XRP Return to $0.52 Would Deliver $0.55 on Hinman Doc Countdown

Key Insights:

• On Saturday, XRP rejoined the broader market in the red, falling 5.76% to end the day at $0.50711.
• Investor optimism toward the SEC v Ripple case took a backseat, with Binance-related news testing buyer appetite.
• The technical indicators send mixed signals, bringing $0.45 into view.

On Saturday, XRP slid by 5.76%. Reversing a 2.67% gain from Friday, XRP ended the day at $0.50711. Significantly XRP revisited sub-$0.48 for the first time since May 29.

A mixed start to the day saw XRP rise to an early morning high of $0.53852. Falling short of the First Major Resistance Level (R1) at $0.5460, XRP fell to a mid-morning low of $0.47522. XRP fell through the Major Support levels before a move through S3 ($0.4923) to end the day at $0.50711.

SEC v Ripple Silence Leaves XRP in the Hands of the Bears

It was a quiet Saturday session, with no SEC v Ripple Court rulings or filings to draw interest. The lack of case-related news left XRP investors to reflect on the events from the week and what lies ahead.

Ripple Chief Legal Officer Stuart Alderoty shared his views on the SEC and registration with the SEC, saying,

“The SEC issues stop orders blocking registration statements when they’re untrue. One that says ‘I am not registering as a broker-dealer, a securities exchange, or an ATS because I am not trading securities’ should have been blocked if the SEC believed that statement was untrue.”

While the SEC v Ripple case remains the focal point, news of SEC Nigeria ordering Binance Nigeria to cease soliciting Nigerian investors was bearish. However, Binance pausing US dollar deposits and suspending withdrawals remained the key drivers.

The Day Ahead

There are no US economic indicators to consider, leaving investors to monitor the crypto new wires for SEC v Ripple, SEC v Binance, and SEC-Coinbase (COIN)-related news.

Following the news of SEC Nigeria ordering Binance Nigeria to cease soliciting Nigerian investors, other regulators could follow suit.

In the final hour, the NASDAQ mini will also influence. Investors have a busy week ahead on the US economic calendar. On Tuesday, the US CPI Report could decide the outcome of the FOMC meeting on Wednesday. Sticky inflation would support a more hawkish Fed policy outlook.

While the US CPI Report and the Fed will move the dial, investors also await the imminent release of the infamous William Hinman speech-related documents (June 13). The content of the docs could have a material impact on the SEC v Ripple case.

XRP Price Action

At the time of writing, XRP was down 0.10% to $0.50660. A mixed start to the day saw XRP fall to an early low of $0.50540 before rising to a high of $0.50896.

Technical Indicators

Resistance & Support Levels

XRP needs to move through the $0.5070 pivot to target the First Major Resistance Level (R1) at $0.5387. A return to $0.52 would signal an extended breakout session. However, SEC v Ripple chatter and the crypto news wires must support a breakout session.

In the case of an extended rally, XRP would likely test resistance at $0.55 but fall short of the Second Major Resistance Level (R2) at $0.5703. The Third Major Resistance Level (R3) sits at $0.6336.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4754 into play. However, barring another risk-off-fueled sell-off, XRP should avoid sub-$0.47 and the Second Major Support Level (S2) at $0.4437. The Third Major Support Level (S3) sits at $0.3804.

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

At the time of writing, XRP sat above the 100-day EMA, currently at $0.50449. The 50-day EMA closed in on the 100-day EMA, while the 100-day EMA widened from the 200-day EMA. The EMAs delivered mixed signals.

A move through the 50-day EMA ($0.51449) would support a breakout from R1 ($0.5387) to target $0.55 and R2 ($0.5703). However, a fall through the 100-day ($0.50450) and the 200-day ($0.48951) EMAs would bring S1 ($0.4754) into view. A move through the 50-day EMA would send a bullish signal.