The Day Ahead SEC v Ripple case updates will remain the focal point, with US regulatory activity and lawmaker chatter also needing consideration. Howe
The Day Ahead
SEC v Ripple case updates will remain the focal point, with US regulatory activity and lawmaker chatter also needing consideration. However, Investors should monitor Binance and Coinbase-related news as Coinbase heads into a battle against the SEC.
While there are no US economic indicators or corporate earnings for investors to consider, the Amazon.com warning and recessionary fear will likely resonate.
However, the news of First Republic Bank (FRC) heading for receivership was XRP-positive, with the crypto market and Ripple remittance platform a viable alternative for depositors.
XRP Price Action
At the time of writing, XRP was down 0.36% to $0.47835. A mixed start to the day saw XRP rise to an early high of $0.48686 before falling to a low of $0.47835.
Technical Indicators
Resistance & Support Levels
XRP needs to avoid the $0.4754 pivot to target the First Major Resistance Level (R1) at $0.4871. A breakout from the morning high of $0.48686 would signal a bullish session. However, SEC v Ripple chatter must support a breakout.
In the case of an extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.4942 and resistance at $0.50. The Third Major Resistance Level (R3) sits at $0.5129.
A fall through the pivot would bring the First Major Support Level (S1) at $0.4684 into play. However, barring an event-fueled sell-off, XRP should avoid sub-$0.46 and the Second Major Support Level (S2) at $0.4567. The Third Major Support Level (S3) sits at $0.4380.
The EMAs and the 4-hourly candlestick chart (below) sent more bullish signals.
At the time of writing, XRP sat below the 100-day EMA, currently at $0.48002. The 50-day EMA narrowed to the 200-day EMA, with the 100-day EMA pulling away from the 200-day EMA. The EMAs delivered bullish signals.
A move through the 100-day EMA ($0.48002) would support a breakout from R1 ($0.4871) to target R2 ($0.4942) and $0.50. However, a fall through the 200-day EMA ($0.47738) would leave the 50-day EMA ($0.47188) and S1 ($0.4684) in view. A fall through the 50-day EMA would send a bearish signal.
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