Key Insights:
- On Saturday, XRP joined the broader market in positive territory, rising by 5.10% to end the day at $0.47234.
- A lack of SEC v Ripple news and regulatory activity left dip buyers to deliver a return to $0.47.
- However, the technical indicators are bearish, signaling a return to sub-$0.42.
On Saturday, XRP rose by 5.10%. Reversing a 5.50% slide from Friday, XRP ended the day at $0.47234. Significantly, XRP ended a three-day losing streak.
A mixed start to the day saw XRP fall to an early low of $0.44576. Steering clear of the First Major Support Level (S1) at $0.4335, XRP rallied to an early afternoon high of $0.47542. XRP broke through the First Major Resistance Level (R1) at $0.4723 before returning to sub-$0.47. However, XRP found late support to end the day at $0.47234. R1 capped the upside.
Dip Buyers Return on XRP Decline to Sub-$0.45 on Hopes of a Ripple Victory
It was a quiet Saturday session. There were no SEC v Ripple case updates to influence investor sentiment. Legal experts watching the case closely have previously conjected that a ruling could come by the end of April.
Optimism toward a Ripple victory lingers. The Hinman documents and references to Judge commentary from other crypto-related cases have placed the Ripple Defense team on a firmer footing.
However, the outcome will have significant consequences for the US crypto market and the SEC. A Ripple victory could end the SEC’s regulation policies and force Capitol Hill into introducing legislation that has the appropriate balance between protecting investors but supporting innovation.
In contrast, an SEC victory could see the US become a crypto departure lounge.
Ripple Price Forecast
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See all Ripple forecastsXRP Price Action
At the time of writing, XRP was down 1.48% to $0.46535. A bearish start to the day saw XRP fall from an early morning high of $0.47196 to a low of $0.46122.
Technical Indicators
Resistance & Support Levels
| R1 – $ | 0.4833 | S1 – $ | 0.4536 |
| R2 – $ | 0.4942 | S2 – $ | 0.4348 |
| R3 – $ | 0.5238 | S3 – $ | 0.4052 |
XRP needs to avoid the $0.4645 pivot to target the First Major Resistance Level (R1) at $0.4833. A move through the Saturday high of $0.47542 would signal a bullish session. However, SEC v Ripple chatter must support a breakout.
In the case of an extended rally, XRP would likely test the Second Major Resistance Level (R2) at $0.4942 and resistance at $0.50. The Third Major Resistance Level (R3) sits at $0.5238.
A fall through the pivot would bring the First Major Support Level (S1) at $0.4536 into play. However, barring another extended sell-off, XRP should avoid sub-$0.44 and the Second Major Support Level (S2) at $0.4175. The Third Major Support Level (S3) sits at $0.4052.
The EMAs and the 4-hourly candlestick chart (below) sent bearish signals.
At the time of writing, XRP sat below the 200-day EMA, currently at $0.48247. The 50-day EMA closed in on the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The EMAs delivered bearish signals.
A move through the 200-day ($0.48247) and R1 ($0.4833) would give the bulls a run at the 50-day EMA ($0.48854) and R2 ($0.4942). However, failure to move through the 200-day EMA ($0.48247) would leave S1 ($0.4536) in view. A move through the 50-day EMA would send a bullish signal.
