XRP Bears Target a Return to Sub-$0.38 on Binance and US CPI Jitters

Key Insights:

• On Monday, XRP rose by 1.44% to end the day at $0.3868.
• Binance news weighed on XRP through the early morning before the NASDAQ Index delivered a bullish afternoon session.
• The technical indicators remain bearish, with XRP below the 50-day EMA, leaving $0.35 in play.

On Monday, XRP rose by 1.44%. Reversing a 1.35% loss from Sunday, XRP ended the day at $0.3868. XRP fell short of $0.39 for the third consecutive session.

A bearish start to the day saw XRP fall to an early morning low of $0.3711. XRP fell through the First Major Support Level (S1) at $0.3768 and the Second Major Support Level (S2) at $0.3724. However, finding broader market support, XRP rose to a late high of $0.38967. XRP broke through the First Major Resistance Level (R1) at $0.3872 before easing back to end the day at sub-$0.3870.

Binance and the NASDAQ Index Deliver a Bullish XRP Session

There were no updates from the ongoing SEC v Ripple case to distract investors from the crypto news wires.

Reports of unusual activity on the Binance exchange and a Reuters report of US authorities planning to file charges for financial crimes weighed on investor sentiment.

However, the NASDAQ Index delivered much-needed support ahead of today’s US CPI Report. Hopes of softer inflation figures and a Fed pivot drove demand for riskier assets through the afternoon session.

Today, a lack of updates from the SEC v Ripple case will leave the US CPI Report and the NASDAQ Index to provide further direction. Following Monday’s optimism, investor jitters could test buyer appetite ahead of today’s numbers.

However, Binance news will also draw attention throughout the session.

XRP Price Action

At the time of writing, XRP was down 0.94% to $0.38315. A mixed start to the day saw XRP rise to an early high of $0.38785 before falling to a low of $0.38266.

Technical Indicators

XRP needs to avoid the $0.3825 pivot to target the First Major Resistance Level (R1) at $0.3939. A move through the Monday high of $0.38967 would signal a bullish session.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4011. The Third Major Resistance Level (R3) sits at $0.4197.

A fall through the pivot would give the bears a run at the First Major Support Level (S1) at $0.3754. However, barring an extended sell-off, XRP should avoid sub-$0.37 and the Second Major Support Level (S2) at $0.3640. The Third Major Support Level (S3) sits at $0.3454.

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 $0.38800. The 50-day EMA flattened on the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA. The signals were mixed.

A move through the 100-day EMA ($0.38800) would give the bulls a run at R1 ($0.3939) and the 200-day ($0.39555). However, a fall through the 50-day EMA ($0.38570) would bring S1 ($0.3754) into play.