XRP: Bulls to Eye Sub-$0.3650 Amid Ripple vs. SEC Optimism and U.S Stats
- XRP reversed Tuesday’s 1.21% drop yesterday to close the session at around $0.34781.
- The alt received support from United States economic data and NASDAQ Index-driven market-wide rally.
- Nonetheless, XRP’s technical indicators demonstrate bearishness, as XRP stands beneath the 50day EMA, suggesting a potential return to $0.33.
XRP painted its charts red today after Wednesday’s recovery. Nonetheless, an absence of updates from the Ripple vs. SEC battle will leave the NASDAQ Index and the United States stats to offer direction. Can the remittance token overpower the ongoing bearish waves and target higher levels?
Wednesday’s upward bias saw XRP gaining 1.21% to reverse a 1.21% drop from Tuesday. The alternative token closed the session near $0.34781. Substantially, Ripple’s token revisited the $0.35 level for a 3rd successive session before retracing.
Meanwhile, XRP tracked the overall cryptocurrency market, dipping to $0.34246-morning lows before reviving. The crypto propelled from its first enormous support barrier of $0.3388 to the mid-morning peaks of $0.35191.
That meant overcoming the initial crucial resistance of $0.3501. Meanwhile, mixed moves during the afternoon pushed the remittance crypto to close the day at around the $0.34781 mark. News from the Ripple vs. SEC case attracted attention but exhibited a muted effect on XRP.
XPR Secures Support Despite Impending Court Decision
The Ripple-SEC case presented a spell of activity on Wednesday. The Court schedule indicated that non-parties should propose motions to closure summary judgment docs that varied from the sealing treatments and redactions the parties requested.
Remember, some non-parties applied for motions to redact declarations, supporting SEC’s Summary Judgement Motion. Also, MoneyGram filed a motion to safeguard employee identities. Nonetheless, there needed to be Court directions on the Securities and Exchange Commission’s proposal to redact Hinman’s docs and on the Judgement Reply briefs.
The SEC is trying to protect some content from the Hinman speech-connected documents from the public. However, it has failed six times, and the recent move could be the last ditch attempt before resorting to a settlement.
As background, SEC’s former Corporation Finance Director William Hinman stated that BTC and ETH are not securities. Though the filings attracted attention, an absence of advancements in the lawsuit left the remittance token under the broader market influence.
The NASDAQ Index and United States economic indicators delivered support, whereas hawking FOMC minutes hindered the upside. The same metrics will continue to direct the overall market and XRP today. Nonetheless, any rulings by the Court would mute U.S. statistics influence.
Ripple (XRP) Price Action
XRP stood at around $0.34434 during this writing, following a 1.0% dip. Mixed movements saw the remittance crypto climbing to a $0.34832 high before plunging to $0.34410 lows. Meanwhile, moving past $0.3474 would clear the path to the initial massive resistance near $0.3523. Reclaiming the $0.35 region would signal bullishness for XRP.
Continued bullish efforts push the alt toward the 2nd massive obstacle near $0.3568 before exploring $0.36. After that, bulls would encounter another upside resistance near $0.3663. Nonetheless, a bearish response at the $0.3474 level would welcome declines.
Such actions will likely drag XRP toward the first reliable footing at $0.3429. Nonetheless, excluding intensified sell-offs, the alt should ditch the $0.3350 value area. XRP’s $0.3379 2nd support should prevent more dips. Meanwhile, XRP remains bearish as it sits beneath the 50day Exponential Moving Average ($0.34612.