A Bullish Turn on Robinhood Speculation and Western Union Exploration

While the broader crypto market saw red in response to hawkish Fed Chair Powell chatter, investor hopes of Robinhood (HOOD) listing XRP delivered price support. However, the news was speculative, with Robinhood offering no comments to confirm or deny the rumours.

Listing on leading exchanges remains a key influence on price movement.

While the speculation of XRP listing on Robinhood was bullish, reports of Western Union (WU) exploring the Ripple blockchain also delivered price support.

XRP Ignores a Hawkish Fed Chair Powell

On Wednesday and Thursday, XRP tracked the broader crypto market. Investors responded to US economic indicators and the influence on Fed monetary policy.

Fed Chair Powell delivered a hawkish speech on Friday that left the broader crypto market in negative territory. XRP movement hinged on the favorable chatter about the Robinhood listing and Western Union chatter.

However, optimism about a favorable outcome to any SEC appeal was behind the bullish session. After the SEC motion for interlocutory appeal, Ripple must file any opposition to the SEC motion by September 1. We expect the content of an opposing filing to have a material impact on XRP.

The Saturday Session

It could be a choppy Saturday session. After bucking the broader market trend on Friday, uncertainties the SEC appeal linger. SEC activity and SEC v Ripple chatter will need consideration.

However, SEC v Binance and SEC v Coinbase will also provide direction.

XRP Price Action

Daily Chart

The Daily Chart showed XRP/USD holding above the 0.4920 – $0.4780 support band. After the Friday gain, XRP sat above the 200-day EMA while remaining below the 50-day EMA, sending bearish near-term but bullish longer-term price signals.

Looking at the 14-Daily RSI, 35.20 reflects bearish sentiment. The RSI aligns with the 50-day EMA, supporting a fall to sub-$0.50 to bring the $0.4920 – $0.4780 support band into play. However, an XRP hold above the 200-day EMA would give the bulls a run at the $0.5750 – $0.5900 resistance band and the 50-day EMA.

4-Hourly Chart

Looking at the 4-Hourly Chart, XRP sits above the $0.4920 – $0.4780 support band. However, despite the Friday gains, XRP remains below the 50-day and 200-day EMAs, reaffirming the bearish near-term price signals.

The 53.32 14-4H RSI reflects a bullish sentiment, with buying pressure outweighing selling pressure. Significantly, the RSI signals a move through the 50-day EMA to bring the $0.5750 – $0.5900 resistance band into view.

Failure to move through the 50-day EMA would leave sub-$0.50 and the $0.4920 – $0.4780 support band in play.