- On Saturday, XRP fell by 1.03%. Following a 1.42% loss on Friday, XRP ended the day at $0.47516.
- Investors continued to lock in profits following Thursday’s SEC v Ripple Court ruling in favor of Ripple.
- However, the technical indicators remain bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.55.
On Saturday, XRP fell by 1.03%. Following a 1.42% loss on Friday, XRP ended the day at $0.47516.
A choppy start to the day saw XRP fall to an early low of $0.46773. Steering clear of the First Major Support Level (S1) at $0.4636, XRP rose to a late afternoon high of $0.48580. However, coming up short of the First Major Resistance Level (R1) at $0.4980, XRP fell back to end the day at sub-$0.48.
XRP tracked the broader crypto market into negative territory, with US inflation from Friday driving fed fear to leave the crypto market in negative territory. Investor sentiment toward the latest Court ruling in the SEC v Ripple saga took a back seat going into the weekend.
Investors Await the SEC’s Next Move after 7 Failed Attempts
Following Thursday’s surprise Court ruling, investors now await the SEC’s next strategic move to shield William Hinman’s speech-related documents under the attorney-client privilege.
Last Thursday, Judge Torres overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege. The SEC had made at least seven attempts to shield the documents under the attorney-client privilege.
Despite numerous Court orders to turn over the documents, the SEC has yet to comply with Court orders. Yet, despite the Court orders, the SEC remains defiant.
The documents that the SEC is trying to shield may have damaging content and have led to Hinman becoming a central figure in the SEC v Ripple case. Having come this far, investors now expect the SEC to play its next card.
In a series of tweets, defense attorney James Filan shared his thoughts on the SEC’s options. These included,
- Ask Judge Torres to reconsider her overruling the SEC objection.
- Request the Court to certify an appeal of the Court decision.
- Go to the Court of Appeals on a Petition for Writ of Mandamus.
- All the above.
The worst-case scenario would likely weigh on XRP. A further extension to the ongoing case could see XRP fall back toward $0.40. In the week ahead, Court filings from the SEC will need monitoring.
Overnight, there were no updates for investors to consider, leaving XRP in the hands of the broader crypto market.
XRP Price Action
At the time of writing, XRP was down 0.15% to $0.47466. A mixed start to the day saw XRP rise to an early high of $0.47705 before falling to a low of $0.47446.
XRP needs to move through the $0.4762 pivot to target the First Major Resistance Level (R1) at $0.4847 and the Saturday high of $0.4858. Investors will look out for any updates from the SEC and the Defendants. Talk of an SEC appeal would likely limit the upside.
However, in the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4943 and $0.50. The Third Major Resistance Level (R3) sits at $0.5124.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4667 in play. Barring an extended sell-off, XRP should steer clear of sub-$0.46 and the Second Major Support Level (S2) at $0.4582.
The Third Major Support Level (S3) sits at $0.4401.
The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.
At the time of writing, XRP sat above the 50-day EMA, currently at $0.46046. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were XRP price positive.
An XRP hold above the 50-day EMA ($0.46046) would support a breakout from R1 ($0.4847) to target R2 ($0.4943). However, a fall through the 50-day EMA ($0.46046) would give the bears a run at S1 ($0.4667) and the 100-day EMA ($0.43708). The 200-day EMA sits at $0.40676.