On Sunday, XRP rose 3.24%, to end the day at $0.3866. XRP and the broader crypto market responded to the news that UBS acquired Credit Suisse Group, to conclude a bullish week. Technical indicators remained bullish, indicating a return to $0.42.
On Sunday, XRP was up 3.24%. Reversing a 1.34% loss on Saturday, XRP ended the week up 3.39%, at $0.38660. XRP revisited the $0.40 handle for the first time since March 8.
A mixed start to the day saw XRP drop to an early low of $0.37392, before making a move. Pulling away from the first major support level (S1) at $0.3665, XRP rallied to an early afternoon high of $0.40107. XRP broke above the first major resistance level (R1) at $0.3865, and briefly through the second major resistance level (R2) at $0.3984, before ending the day at $0.3866.
XRP Tracks a Wider Crypto Market on UBS News
It was a quiet Sunday, with no updates on the ongoing SEC vs. Ripple case for investors to consider. As investors await rulings on the Hinman Documents and the Summary Judgment Response Briefs, news related to the banking sector remained the focus.
On Sunday, news broke that UBS AG (UBS) has agreed to acquire Credit Suisse Group AG (CS). The announcement fueled demand for riskier assets, with XRP and the broader market posting solid gains. The advantage came despite persistent contagion stemming from the collapse of Silicon Valley Bank and Signature Bank (SBNY).
With central banks looking to calm the markets, a change in central bank monetary policy would bring additional gains for XRP and the broader crypto market. Having scrutinized the crypto market, regulators and lawmakers are now in the spotlight as calls to investigate the collapse of two US banks reverberate on Capitol Hill. The likely level of scrutiny could give the cryptocurrency market some breathing room in the near term.
Central bank comments will likely be an area of focus today. Following UBS’s deal to acquire Credit Suisse Group, central bankers will try to restore investor confidence and quickly end the banking crisis.
XRP Price Action – Technical Indicators
XRP rose 0.40% to $0.38815. A mixed start to the day saw XRP fall to an early low of $0.38501, before rising to a high of $0.38984.
XRP needs to avoid the $0.3872 pivot to target the first major resistance level (R1) at $0.4005 and Sunday’s high of $0.40107. A return to $0.40 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 $0.4143, and resistance at $0.42. The third main resistance level (R3) sits at $0.4415.
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 ($0.37864) would support a break from R1 ($0.4005) to the target of R2 ($0.4143) and $0.42. However, a drop through the 200-day ($0.37864) would bring the 50-day ($0.37660) and 100-day EMAs ($0.37596) and S1 ($0.3733) into play. A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda
