On Friday, XRP bucked the broader trend of the crypto market, rising 0.02% to end the day at $0.37736. Updates to the ongoing SEC vs. Ripple case offer XRP recovery from a Silvergate Bank-fueled slide to less than $0.36. Technical indicators remained bearish, indicating a return to below $0.35.
On Friday, XRP rose 0.02%. Following a 1.62% loss on Thursday, XRP ended the day at $0.37736. Significantly, XRP fell below $0.36 for the first time since January 11, before recovering.
A bearish start to the day saw XRP drop to an early morning low of $0.35200. XRP fell through major support levels before a late breakout to a session high of $0.38049. However, failing to reach the first major resistance level (R1) at $0.3833, XRP pulled back to end the day at $0.37736.
SEC vs. Ripple Case News Offers XRP Price Support
After an extended silence, updates to the ongoing SEC vs. Ripple case delivered XRP price support on Friday.
Defense attorney James Filan shared the last statement, via Twitter, in the following terms:
“Ripple files Letter Regarding Recent Supreme Court case that supports Ripple’s Fair Notice Defense. This opinion strongly supports Defendants’ fair notice defense…. [because] the government’s prior guidance appears to contradict its present litigating position.”
The filing relates to the February 28, 2023 Supreme Court decision in Bittner v. USA. According to the filing, the court reversed a decision “by the Fifth Circuit that had held that the Bank Secrecy Act authorized a $10,000 penalty for each foreign account a person failed to disclose, rather than for each report the person failed to file.”
Summarizing Chief Justice Gorsuch’s elaborate comments, the filing provided the reason why the opinion strongly supports fair notice of defendants.
Notably, Ripple’s defense team went on to say that “as in Bittner, the relevant statutory provisions provide no discussion specific to the facts of this case. As in Bittner, the government´s prior guidance appears to contradict its present litigating position.”
XRP Price Action – Technical Indicators
XRP needs to avoid the $0.3700 pivot to target the first major resistance level (R1) at $0.3879 and Friday’s high of $0.38049. A return to $0.38 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 $0.3984 and resistance at $0.40. The third main resistance level (R3) sits at $0.4269.
The 50-day EMA flattened out at the 200-day EMA, while the 100-day EMA pulled back from the 200-day EMA. The signals were bearish.
A move of XRP through the 50-day EMA ($0.37836) would support a break of the 100 and 200-day EMAs to target R1 ($0.3879) and resistance at $0.39. A move of XRP through the 50-day EMA would send a bullish signal. However, a failure to move through the 50-day EMA ($0.37836) would leave major support levels in play.
By Audy Castaneda
