55 but would miss the second major resistance level (R2) at $0.5761. The third main resistance level (R3) sits at $0.6469.

The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA. The EMAs delivered bullish signals.

A hold above S1 ($0.4742) and the 50-day EMA ($0.45111) would support a break of R1 ($0.5450), to target $0.55 and R2 ($0.5761). However, a drop-through S1 ($0.4742) would put the 50 days ($0.4511) and S2 ($0.4344) in play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

BTC Finds Support on Hopes of a Ripple Victory in the SEC vs. Ripple Case

Audy Castañeda
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<strong>BTC Finds Support on Hopes of a Ripple Victory in the SEC vs. Ripple Case</strong>

It was a bullish session on Tuesday, with BTC rising 0.51%, to end the day at $27,265. Hopes of a Ripple victory in the SEC vs. Ripple countered investor sentiment towards the CFTC’s move against Binance. Technical indicators remain bullish, with $28,500 in sight.

On Tuesday, Bitcoin (BTC) rose 0.51%. Partially reversing a 3.04% loss on Monday, BTC ended the day at $27,265.

A bearish start to the day saw BTC drop to a low of $26,636 by late morning. Moving away from the first major support level (S1) at $26,433, BTC rallied to an early afternoon high of $27,529. However, missing the first major resistance level (R1) at $27,924, BTC pulled back, to close the day at $27,265.

Hopes of a Ripple Victory Were Given in the SEC v. Ripple Case

It was a busy Tuesday, as investors responded to updates about the CFTC’s lawsuit against Binance, CZ, and other executives.

While the latest regulatory move against a crypto platform will bring further uncertainty, the Commodity Futures Trading Commission may have inadvertently made life easier for US platforms.

The SEC and CFTC have expressed conflicting views on whether Ethereum (ETH) is a security or a commodity, in an already opaque US regulatory landscape. The divergence supports a recent ruling by the presiding judge in the Voyager Digital bankruptcy case.

For the crypto market, regulatory infighting stands in contrast to other jurisdictions, which are making progress in delivering clear regulatory guidelines to support innovation and growth. Regulatory infighting may be enough for crypto investors to look to a Ripple win, to ease the influence of the SEC in the digital asset space.

It will be a quiet afternoon session with no US economic indicators to attract interest, leaving Fed talk to influence market sentiment. With markets expecting the Fed to pause interest rates in response to the collapse of Silicon Valley Bank and Signature Bank, there has been an increase in appetite for cryptocurrencies, albeit modestly.

With no US statistics to influence, the banking sector will once again be in the spotlight. US lawmakers will question the Federal Reserve over the collapse of Silicon Valley Bank in a second session.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was up 0.04% at $27,277. A range-bound start to the day saw BTC fall to an initial low of $27,257 before finding support.

BTC needs to avoid the $27,143 pivot to target the first major resistance level (R1) at $27,651. A move through Tuesday’s high of $27.529 would indicate an extended bullish session. Crypto news wires need to be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $28,036, and resistance at $28,500. The third major resistance level (R3) sits at $28,929.

BTC settled above the 100-day EMA ($26,483). The 50-day EMA turned down to the 100-day EMA, while the 100-day EMA broke out from the 200-day EMA, sending mixed signals.

A move through the 50-day EMA ($27,290) would support a break of R1 ($27,651) to target R2 ($28,036) and $28,500. However, a drop-through S1 ($26,758) would bring the 100-day EMA ($26,483) into play. A move through the 50-day EMA would send a bullish signal.

By Audy Castaneda

ETH Bulls to Target $1,850 on Shapella Update Date and Stake Flows

Audy Castañeda
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<strong>ETH Bulls to Target $1,850 on Shapella Update Date and Stake Flows</strong>

On Tuesday, Ethereum (ETH) rose 3.38% to end the day at $1,774. The news from Shapella and the broader crypto market prompted a recovery of losses starting Monday. Technical indicators turned bullish, putting $1,900 in sight.

Ethereum (ETH) was up 3.39% on Tuesday. Reversing a 3.38% drop on Monday, ETH ended the day at $1,774. Despite the bullish session, ETH failed to reach the $1,800 level for the second session in a row.

