Key Insights:
- On Tuesday, XRP joined a broader market in recovery mode, gaining 0.95% to end the day at $0.7093.
- SEC appeal chatter delivered support, with crypto advocates favoring a Ripple win in the appeal courts.
- However, the shorter-term technical indicators remain bearish, supporting a return to sub-$0.65.
On Tuesday, XRP gained 0.95%. Partially reversing a 4.86% slide from Monday, XRP ended the day at $0.7093. XRP visited sub-$0.68 for the first time since July 14.
XRP Price Action
This morning, XRP was down 0.30% to $0.7072. A bearish start to the day saw XRP fall from an opening price of $0.7093 to a low of $0.7063.
Daily Chart
The Daily Chart showed XRP/USD remained below the $0.7870 – $0.7737 resistance band, with XRP under selling pressure. However, XRP sat well above the 50-day ($0.5953) and 200-day ($0.4958) EMAs, sending bullish near and longer-term price signals.
Notably, the 50-day EMA pulled further away from the 200-day EMA, affirming a bullish near-term trend. While the EMAs send bullish signals, the bearish start to the week left XRP within reach of the $0.6530 – $0.6417 support band.
Looking at the 14-Daily RSI, the 57.96 reading sends bullish XRP price signals, aligning with the EMAs. The RSI supports a run at $0.75 to bring the $0.7870 – $0.7737 resistance band into play.
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4-Hourly Chart
Looking at the 4-Hourly Chart, the XRP/USD faces strong resistance at $0.75. Despite the bullish Monday session, XRP/USD remains below the $0.7870 – $0.7737 resistance band.
XRP also sits below the 50-day EMA ($0.7245) while holding above the 200-day EMA ($0.6231), sending bearish near-term but bullish longer-term price signals. Significantly, the 50-day EMA narrowed on the 200-day EMA, signaling a move toward $0.65.
The 14-4H RSI reading of 41.80 signals bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the 50-day EMA, signaling a near-term bullish trend reversal and a run at the $0.6530 – $0.6417 support band.
Sentiment Toward a Fed Appeal Delivered Price Support
It was a busy Tuesday session as investors prepared for the Fed interest rate decision and the all-important press conference. SEC v Ripple Court rulings and the threat of an SEC appeal remained the focal point.
Ripple Chief Legal Officer Stuart Alderoty had this to say about an appeal,
“I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.”
Crypto lawyer James A Murphy, aka MetaLawMan, saw an SEC appeal as the most likely way forward. However, Murphy presented four pursuable options for the SEC this week while predicting a Ripple win in the appeal courts.
The Day Ahead
SEC v Ripple Court ruling-related chatter will remain the focal point. Uncertainty remains surrounding an SEC appeal, which will continue to test investor sentiment.
However, we expect US lawmaker chatter and Binance and Coinbase-related news to move the dial.
Away from the crypto news wires, the Fed will need consideration, with a hawkish 25-basis point interest rate hike likely to weigh on riskier assets.
