XRP Sideways Moves Leave $0.65 in Play on SEC Appeal Threat

Key Insights:

• On Saturday, XRP extended the losing streak to three sessions, falling 0.07% to end the day at $0.7122.
• SEC appeal-related chatter continued to hit the news wires, leaving XRP on the back foot.
• The shorter-term technical indicators remain bearish, supporting a return to sub-$0.65.

On Saturday, XRP slipped by 0.07%. Following a 0.18% loss on Friday, XRP ended the day at $0.7122. Despite the bearish session, XRP avoided sub-$0.70 for the third consecutive session.

Daily Chart

The Daily Chart showed XRP/USD remained below the $0.7870 – $0.7737 resistance band, with XRP moving sideways for the fifth consecutive session. However, XRP sat well above the 50-day ($0.6129) and 200-day ($0.5044) EMAs, sending bullish near and longer-term price signals.

Notably, the 50-day EMA pulled further away from the 200-day EMA, affirming a bullish near-term trend. While the EMAs send bullish signals, the bearish start to the week left XRP within reach of the $0.6530 – $0.6417 support band.

Looking at the 14-Daily RSI, the 57.98 reading sends bullish price signals, aligning with the EMAs. The RSI supports a run at $0.75 to bring the $0.7870 – $0.7737 resistance band into play.

4-Hourly Chart

Looking at the 4-Hourly Chart, the XRP/USD faces strong resistance at the 50-day EMA. After the bearish Saturday session, XRP/USD remains below the $0.7870 – $0.7737 resistance band.

XRP also sits below the 50-day EMA ($0.7186) while holding above the 200-day EMA ($0.6420), sending bearish near-term but bullish longer-term price signals. The 50-day EMA narrowed on the 200-day EMA, signaling a fall toward $0.65.

The 14-4H RSI reading of 46.80 signals bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the 50-day EMA, signaling the near-term bullish trend reversal and a run at the $0.6530 – $0.6417 support band.

SEC Remains a Stumbling Block for the Post Court Ruling Rally

It was a quiet Saturday session, with no crypto events to influence market sentiment. The lack of price-moving events left XRP in a tight range.

However, XRP remained under pressure, with the threat of an SEC appeal a crypto market headwind. An SEC appeal could drag the case out for another 24 months and leave the regulation by enforcement mantra intact without US lawmaker intervention.

The Day Ahead

While SEC v Ripple Court ruling chatter will remain the focal point, progress on Capitol Hill to roll out legislation to provide a crypto regulatory framework will influence.

Investors should also monitor the crypto news wires for ETF, Binance, and Coinbase (COIN)-related news. XRP needs a catalyst to break from the current ranges.