A mixed start to the day saw ETH fall to an early low of $1,702. Breaking away from the first major support level (S1) at $1,675, ETH rallied to an early afternoon high of $1,796. ETH broke above the first major resistance level (R1) at $1,769, to end the day at $1,774. Resistance at $1,800 capped the upside.

CFTC Classifies ETH as a Commodity to Support a Bullish Tuesday

The Commodity Futures Trading Commission (CFTC) was back in the news on Tuesday. CFTC Chairman Rostin Behnam spoke at a congressional hearing on Tuesday, stating that ETH is a commodity and not a security. Behnam labeled various cryptos as commodities, including LTC and BTC, and stablecoins, including BUSD.

Investors and crypto exchange platforms may be confused about the CFTC’s decision to file a lawsuit against Binance. Prior to the filing, markets viewed the CFTC as a more pragmatic regulator, one that would support growth and innovation. However, the CFTC’s classification of BTC, ETH, and LTC as commodities could expose other exchanges to CFTC action.

While the news of the CFTC’s lawsuit against Binance was negative for the market, the conflicting opinions of two crypto regulators on ETH could provide solace, and support a Ripple victory in the ongoing SEC vs. Ripple.

This afternoon, the Federal Reserve will face US lawmakers for a second day, as lawmakers grill the Fed on the collapse of Silicon Valley Bank and Signature Bank. With jitters in the banking sector easing, talk of a credit crunch could test buyers’ appetites.

There are no US economic indicators to distract investors. However, the Fed’s forward-looking guidance on monetary policy could move the dial.

Ethereum (ETH) Price Action – Technical Indicators

A range-bound start to the day saw ETH rally to an early high of $1,790, before pulling back.

ETH needs to avoid the $1,757 pivot, to target the first major resistance level (R1) at $1,813. A return to $1,800 would signal a breakout session. However, crypto news leads must be ETH-friendly to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1851, and resistance at $1900. The third major resistance level (R3) sits at $1,945.

Ethereum has broken above the 50-day EMA, currently at $1,753. The 50-day EMA has broken away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above the 50-day EMA ($1753) would support a break of R1 ($1813) to target R2 ($1851) and $1900. However, a drop through the 50-day EMA ($1,753) would give the bears a run at the 100-day EMA ($1,726) and S1 ($1,719). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

Five Crucial Lessons for Traders

Audy Castañeda
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<strong>Five Crucial Lessons for Traders</strong>

Using SVB as an example, it’s a good time to pause and reflect on five key points to keep in mind whenever the banking sector experiences a calamity, and banks start to collapse.

Given the niche industry focus of SVB within the US, it is likely that many merchants around the world were not directly affected by this specific bank collapse. Nor the one that occurred a few days earlier when Silvergate Bank, which services the cryptocurrency market within the United States, issued a public notice saying it would undergo voluntary liquidation.

That being said, traders and investors would do well to view the recent bank failures as signs of distress.

Below are five important takeaways for traders after a bank collapse.

Diversification

Whenever a massive hit like the one that just hit some banks in the US occurs, the first thing you should always check is whether your portfolio is properly spread across a wide variety of sectors and instruments. Otherwise, you will end up putting all their eggs in one basket, as happened to SVB, which was heavily exposed to the technology sector. Its collapse highlighted the risks of excessive concentration in a single industry.

Constant Monitoring of Economic Indicators and Market Sentiment

In hindsight, they say, it’s 20/20. In the aftermath of an economic crisis, whether big or small, it’s always easier to look back and identify all the signs that now, after the fact, seem obvious. That is why it is crucial to constantly monitor the health of a country’s economy, as well as market sentiment for the instruments and industries in which they are investing.

Understanding Regulations and Safeguards

Whether investors are choosing a broker or a bank, it is critical to review all regulatory laws, insurance clauses, and any other safeguards they have and are subject to. This is how money is protected and kept safe.

In the case of SVB, when it made its last call report in December 2022, the bank estimated that $151.6 billion of its total deposits were uninsured. Not surprisingly, what happened a few months later caused a great deal of panic.

