On Saturday, XRP fell 0.22% to end the day at $0.39445. Technical indicators remained bullish, indicating a return to $0.45.
On Saturday, XRP fell 0.22%. Partially reversing a 2.85% gain on Friday, XRP ended the day at $0.39445. Despite the bearish session, XRP avoided levels below $0.39 for the first time since Feb. 8.
During a range-bound morning, XRP fell to a late-morning low of $0.39148. Moving away from the first major support level (S1) at $0.3845, XRP rallied to a late afternoon high of $0.39744. However, missing the first major resistance level (R1) at $0.4030, XRP pulled back to end the day at $0.39445.
SEC Versus Ripple Silence Leaves XRP in a Tight Range
On Saturday, there were no updates from the ongoing SEC v Ripple case to provide XRP price direction. The lack of updates left XRP in the hands of the broader crypto market.
Following the SEC’s moves against Kraken and Binance USD (BUSD), regulatory risk eased in the second half of the week. SEC scrutiny by US lawmakers eased fears that the SEC has free rein to target US cryptocurrency-related companies.
However, anti-crypto sentiment persists at Capitol Hill, with the FTX crash giving a stronger voice to those in favor of traditional asset classes.
Still, for crypto investors, the heightened scrutiny of SEC regulatory activity provided some comfort upon knowing that Capitol Hill is not completely anti-crypto. This fact should allow the digital asset space to continue to mature. However, it could come down to the SEC vs. Ripple case, as well as how much progress the bipartisan bills can make in 2023.
XRP Price Action – Technical Indicators
XRP was down 0.58% at $0.39216. A mixed start to the day saw XRP rally to an early high of $0.39557 before falling to a low of $0.38931. XRP briefly fell through the first major support level (S1) at $0.3915.
XRP needs to move through the $0.3945 pivot to target the first major resistance level (R1) at $0.3974 and Saturday’s high of $0.39744. A return to $0.3950 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 another extended rally, XRP would likely test the second major resistance level (R2) at $0.4004. The third main resistance level (R3) sits at $0.4064.
As of late last night, XRP was above the 100 day EMA, currently at $0.39137. The 50-day EMA turned down at the 200-day EMA, with the 100-day EMA pulling away from the 200-day EMA. The signals were bullish.
A bullish cross of the 50-day EMA through the 200-day EMA would support a break of R1 ($0.3974) to the target of R2 ($0.4004). However, a drop-through S1 (0.3915) and the 100-day EMA ($0.39137) and 200-day EMA ($0.39078) would bring the 50-day EMA ($0.38971) and S2 ($0.3885) into play. A drop through the 50 day EMA would send a bearish signal.
By Audy Castaneda
