On Saturday, XRP bucked the general market trend, falling 1.24% to end the day at $0.36655. Silicon Valley Bank’s woes, as well as USD decoupling, led to a mixed XRP session, allowing investors to profit. Technical indicators remained bearish, signaling a return to below $0.35.
On Saturday, XRP fell 1.24%. Following a 0.02% loss on Friday, XRP ended the day at $0.36655. Significantly, XRP extended its losing streak to three sessions, and it avoided below $0.36.
A bullish start to the day saw XRP rally to an early high of $0.37718, before turning back. Failing to reach the first major resistance level (R1) at $0.3781, XRP fell to an early afternoon low of $0.36092. However, finding support at the first major support level (S1) at $0.3608, XRP revisited the $0.367 level, before pulling back.
SEC vs. Ripple Silence Leaves Silicon Valley Bank and USD Coin in Focus
It was another quiet session on Saturday. There were no updates on the SEC vs. Ripple to distract investors from the new US banking crisis and the decoupling of the USD Coin (USDC).
XRP had enjoyed a bullish first half of the week due to investor hopes of a Ripple victory in the ongoing case between the SEC and Ripple. The Court’s recent rulings tipped the balance in favor of the Defendants, with the Hinman Documents providing another headache for the SEC.
As investors await rulings related to the Hinman documents and summary judgment response summaries, US banking sector woes and crypto market contagion risk likely led investors to take gains for the week.
Updates on SVB Financial Group (SIVB) continue to test investor sentiment, with USD Coin unpegging another bearish crypto event.
News from Reaper Financial converting USD Coin holdings into XRP provided no price support. However, the decision to convert to XRP instead of other cryptocurrencies to ensure stability was material.
XRP Price Action – Technical Indicators
A mixed start to the day saw XRP rally to an early high of $0.36800 before falling to a low of $0.36534.
XRP needs to move through the $0.3682 pivot to target the first major resistance level (R1) at $0.3755. A move through Saturday’s high of $0.37718 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 $0.3845, and resistance at $0.39. The third main resistance level (R3) sits at $0.4007.
The 50-day EMA has pulled back from the 100-day EMA, with the 100-day EMA pulling back from the 200-day EMA. The signals were bearish.
A move through the 50-day EMA ($0.37392) would support a break of R1 ($0.3755) and the 100-day EMA ($0.37703) to reveal the 200-day EMA ($0.38119) and R2 ($0.3845). However, a failure to move through the 50-day EMA ($0.37392) would leave S1 ($0.3593) in play.
By Audy Castaneda
