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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