On Monday, XRP fell 3.26%, to end the day at $0.37399. XRP and the broader crypto market succumbed to profit-taking, as investors responded to ease risks from the banking sector. However, technical indicators remained bullish, indicating a return to $0.42.
On Monday, XRP fell 3.26%. Reversing a 3.24% gain on Sunday, XRP ended the day at $0.37399. Despite the bearish session, XRP avoided sub-$0.37 for the third day in a row.
A mixed start to the day saw XRP rally to an early high of $0.39206, before pulling back. Missing the first major resistance level (R1) at $0.4005, XRP slid to a low of $0.37200 in the early afternoon. XRP briefly fell through the first major support level (S1) at $0.3733, before ending the day at $0.37399.
XRP Tracks BTC in the Red but Finds Morning Support
It was a busier Sunday, with updates on the ongoing SEC vs. Ripple case drawing investor interest. As investors await rulings on the Hinman Documents and Summary Judgment Response Briefs, the Ripple Defendants have introduced a new filing in support of their fair notice defense.
According to the filing, the SEC objected to Voyager’s plan to sell its assets, including VGX, to Binance.US, which the SEC also objected to, stating that Binance.US is an unregistered exchange. The letter to Judge Torres noted that the basis for Judge Wiles rejecting the SEC’s objections supported many of the arguments the defendants had made in the filing.
While the filing had a limited impact on XRP, the argument presents Judge Torres with an additional reason to lean in favor of the defendants.
Central bank comments will likely be an area of focus today. Following UBS’s acquisition of Credit Suisse Group, central bankers will be in the spotlight ahead of the Fed’s monetary policy decision.
However, investors should continue to monitor the crypto news wires. Talk from regulators and legislators will weigh in, along with updates from Binance and FTX. However, the rulings in the ongoing SEC vs. Ripple case would have more influence on investor sentiment.
XRP Price Action – Technical Indicators
XRP rose 2.37% to $0.38284. A mixed start to the day saw XRP fall to an initial low of $0.37325, before rising to a high of $0.38400.
XRP needs to avoid the $0.3794 pivot to target the first major resistance level (R1) at $0.3867 and Monday’s high of $0.39206. A return to $0.39 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 a prolonged rally, XRP would likely test the second major resistance level (R2) at $0.3994, and resistance at $0.40. The third main resistance level (R3) sits at $0.4195.
The 50-day EMA reached down towards the 200-day EMA, and the 100-day EMA turned down to the 200-day EMA. The EMAs delivered bullish signals.
A hold above the 200-day EMA ($0.37865) would support a break from R1 ($0.3867) to the target of R2 ($0.3994) and $0.40. However, a drop through the 200-day ($0.37865) would bring the 50-day ($0.37710) and 100-day EMAs ($0.37629) and S1 ($0.3666) into play. A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
