On Friday, XRP resumed its move towards $0.60, rising 1.07%, to end the day at $0.53798. US economic indicators fueled demand for riskier assets, and sentiment towards the SEC vs. Ripple case also provided support. Technical indicators are bullish, indicating a return to $0.60.
On Friday, XRP rose 1.07%. Partially reversing a 1.93% loss on Thursday, XRP ended March up 42.82% at $0.53798. The bullish march contributed to a 58.9% gain in the first quarter. Notably, XRP saw only the second quarterly gain since Q3 2021.
A mixed start to the day saw XRP rally to an early morning high of $0.54906. Failing to reach the first major resistance level (R1) at $0.5525, XRP fell to a midday low of $0.52602. Moving away from the first major support level (S1) at $0.5169, however, XRP found broader support from the crypto market, to conclude the day at $0.53798.
Investor Bets on a Ripple Win Offer First Quarter Breakout
It was a quiet session on Friday. There were no updates on the ongoing SEC v. Ripple case to influence investor sentiment. The lack of updates allowed investors to hope for a Ripple victory in the SEC vs. Ripple case. The Ripple defense team’s moves have apparently put the defendants in a stronger position.
The Hinman Documents remain a focal point in the case, with the SEC keen to prevent the documents from reaching the public forum. SEC and CFTC disagreements over the classification of ETH and other cryptocurrencies may also have inadvertently supported Ripple’s defense.
Before the CFTC filed its case against Binance, Ripple’s defense team had submitted a letter to Judge Torres, citing comments from the judge presiding over Voyager Digital’s bankruptcy case. Ripple’s presentation made two references that continue to resonate.
Updates on the SEC vs. Ripple case will continue to be the focal point. However, the lack of updates will leave investors tracking news and regulatory activity related to Binance and Coinbase (COIN). No external market forces at play, after softer US inflation data on Friday, supported riskier assets.
XRP Price Action – Technical Indicators
A mixed start to the day saw XRP rally to an early high of $0.53764, before falling to a low of $0.53227.
XRP needs to move through the $0.5377 pivot, to target the first major resistance level (R1) at $0.5494. A move through Friday’s high of $0.54906 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 the second major resistance level (R2) at $0.5607. The third main resistance level (R3) sits at $0.5838.
XRP was above the 50-day EMA, currently at $0.49659. 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 ($0.49659) would support a break of R1 ($0.5494) to the target of R2 ($0.5607). However, a drop-through S1 ($0.5263) would bring into view S2 ($0.5146) and the 50-day ($0.49659). A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
