XRP Bears to Target Sub-$0.45 on SEC v Ripple Delays

Key Insights:

• On Wednesday, XRP tracked the broader market into the red, falling 3.91% to end the day at $0.4649.
• SEC v Ripple silence continued to weigh on buyer appetite, with no signs of a forthcoming summary judgment before the summer break.
• The technical indicators remain bearish, signaling a return to sub-$0.45.

On Wednesday, XRP slid by 3.91%. Reversing a 1.02% gain from Tuesday, XRP ended the day at $0.4649. Significantly, XRP fell below the $0.46 handle for the first time since June 16.

A mixed start to the day saw XRP rise to a first-hour high of $0.4845 before hitting the reverse. Falling short of the First Major Resistance Level (R1) at $0.4873, XRP fell to an early evening low of $0.4500. XRP fell through the Major Support Levels before a late move through S3 ($0.4638) to end the day at $0.4649.

Binance Woes and Hawkish Central Bank Chatter Weighed

It was a quiet Wednesday session. There were no Court rulings in the ongoing SEC v Ripple case to move the dial. The lack of Court rulings left XRP investors in an edgy mood as investors await the Summary Judgment.

While Judge Torres could issue a summary judgment at any time, hopes of a pre-summer ruling are fading. The delay in the Court ruling continues to weigh on XRP, which has been in a descending channel since the SEC made the William Hinman speech-related documents public (June 13).

Binance-related news added to the bearish mood, with the exchange announcing Paysafe Payment Solutions Limited’s decision to end EUR services on September 25.

With XRP and the broader market under pressure, Fed Chair Powell spoke at the ECB Central Bank Forum, saying two consecutive rate hikes remained on the table. The hawkish comments weighed on riskier assets.

The Day Ahead

It is a busy Thursday session. US GDP and jobless claims figures will draw interest this afternoon. However, investors will likely hold out for tomorrow’s Core PCE Price Index numbers that could shift the Fed’s September policy plans.

While Fed Chair Powell and the economic indicators will influence, SEC v Ripple-related news will remain the key driver.

Beyond SEC v Ripple, SEC v Binance, and Coinbase (COIN) case-related news, US lawmakers and regulatory chatter need continued monitoring.

XRP Price Action

At the time of writing, XRP was down 0.65% to $0.4619. A mixed start to the day saw XRP rise to an early high of $0.4659 before falling to a low of $0.4613.

XRP Technical Indicators

The EMAs and the 4-hourly candlestick chart (below) sent bearish signals.

At the time of writing, XRP sat below the 50-day EMA, currently at $0.4841. The 50-day EMA pulled back from the 200-day EMA, with the 100-day EMA crossing through the 200-day EMA. The EMAs delivered bearish signals.

A move through R1 ($0.4829) and the 50-day EMA ($0.4841) would give the bulls a run at R2 ($0.5010). However, failure to move through the 50-day EMA ($0.4841) would leave S1 ($0.4484) in view. A move through the 50-day ($0.4841) would send a bullish signal.

Resistance & Support Levels