XRP Return to Sub-$0.46 Would Signal Another Bearish Session

Key Insights:

• On Monday, XRP fell by 1.15%. A third consecutive day in the red left XRP at sub-$0.47.
• Bearish sentiment from the broader crypto market spilled over to the Monday session.
• The technical indicators are bearish, with XRP sitting at the 200-day EMA, signaling a return to sub-$0.45.

On Monday, XRP fell by 1.15%. Following a 4.50% slide from Sunday, XRP ended the day at $0.46572. Notably, XRP ended the session at sub-$0.47 for the first time in four sessions.

Recovering from a mid-morning pullback, XRP rose to a late afternoon high of $0.47978. However, coming up short of the First Major Resistance Level (R1) at $0.4880, XRP slid to a late low of $0.45821. XRP briefly fell through the First Major Support Level (S1) at $0.4610 before ending the day at $0.46572.

It was another quiet session, with no updates from the SEC v Ripple case for investors to consider.

SEC v Ripple News Silent While SEC Notches a Win Against LBRY

While there were no SEC v Ripple case updates, the SEC won its case against LBRY.

Defense attorney James Filan shared the Court finding, saying,

“New Hampshire Court finds that LBRY offered LBC as a security and that the Fair Notice Defense fails.”

Filan added,

“Court finds “no reasonable trier of fact could reject the SEC’s contention that LBRY offered LBC as a security, and LBRY does not have a triable defense that it lacked fair notice, the SEC is entitled to judgment. The SEC’s Motion for Summary Judgment is granted.”

XRP showed a muted reaction to the news, reflecting differences between the two cases, while Ripple is also on a better defense footing. However, the outcome of the LBRY case may find its way into the SEC’s filings.

XRP Price Action

At the time of writing, XRP was down 0.49% to $0.46346. A mixed start to the day saw XRP rise to an early high of $0.46659 before falling to a low of $0.46268.

Technical Indicators

XRP needs to move through the $0.4679 pivot to take a run at the First Major Resistance Level (R1) at $0.4776 and the Monday high of $0.47978. A return to $0.4750 would signal a bullish session.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4895. The Third Major Resistance Level (R3) sits at $0.5110.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4560 in play. However, barring another extended sell-off, XRP should avoid sub-$0.45 and the Second Major Support Level (S2) at $0.4463. The Third Major Support Level (S3) sits at $0.4248.

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

At the time of writing, XRP sat below the 200-day EMA, currently at $0.46469. The 50-day EMA closed in on the 100-day EMA, with the 100-day EMA narrowing to the 200-day EMA. The signals were bearish.

A move through the 100-day EMA ($0.47085) would give the bulls a run at the 50-day EMA ($0.47374) and R1 ($0.4776). However, failure to move through the 200-day EMA ($0.46469) would leave S1 ($0.4560) in view.