On Sunday, XRP bucked the crypto market’s uptrend, falling 1.79% to end the day at $0.36686. A quiet session on Sunday left XRP at the mercy of FUD, which likely contributed to the downtrend. Technical indicators remained bearish, signaling a return to below $0.35.
On Sunday, XRP fell 1.79%. Following a 1.01% loss on Saturday, XRP ended the week down 2.93% at $0.36686. Significantly, XRP ended the session below $0.38 for the fourth day in a row.
A bullish start to the day saw XRP rally to an early high of $0.37706 before turning back. Failing to reach the first major resistance level (R1) at $0.3795, XRP fell to a last hour low of $0.36577. XRP fell through the first major support level (S1) at $0.3680 to end the day below $0.37 for the first time since January 10.
The Interest of Investors in the Case SEC vs. Ripple to Reach New Levels
It was another quiet session, with no updates on the ongoing SEC v Ripple case to sway investor sentiment.
While there were no updates to consider, FUD likely contributed to Sunday’s pullback. Amicus Curiae attorney John Deaton shared an article suggesting that Presiding Judge Torres is part of the deep state and would rule in favor of the SEC.
FUD continues to be a problem for the crypto market. On Sunday, market intelligence firm Santiment elaborated on its findings, noting that #cryptocrash has been a trending hashtag on Twitter, despite the BTC withdrawal occurring on Friday.
XRP Price Action – Technical Indicators
A mixed start to the week saw XRP fall to an initial low of $0.36601 before rising to a high of $0.36739.
XRP needs to move through the $0.3699 pivot to target the first major resistance level (R1) at $0.3740 and Saturday’s high of $0.37706. A return to $0.37 would signal a bullish session. However, the broader crypto market and SEC v 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 $0.3812 and resistance at $0.3850. The third main resistance level (R3) sits at $0.3925.
Failure to move through the pivot would leave the first major support level (S1) at $0.3627 up for grabs. However, barring another extended cryptocurrency sell-off, XRP should avoid going below $0.3550. The second major support level (S2) at $0.3586 should cap the downside. The third major support level (S3) sits at $0.3473.
XRP was trading below the 50-day EMA, currently at $0.37576. The 50-day EMA turned back from the 100-day EMA, and the 100-day EMA turned back from the 200-day EMA. The signals were bearish.
A move of XRP through R1 ($0.3740) and the 50-day EMA ($0.37576) would give the bulls a run on the 100-day EMA ($0.38019) and R2 ($0.3812). A move of XRP through the 50-day EMA would send a bullish signal. However, a failure to move through the 50-day EMA ($0.37576) would leave major support levels in play.
By Audy Castaneda
