Key Insights:
- On Sunday, XRP fell by 0.99% to end the week down 10.37% to $0.47685.
- SEC v Ripple updates took a back seat, with investor caution creeping in ahead of tomorrow’s next diarized Court filing.
- The technical indicators have turned bearish, with XRP sitting below the 100-day EMA, signaling a return to sub-$0.45.
On Sunday, XRP fell by 0.99%. Following a 1.48% loss on Saturday, XRP ended the week down by 10.37% to $0.47685. Notably, XRP ended the day at sub-$0.49 for the sixth consecutive session.
A bullish start to the day saw XRP rise to an early high of $0.48729. Falling short of the First Major Resistance Level (R1) at $0.4882, XRP slid to a late low of $0.47765. However, steering clear of the First Major Support Level (S1) at $0.4764, XRP revisited $0.482 levels before falling back into the red.
There were no updates from the ongoing SEC v Ripple case to provide price support, leaving XRP in the hands of the broader crypto market sentiment.
Investor anxiety likely tested buyer appetite for XRP on Sunday. Following recent wins for the defense and the Amicus Brief filings, the focus returns to the Court calendar.
On October 18, parties must file all materials relating to opposition to summary judgment motions. The filings must include briefs, Rule 56.1 counterstatements, and supporting exhibits. The parties will file the materials under a temporary seal.
Following the filings, the parties will meet on October 20 to identify redaction requests to the opposition briefs.
Investors will also need to look out for SEC motions to appeal the Court overruling the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege. Investors continue to view the Hinman speech-related documents as the key to the case.
XRP Price Action
At the time of writing, XRP was down 0.74% to $0.47331. A bearish start to the day saw XRP fall from an early high of $0.47615 to a low of $0.47331.
Technical Indicators
XRP needs to move through the $0.4776 pivot to take a run at the First Major Resistance Level (R1) at $0.4865 and the Sunday high of $0.48729. SEC v Ripple case updates will have to be in favor of the defendants to support a breakout session.
In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4961 and $0.50. The Third Major Resistance Level (R3) sits at $0.5146.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4680 in play. However, barring an extended sell-off, XRP should avoid sub-$0.4550. The Second Major Support Level (S2) at $0.4591 should limit the downside. The Third Major Support Level (S3) sits at $0.4406.
The EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.
At the time of writing, XRP sat below the 100-day EMA, currently at $0.48144. The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bearish.
A move through the 100-day EMA ($0.48144) would give the bulls a run at R1 ($0.4865) and the 50-day EMA ($0.48787). However, a failure to move through the 100-day EMA ($0.48144) would leave the Major Support Levels in play.