XRP Back at sub-$0.40 Ahead of Today’s SEC – Ripple Conference
- On Monday, XRP rose by 1.87% to end the day at $0.40 levels for the first time in June.
- While tracking the broader market trend today, apprehension ahead of today’s SEC-Ripple court scheduled conference also weighed.
- Key technical indicators remain bearish. XRP sits below the 50-day EMA.
On Monday, XRP rose by 1.87%. Following a 0.77% gain on Sunday, XRP ended the day at $0.4025.
It was the first hold onto $0.40 levels since May 31.
XRP found support from the broader market, with bitcoin (BTC) ending a nine-week losing streak driving investor appetite.
For XRP, investor concerns over the ongoing SEC v Ripple case continue to peg XRP back from a meaningful breakout.
This week, the investor focus is on a court-scheduled SEC-Ripple conference to discuss the SEC’s brief on William Hinman’s 2018 speech and the related documents.
Court Scheduled Conference to Begin at 3 pm EST Today
Last week, Judge Sarah Netburn announced a June 7 conference. The conference will focus on the SEC’s claims that all William Hinman’s speech-related documents fall under the attorney-client privilege.
The speech became a bone of contention since the Ripple defense team filed a motion to compel in August 2021. Until now, Ripple Lab’s attorneys have failed to obtain documents related to the 2018 speech, despite court rulings in favor of Ripple Lab.
In May, the courts permitted the SEC to submit the additional brief claiming that all documents related to Hinman’s speech fall under the attorney-client privilege.
Since the submission, both Ripple and the SEC have responded further to the brief. This sequence of events has led to today’s conference, which could prove pivotal to the direction of the case.
Interested parties may dial into the conference, commencing at 3 pm EST. As previously shared, the dial-in details are,
USA 877-226-8215 INT 409-207-6982 Code 4713826#.
(Calling in too early will give you a wrong code message).
While the call is overnight for Asia and Europe, we can expect plenty of XRP price sensitivity to news updates from the conference.
The very fact that the SEC has, according to Ripple defense attorney Matthew Solomon, filed at least six motions opposing the Defendant’ August 10, 2021 motion to compel suggests that the content may favor Ripple’s defense.
XRP Price Action
At the time of writing, XRP was down 3.03% to $0.3903.
A particularly bearish start to the day saw XRP slide to an early morning low of $0.3839 before finding support.
The extended sell-off saw XRP slide through the First Major Support Level at $0.3946. XRP also fell through the Second Major Support Level at $0.3868 before a partial recovery to $0.39 levels.
XRP will need to move through the First Major Support Level and the $0.4018 pivot to target the First Major Resistance Level at $0.4096. XRP would need the broader crypto market support to break out from the morning high of $0.4026.
In the event of a broad-based crypto rebound, XRP should test the Second Major Resistance Level at $0.4168 and resistance at $0.42. The Third Major Resistance Level sits at $0.4318.
Failure to move back through the First Major Support Level and the pivot would bring the Second Major Support Level at $0.3868 back into play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.38. The Third Major Support Level sits at $0.3718.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 50-day EMA, currently at $0.3980. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, XRP negative.
A move through the 100-day EMA, currently at $0.4093, would support a run at $0.45.