On Sunday, XRP rose 1.05% to end the day at $0.44830. Market sentiment towards the SEC vs. Ripple, as well as easing fears of a Deutsche Bank collapse, provided support for prices. Technical indicators remain bullish, indicating a return to $0.50.
On Sunday, XRP rose 1.05%. After a 4.21% rally on Saturday, XRP ended the week up 15.96% at $0.44830. XRP avoided sub-$0.44 for the first time since November 2022.
A mixed start to the day saw XRP fall to an early low of $0.44104. Moving away from the first major support level (S1) at $0.4230, XRP has rallied to a mid-morning high of $0.46378. However, missing the first major resistance level (R1) at $0.4647, XRP pulled back to end the day at $0.44830.
Hopes of a Ripple Victory Against the SEC Spawned a Bullish Session
It was another quiet session, with no updates on the ongoing SEC vs. Ripple to influence investor sentiment. The lack of updates left XRP in the hands of the SEC vs. Ripple and court filings supporting the most optimistic outlook for Ripple and XRP.
Following Ripple’s filings last Monday referencing the judges’ rulings from the Voyager Digital bankruptcy hearings, hopes of a Ripple victory supported a bullish week. As investors consider the implications of a Ripple victory, the rulings on the Hinman Documents could also materially influence the regulatory landscape.
William Hinman has been a central figure in the SEC vs. Ripple. The former Head of the Division of Corporate Finance made a famous speech in 2018, contentiously saying that Bitcoin (BTC) and Ethereum (ETH) are not securities. Hinman’s reference to Ethereum was controversial because Hinman’s former and current employee Simpson Thacher is part of a group promoting Enterprise Ethereum. Hinman returned to Simpson Thacher after leaving the SEC.
Investors should monitor the crypto news wire for SEC vs. Ripple. Comments related to last week’s filings and court rulings on the Hinman documents and summary judgment response briefs will play a role.
With the SEC and US lawmakers targeting the crypto asset space, a Ripple win could materially affect the US crypto regulatory landscape, and give more crypto-friendly lawmakers a voice on Capitol Hill.
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
A bullish start to the day saw XRP rally to an early high of $0.45318, before pulling back.
XRP needs to avoid the $0.4510 pivot, to target the first major resistance level (R1) at $0.4610, and the Sunday high of $0.46378. A return to $0.46 would signal a bullish session. However, the broader crypto market and the SEC vs. Ripple would need to support a breakout.
In the event of another prolonged rally, XRP would likely test the second major resistance level (R2) at $0.4738, and resistance at $0.48. The third main resistance level (R3) sits at $0.4965.
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 ($0.42702) would support a break from R1 ($0.4610) to target R2 ($0.4738) and $0.48. However, a drop-through S1 ($0.4383) would put S2 ($0.4283) and 50-day ($0.42702) into play. A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
