XRP Eyes $0.50 on SEC v Ripple Optimism and US Debt Ceiling News

The Day Ahead

It is a quiet Sunday session, with no Court rulings from the SEC v Ripple case for investors to consider over the long weekend. The quiet session should leave investors to continue responding to the US debt ceiling news.

However, investors should also track SEC v Ripple chatter, SEC activity, and Binance and Coinbase (COIN)-related news.

XRP Price Action

At the time of writing, XRP was up 0.31% to $0.47356. A mixed start to the day saw XRP fall to an early low of $0.47022 before rising to a high of $0.47416.

XRP Technical Indicators

Resistance & Support Levels

XRP needs to avoid the $0.4721 pivot to target the First Major Resistance Level (R1) at $0.4788. A return to $0.4750 would signal an extended breakout session. However, SEC v Ripple chatter and the crypto news wires must support a breakout session.

In the case of an extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.4856 and resistance at $0.49. The Third Major Resistance Level (R3) sits at $0.4990.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4654 into play. However, barring a crypto event or risk-off-fueled sell-off, XRP should avoid sub-$0.46 and the Second Major Support Level (S2) at $0.4587. The Third Major Support Level (S3) sits at $0.4452.

The EMAs and the 4-hourly candlestick chart (below) sent bullish signals.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.46114. The 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA converging on the 200-day EMA. The EMAs delivered bullish signals.

A hold above S1 ($0.4654) and the 50-day EMA ($0.46114) would support a breakout from R1 ($0.4788) to target R2 ($0.4856) and $0.49. However, a fall through S1 ($0.4654) and the 50-day EMA ($0.46114) would bring S2 ($0.4587) and the 200-day ($0.45704) and 100-day ($0.45658) EMAs into view. A fall through the 50-day EMA ($0.46114) would send a bearish signal.