The Day Ahead
SEC v Ripple case-related news will continue to be the focal point. Investors should track the crypto news wires and Twitter for an SEC reaction to the Ripple response to the SEC filing.
However, a lack of SEC v Ripple case-related news will leave SEC and CFTC activity in the spotlight. Binance and Coinbase (COIN)-related commentary will also move the dial.
Following the SEC’s Friday press release, US lawmaker chatter will also need consideration before the April 18 digital assets sub-committee hearing.
XRP Price Action
At the time of writing, XRP was down 0.69% to $0.51998. A mixed start to the day saw XRP rise to an early high of $0.52368 before falling to a low of $0.51963.
Technical Indicators
XRP needs to move through the $0.5276 pivot to target the First Major Resistance Level (R1) at $0.5435 and the Friday high of $0.54760. A return to $0.5350 would signal a bullish session. However, SEC v Ripple chatter would need to support a breakout.
In the case of another extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.5635. The Third Major Resistance Level (R3) sits at $0.5993.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.5077 in play. However, barring an extended sell-off, XRP should avoid sub-$0.50 and the Second Major Support Level (S2) at $0.4918. The Third Major Support Level (S3) sits at $0.4560.
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 $0.51206. The 50-day EMA pulled further away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The EMAs delivered bullish signals.
A hold above the 50-day EMA ($0.51206) would support a breakout from R1 ($0.5435) to target R2 ($0.5635). However, a fall through the 50-day EMA ($0.51206) would bring S1 ($0.5077) and the 100-day EMA ($0.50176) into view. A fall through the 50-day EMA would send a bearish signal.
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