Key Insights:
- On Saturday, XRP resumed the downward trend, falling by 1.83% to end the session at $0.45913.
- Binance-related news, an Ethereum Sale, and SEC v Ripple silence led XRP to sub-$0.46.
- The technical indicators are bearish, signaling a return to $0.43.
On Saturday, XRP fell by 1.83%. Reversing a 1.83% gain from Friday, XRP ended the day at $0.45913. Significantly, XRP ended the day at sub-$0.46 for the first time since March 26.
A bullish start to the day saw XRP rise to a first-hour high of $0.46947 before hitting reverse. Falling short of the First Major Resistance Level (R1) at $0.4739, XRP fell to an early afternoon low of $0.45201. XRP briefly fell through the First Major Support Level (S1) at $0.4580 before wrapping up the day at $0.45913.
Binance and Ethereum Foundation-Related News Spook Investors
It was a quiet Saturday session, with no SEC v Ripple case updates to provide direction. The lack of Court Rulings continued to disappoint the XRP Community.
While there were no updates to consider, Ripple CEO Brad Garlinghouse extended thanks to the XRP community, saying,
“Great to meet so many folks from the XRP community at XRP Las Vegas 2023 – the camaraderie is remarkable (and an amazing feeling in person vs Twitter!). This community has stood by and supported Team Ripple as we have fought the good fight… I can’t adequately express my gratitude.”
The timing of the comments coincided with the prediction of a Court ruling this week. On Thursday, Amicus Curiae attorney John Deaton responded to a tweet stating that three days remained until his Court ruling prediction failed, saying,
“Show me where I said I guarantee anything. I Said if you average out Judge Torres’ previous summary judgment decisions following her Daubert rulings, you get 60 days, which would be May 6. I said I will be a bit surprised if it’s not decided by then but not shocked.”
Ethereum (ETH) and Binance-related news added to the bearish sentiment.
On Friday, news hit the wires of the US Department of Justice investigating Binance for possible breaches of sanctions against Russia. While crypto investors may be able to stomach increased regulatory scrutiny, the discovery of a sanctions breach would give the US administration a solid footing to bring down the US crypto market.
However, repercussions of a breach could extend beyond the US borders. European investors and regulators may also respond to findings that Binance facilitated sanction evasion.
An Ethereum Foundation transaction may have contributed to the reversal.
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SEC v Ripple case-related updates will remain the key drivers. XRP continues to face downward pressure, with the silence from the SEC v XRP case testing investor resolve.
Price sensitivity to regulatory and lawmaker activity remains, leaving Binance and Coinbase (COIN)-related news and the SEC to influence.
XRP Price Action
At the time of writing, XRP was up 0.20% to $0.46007. A mixed start to the day saw XRP fall to an early low of $0.45752 before rising to a high of $0.46007.
XRP Technical Indicators
Resistance & Support Levels
| R1 – $ | 0.4684 | S1 – $ | 0.4509 |
| R2 – $ | 0.4777 | S2 – $ | 0.4427 |
| R3 – $ | 0.4951 | S3 – $ | 0.4253 |
XRP needs to move through the $0.46020 pivot to target the First Major Resistance Level (R1) at $0.4684 and the Saturday high of $0.46947. A return to $0.4650 would signal a bullish 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 the Second Major Resistance Level (R2) at $0.4777. The Third Major Resistance Level (R3) sits at $0.4951.
Failure to move through the pivot would leave the First Major Support Level (S1) at $0.4509 in play. However, barring a crypto event-fueled sell-off, XRP should avoid sub-$0.4450 and the Second Major Support Level (S2) at $0.4427. The Third Major Support Level (S3) sits at $0.4253.
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 $0.46407. The 50-day EMA eased back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA. The EMAs delivered bearish signals.
A move through the 50-day EMA ($0.46407) would support a breakout from R1 ($0.4684) and the 100-day EMA ($0.46997) to target the 200-day EMA ($0.47242) and R2 ($0.4777). However, failure to move through the 50-day EMA ($0.46407) would leave S1 ($0.4509) in view. A move through the 50-day EMA would send a bullish signal.