Being Informed and Updated

In the aftermath of a major event, it is very important to stay up to date on news and developments related to it. What was the impact? How did the government react? What potential systemic risks to the broader financial system have been exposed? Is there a probability of contagion? Asking these questions and assessing the lay of the field after the crisis is critical to being prepared for any future events of a similar nature.

While the US government assures everyone that the collapse of SVB is not a premonition of another financial crisis like the one in 2008, traders and investors around the world are understandably on high alert.

Establishing a Contingency Plan

Portfolio diversification must absolutely be a priority for risk management strategy, even if there appear to be no signs of a crisis. However, when a major bank fails and an entire industry becomes nervous, then it becomes clear that the strategy must include a contingency plan. A typical example is setting stop-loss orders, to help minimize losses in the event of unexpected events or market movements.

After the SVB failure, anyone who trades indices, bank stocks, the US dollar and other assets would have done well to review the emergency exit plans they put in place.

By Audy Castaneda

XRP Bulls to Redirect $0.50 on Building SEC vs. Ripple Hopes

Audy Castañeda
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<strong>XRP Bulls to Redirect $0.50 on Building SEC vs. Ripple Hopes</strong>

On Monday, XRP bucked the broader market trend, rising 6.95%, to end the day at $0.47944. Hopes of an imminent victory for Ripple in the SEC vs. Ripple extended the winning streak to three sessions. Technical indicators remain bullish, indicating a return to $0.50.

On Monday, XRP was up 6.95%. Following a 1.05% gain since Sunday, XRP ended the day at $0.47944. XRP avoided sub-$0.44 for the second time since November 2022.

A mixed start to the day saw XRP fall to an early low of $0.44292. Pulling away from the first major support level (S1) at $0.4383, XRP rallied to a midday high of $0.48839. XRP broke above the first major resistance level (R1) at $0.4610, and the second major resistance level (R2) at $0.4738. The Binance news sent XRP briefly below $0.46, before a late move through R1 and R2, to end the day at $0.47944.

Investor Expectations of a Ripple Victory Spawned a Bullish Session

There were no updates on the ongoing case SEC vs. Ripple to influence investor sentiment on Monday. The lack of updates allowed recent comments from Ripple chairwoman Monica Long to resonate.

Amicus Curiae counsel John Deaton also provided support, saying the following:

“XRP has the most attractive risk/reward ratio in my opinion. The judge’s ruling will come in the next few weeks (maybe this week). If the SEC wins, what is the 0.45 downside? Ripple appeals, and we get the status quo. Ripple wins and it becomes clear that XRP is not a security. The other way around?”

The shift in sentiment towards a Ripple victory came after Ripple’s latest court filing, which referenced the court rulings from the Voyager Digital bankruptcy hearings.

Investors should monitor the crypto news wire for SEC vs. Ripple. Decisions on the latest court filings, the Hinman documents, as well as the response briefs to summary judgment will be influential.

Following the news that the CFTC sued Binance, Ripple’s victory could not come at a better time. However, the lack of updates on the SEC vs. Ripple would continue to leave it up to regulators and legislators to do the talking to generate interest. Binance and Coinbase (COIN) remain in the spotlight.

XRP Price Action – Technical Indicators

XRP rose 0.19% to $0.48037. A mixed start to the day saw XRP rally to an early high of $0.48363, before pulling back.

XRP needs to avoid the $0.4703 pivot to target the first major resistance level (R1) at $0.4976. A move through Monday’s high of $0.48839 would indicate a bullish session. However, the broader crypto market and the SEC vs. Ripple would need to support a breakout.

In the event of another extended rally, XRP would likely test the second major resistance level (R2) at $0.5157, and resistance at $0.52. The third main resistance level (R3) sits at $0.5612.

The 50-day EMA has broken further away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA. The EMAs delivered bullish signals.

A hold above S1 ($0.4521) and the 50-day EMA ($0.43645) would support a break of R1 ($0.4976) to the target of R2 ($0.5157) and $0.52. However, a drop-through S1 ($0.4521) would put the 50-day ($0.43645) and S2 ($0.4248) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

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