XRP Eyes Sub-$0.35 on US Banking Woes, USDC, and SEC v Ripple Silence

The Day Ahead

Silicon Valley Bank and the USD Coin de-peg remain the focal points for investors ahead of the Monday session. Contagion risks and the impact of another stablecoin collapse on investor confidence and regulatory scrutiny are considerations.

However, investors should continue monitoring Binance and FTX news, regulatory activity and lawmaker chatter, and SEC v Ripple case updates.

XRP Price Action

At the time of writing, XRP was up 0.14% to $0.36705. A mixed start to the day saw XRP rise to an early high of $0.36800 before falling to a low of $0.36534.

Technical Indicators

XRP needs to move through the $0.3682 pivot to target the First Major Resistance Level (R1) at $0.3755. A move through the Saturday high of $0.37718 would signal a bullish session. However, the broader crypto market and SEC v Ripple chatter would need to support a breakout.

In the case of an extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.3845 and resistance at $0.39. The Third Major Resistance Level (R3) sits at $0.4007.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.3593 in play. However, barring an extended broad-based crypto sell-off, XRP should avoid sub-$0.35. The Second Major Support Level (S2) at $0.3520 should limit the downside. The Third Major Support Level (S3) sits at $0.3357.

The EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

At the time of writing, XRP sat below the 50-day EMA, currently at $0.37392. The 50-day EMA pulled back from the 100-day EMA, with the 100-day EMA easing back from the 200-day EMA. The signals were bearish.

A move through the 50-day EMA ($0.37392) would support a breakout from R1 ($0.3755) and the 100-day EMA ($0.37703) to bring the 200-day EMA ($0.38119) and R2 ($0.3845) into view. However, failure to move through the 50-day EMA ($0.37392) would leave S1 ($0.3593) in play.