On Saturday, XRP bucked the downtrend of the market, rising 4.21%, to end the day at $0.44365. The expectation of a Ripple victory in the SEC vs. Ripple delivered a bullish session. Technical indicators remain bullish, indicating a return to $0.50.
On Saturday, XRP rose 4.21%. Reversing a 4.20% loss from Friday, XRP ended the day at $0.46513. XRP avoided sub-$0.41 for the third session in a row and the third time since November 2022.
A mixed start to the day saw XRP drop to an early low of $0.42341 before making a move. Moving away from the first major support level (S1) at $0.4122, XRP rallied to a late afternoon high of $0.46513. XRP broke the first major resistance level (R1) at $0.4418 to end the day at $0.44365.
Optimism Silences Jitters in the Banking Sector and Regulatory Uncertainty
It was a quiet Saturday, with no updates on the ongoing SEC vs. Ripple to influence investor sentiment. The lack of updates caused investors to consider the latest court filings.
On Monday, Ripple filed a letter citing the rulings from Voyager Digital’s bankruptcy proceedings to support its fair notice defense. Comments by Chief Justice Wiles in response to SEC objections reignited hope for a Ripple victory.
The SEC’s response to the letter supported market optimism, with the US regulator targeting the defense. In response to Ripple’s letter supporting its fair notice defense, the SEC had this to say about Ripple’s filing:
“Defendants blatantly misrepresent Voyager bankruptcy court statements, and take select phrases out of context, in a misguided attempt to further their futile fair notice defense.”
Midweek, Monica Long, President of Ripple, shared market optimism of a Ripple win. As investors consider the latest filings, the rulings on the Hinman Papers could also materially influence the direction of the case.
Updates on the SEC vs. Ripple will continue to be the focal point. Comments related to this week’s filings, as well as court rulings on the Hinman Papers and Summary Judgment Response Briefs, could also materially affect the US cryptocurrency regulatory landscape.
However, the lack of updates on the SEC vs. Ripple would leave regulators and legislators talking to generate interest, with Binance and Coinbase (COIN) in the spotlight.
XRP Price Action – Technical Indicators
A mixed start to the day saw XRP fall to an early low of $0.44104, before rising to a high of $0.44972.
XRP needs to avoid the $0.4441 pivot, to target the first major resistance level (R1) at $0.4647, and Saturday’s high of $0.46513. A return to $0.45 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 $0.4858, and resistance at $0.50. The third main resistance level (R3) sits at $0.5275.
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 50-day EMA ($0.42035) would support a break from R1 ($0.4647) to the target of R2 ($0.4858) and $0.50. However, a drop through S1 ($0.4230) and 50-day EMA ($0.42035) would bring the 100-day EMA ($0.40429) and S2 ($0.4023) into play. A drop through the 50-day EMA would send a bearish signal.
By Audy Castaneda