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Key Insights:
- On Saturday, XRP extended the losing streak to four sessions, falling by 1.04% to end the day at $0.6284.
- SEC appeal threats continue to leave XRP in limbo.
- The shorter-term technical indicators remain bearish, supporting a return to sub-$0.60.
On Saturday, XRP declined by 1.04%. Following a 4.24% slide on Friday, XRP ended the day at $0.6284. XRP visited sub-$0.62 for the second time since the SEC v Ripple Court ruling.
XRP Price Action
This morning, XRP was up 0.21% to $0.6297. A mixed start to the day saw XRP fall to an early low of $0.6265 before rising to a high of $0.6365.
Daily Chart
The Daily Chart showed XRP/USD sitting below the $0.6530 – $0.6417 resistance band. However, XRP remained above the 50-day ($0.6246) and 200-day ($0.5151) EMAs, sending bullish near and longer-term price signals.
Notably, the 50-day EMA widened from the 200-day EMA, a bullish price signal.
Looking at the 14-Daily RSI, the 42.78 reading sends bearish XRP price signals, signaling a fall through the 50-day EMA ($0.6246) to bring the $0.5900 – $0.5750 support band into play.
4-Hourly Chart
Looking at the 4-Hourly Chart, the XRP/USD sits below the $0.6417 – $0.6530 resistance band, with the bears eyeing the $0.5900 – $0.5750 support band.
XRP sits below the 50-day ($0.6734) and 200-day ($0.6528) EMAs on four days in the red, sending bearish near and longer-term price signals. The 50-day EMA narrowed on the 200-day EMA, signaling a fall toward the $0.5900 – $0.5750 support band.
However, an XRP move through the 0.6417 – $0.6530 resistance band and the 200-day EMA ($0.6528) would give the bulls a run at the 50-day EMA ($0.6734).
The 30.09 14-4H RSI reading reflects the bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the 50-day EMA, signaling a fall through the $0.5900 – $0.5750 support band.
SEC Threat to Appeal Continues to Drag
It was a quiet Saturday session, with no crypto events to move the dial. However, Ripple Chief Legal Officer Stuart Alderoty offered more views on the SEC and labeling cryptos securities, saying,
“To those saying the SEC doesn’t think a token itself is a security… this is false. See the SEC’s own words in the complaint against us (which the judge ultimately rejected).”
Alderoty shared an excerpt that said,
“At all relevant times during the Offering, XRP was an investment contract and therefore a security subject to the registration requirements of the federal securities laws.”
The Judge Torres Court ruling remains a hot topic, with the XRP community seemingly convinced the SEC will appeal the decision.
Coinbase and Terraform Labs have cited the Ripple case in their legal battles against SEC charges.
Judge Rakoff, presiding over the SEC v Terraform Labs case, referenced the SEC v Ripple Court ruling, adding to the bearish sentiment. This week, Judge Rakoff questioned the Judge Torres ruling, raising market bets on an SEC appeal.
The Day Ahead
It is likely to be another quiet day ahead for the crypto market. However, investors must continue to monitor the crypto news wires for price-moving events.
SEC v Ripple Court ruling-related chatter will remain the focal point, with SEC silent on appeal plans. However, investors should continue to track SEC activity and US lawmaker chatter. Progress on Capitol Hill to deliver a crypto regulatory framework would be a bullish price scenario.
Terra Labs v SEC, ETF, Binance, and Coinbase-related news also need consideration.
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