[ad_1]
Key Insights:
- On Thursday, XRP joined the broader market in the green, rising 1.12% to end the day at $0.51413.
- US economic indicators and Binance news delivered support on a quiet session.
- The technical indicators remained bullish, signaling a return to $0.55.
On Thursday, XRP rose by 1.12%. Partially reversing a 2.18% loss from Wednesday, XRP ended the day at $0.51413. Significantly XRP avoided sub-$0.51 for the first time in four sessions.
A mixed start to the day saw XRP fall to an early low of $0.51612. Steering clear of the First Major Support Level (S1) at $0.5046, XRP rose to an early evening high of $0.52770. However, falling short of the First Major Resistance Level (R1) at $0.5349, XRP eased back to end the day at $0.52413.
US Economic Indicators, Binance, and the SEC Influenced
It was a quiet Thursday, with no SEC v Ripple Court rulings or filings for investors to consider. The lack of case-related news left US economic indicators and the crypto news wires to provide direction.
A larger-than-expected rise in US jobless claims eased bets on a June Fed interest rate hike, supporting XRP and the broader crypto market.
News of Binance adjusting its response to the SEC filings was also bullish. Binance initially planned to delist around 100 trading pairs and pause OTC Trading. However, the platform stated on Thursday that it would delist ten pairs and suspend OTC trading.
SEC Chair Gary Gensler also hit the crypto news wires following the filings against Binance and Coinbase. The SEC Chair didn’t mince his words and made a sweeping statement labeling crypto players as ‘hucksters, fraudsters, and scam artists.;
Gensler spoke ahead of releasing the unredacted versions of the William Hinman speech-related documents on June 13. Significantly, the content of the speech-related documents could draw US lawmaker scrutiny. It could be a tough time for the SEC Chair, with the dust yet to settle from the collapse of FTX.
The Day Ahead
There are no US economic indicators or Fed commentary to consider today. The lack of influence from the US session will leave XRP in the hands of the ongoing SEC v Ripple case and SEC v Binance and SEC-Coinbase (COIN)-related news.
However, investors should also monitor US lawmaker chatter and SEC activity.
XRP Price Action
At the time of writing, XRP was down 0.20% to $0.52307. A mixed start to the day saw XRP rise to an early high of $0.52451 before falling to a low of $0.52307.
XRP Technical Indicators
Resistance & Support Levels
XRP needs to avoid the $0.5227 pivot to target the First Major Resistance Level (R1) at $0.5292. A move through the Thursday high of $0.5277 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 $0.5342. The Third Major Resistance Level (R3) sits at $0.5458.
A fall through the pivot would bring the First Major Support Level (S1) at $0.5176 into play. However, barring an event-fueled sell-off, XRP should avoid sub-$0.51. The Second Major Support Level (S2) at $0.5111 should limit the downside. The Third Major Support Level (S3) sits at $0.4995.
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 $0.51568. The 50-day EMA pulled 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 S1 ($0.5176) and the 50-day EMA ($0.51568) would support a breakout from R1 ($0.5292) to target R2 ($0.5342). However, a fall through S1 ($0.5176) and the 50-day EMA ($0.51568) would bring S2 ($0.5111) into view. A fall through the 50-day EMA would send a bearish signal.
[ad_2]
Source link
