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