XRP Price Action Turns Bullish Again with the Bulls Targeting $0.60

Key Insights:

• On Sunday, XRP resumed the uptrend, rising by 2.87% to mark a sixth session rise from seven.
• XRP led a mixed crypto session, with Investor optimism over the SEC v Ripple case providing support.
• The technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.55.

On Sunday, XRP rose by 2.87%. Reversing a 0.18% loss from Saturday, XRP ended the week up 18.7% to $0.53204. XRP saw just one session in the red from seven, bucking the trend across the top ten cryptos.

A bearish start to the Sunday session saw XRP fall to an early low of $0.50585. Finding support at the First Major Support Level (S1) at $0.5095, XRP rallied to a late afternoon high of $0.54860. XRP broke through the First Major Resistance Level (R1) at $0.5270 and the Second Major Resistance Level (R2) at $0.5368. However, a late pullback saw XRP fall through R2 to end the day at $0.53204.

While there were no updates from the ongoing SEC v Ripple case to influence, investor optimism resurfaced.

Investor Optimism Towards the SEC v Ripple Case Resurfaces

It was a quiet weekend for Ripple, with no SEC v Ripple updates to provide XRP with direction. Despite the lack of updates, investor optimism towards a favorable outcome to the SEC v Ripple case resurfaced.

After hitting pause on Saturday, the latest Court ruling on William Hinman’s speech-related docs remains the pivotal Court decision to date. In a famous 2018 speech, Division of Corporation Finance, William Hinman, said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

While the SEC may appeal the Court decision, the consensus is that the SEC will eventually have to turn over the documents. At that juncture, the view is that the SEC will look to settle rather than allow the documents to circulate in the public arena.

Until now, the SEC has made at least seven attempts to shield the Hinman documents under the attorney-client privilege. However, despite all the rulings against the SEC, the SEC has failed to turn over the documents.

While an SEC appeal may slow the XRP recovery, reports of the SEC turning over the Hinman docs would deliver price support.

XRP Price Action

At the time of writing, XRP was up 0.52% to $0.53481. A mixed start to the day saw XRP fall to an early low of $0.52893 before rising to a high of $0.53335.

Technical Indicators

XRP needs to avoid the $0.5288 pivot to target the First Major Resistance Level (R1) at $0.5518. Barring updates from the SEC v Ripple case, an XRP return to $0.5450 would signal another bullish session.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.5716 and target $0.60. The Third Major Resistance Level (R3) sits at $0.6143.

A fall through the pivot would bring the First Major Support Level (S1) at $0.5091 into play. Barring an extended sell-off, XRP should avoid sub-$0.50 and the Second Major Support Level (S2) at $0.4861. The Third Major Support Level (S3) sits at $0.4433.

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 50-day EMA, currently at $0.49701. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

An XRP hold above the 50-day EMA ($0.49701) would support a breakout from R1 ($0.5518) to target R2 ($0.5716) and $0.60. However, a fall through S1 ($0.5091) would give the bears a run at the 50-day EMA ($0.49701). The 200-day EMA sits at $0.43985.