On Tuesday, XRP bucked a crypto market downtrend for the second session, rising 2.68% to end the day at $0.38015. Investors ignored aggressive testimony from Fed Chairman Powell with SEC vs. Ripple case updates providing XRP price support. Technical indicators turned bullish, indicating a return to $0.40.
On Tuesday, XRP rose 2.68%. Following a 0.92% gain on Monday, XRP ended the day at $0.38015. Significantly, XRP ended the day at $0.38 levels for the first time in six sessions.
A bearish start to the day saw XRP drop to an early morning low of $0.36702. Pulling away from the first major support level (S1) at $0.3619, XRP rallied to a late high of $0.38430. XRP broke above the first major resistance level (R1) at $0.3761, and briefly through the second major resistance level (R2) at $0.3820, before pulling back to end the day at $0.38015.
SEC vs. Ripple Case Rulings Provide XRP Price Support
Investors responded further to court rulings on Monday in the SEC vs. Ripple case. Presiding Judge Torres granted and denied the motions of both sides. However, the courts rejected further SEC motions to exclude expert witness testimony, putting the defendants in a better position.
The latest court rulings once again focus the market’s attention on the SEC vs. Ripple case, the outcome of which could prove pivotal for the broader digital asset space. The lack of a crypto regulatory framework has allowed the SEC to regulate using the app.
Further updates and comments from the SEC vs. Ripple case should carry more influence than other crypto events. Following the Court’s rulings on Monday, investors will be watching for Court decisions related to the Hinman Papers, which could have a material impact on the case.
Investors await a ruling on an SEC Motion to Redact Certain Content after failing to protect all of Hinman’s documents under attorney-client privilege. A ruling against the SEC could spark speculation about a possible deal.
XRP Price Action – Technical Indicators
XRP rose 0.69% to $0.38278. A mixed start to the day saw XRP fall to an early low of $0.37998, before rising to a high of $0.38569.
XRP needs to avoid the $0.3772 pivot to target the first major resistance level (R1) at $0.3873. A return to $0.3850 would signal a bullish session. However, the broader crypto market, as well as 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 $0.3944, and resistance at $0.40. The third main resistance level (R3) sits at $0.4117.
XRP was above the 200-day EMA, currently at $0.38285. The 50-day EMA turned down to the 100-day EMA, and the 100-day EMA went closer to the 200-day EMA. The signs were bullish
A break of XRP from the 200-day EMA ($0.38285) would support a move through R1 ($0.3873) to give the bulls a run into R2 ($0.3944) and $0.40. However, a drop through the 200-day EMA ($0.38285) and 100-day EMA ($0.37853) would bring the 50-day EMA ($0.37465) and S1 ($0.3700) into view. A drop in XRP through the 50-day EMA would send a bearish signal.
By Audy Castaneda
