On Tuesday, XRP rose 3.13% to end the day at $0.38228. The scrutiny of US lawmakers on Gary Gensler and the SEC produced a surge of relief. However, technical indicators remain bearish, with XRP below the 200 day EMA indicating a return to below $0.35.

On Tuesday, XRP rose 3.13%. Reversing a 1.14% drop on Monday, XRP ended the day at $0.38228. XRP broke below $0.37 for the second time since January 13.

A bearish start to the day saw XRP drop to an early morning low of $0.36491. Moving away from the first major support level (S1) at $0.3624, XRP rallied to a last hour high of $0.38373. XRP broke above the first major resistance level (R1) at $0.3787, to end the day at $0.38228.

US Lawmakers Raise Question Marks over Gensler Tactics

It was a quiet session on Tuesday, with no updates on the SEC vs. Ripple case to influence investor sentiment.

On Tuesday, the Senate Banking Committee held a hearing, “Crypto Crash: Why Financial System Safeguards Are Needed for Digital Assets.” Questions about Gary Gensler and SEC regulation through enforcement. as well as the SEC’s lack of guidance for crypto companies, highlighted the failures of Gensler and the SEC.

Investors focused on Gensler and SEC regulation by enforcement as positive, supporting a bullish session. Gensler’s tactics come at a pivotal time for the SEC, with the SEC vs. Ripple case now in the hands of Presiding Judge Torres.

Crypto markets will wait for a Ripple victory that would force US lawmakers to rein in the SEC chairman. More importantly, the release of documents related to William Hinman’s speech could hand the reins to the CFTC.

XRP Price Action – Technical Indicators

XRP was down 1.04% at $0.37829. A bearish start to the day saw XRP fall, from an opening price of $0.38211, to a low of $0.37829.

XRP needs to avoid a drop through the $0.3770 pivot to target the first major resistance level (R1) at $0.3890. A return to $0.3850 would signal a bullish session. However, the broader crypto market and SEC vs. Ripple talk would need to support a breakout.

In the event of another prolonged rally, XRP would likely test the second major resistance level (R2) at $0.3958, and resistance at $0.40. The third main resistance level (R3) sits at $0.4146.

A bearish cross from the 100 day EMA to the 200 day EMA would support a drop through S1 ($0.3702) to trade $0.3650. However, a move through the 50-day EMA ($0.38383) would signal a break of R1 ($0.3890) to give bulls a run at the 200-day EMA ($0.39009) and 100-day EMA ($0.39015). A move through the 50 day EMA would send a bullish signal.

By Audy Castaneda

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