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The Sunday Overview
On Sunday, XRP rallied 2.54%. After a 0.46% loss on Saturday, XRP ended the day at $0.6262.
Settlement Hopes Continue to Cushion the Downside
Over the weekend, there were no SEC v Ripple case-related updates to draw investor interest. The lack of court activity left investors to weigh the likely outcome of the SEC v Ripple case. Things haven’t gone the SEC’s way as the two parties enter the final stage of the case.
The threat of the SEC appealing the Programmatic Sales ruling continues to cap the upside. Recent legal maneuvers suggest the SEC plans to appeal the Programmatic Sales ruling in the appellate courts. The SEC must wait for the conclusion of the Ripple case to file an appeal.
Before the court rejected the SEC motion for interlocutory appeal, the SEC showed no interest in expediting the case. An interlocutory appeal would have extended the case into 2025. Since the court ruling, the SEC dropped the charges against Larsen and Garlinghouse and agreed to move toward a settlement.
The expectations of a relatively small penalty for XRP sales to US institutional investors remain a tailwind. However, fear of the SEC appealing the Programmatic Sales ruling is a headwind.
Market commentary relating to the SEC v Ripple case and updates from remedies-related discovery would influence buyer demand.
XRP Price Action
Daily Chart
XRP remained above the 50-day and 200-day EMAs, affirming bullish price signals.
An XRP return to $0.63 would support a break above the $0.6354 resistance level to target $0.65.
SEC v Ripple case-related news will remain the focal point for XRP investors.
An XRP fall through the trend line, and the 50-day EMA would bring the $0.5835 support level. Buying pressure may build at $0.59. The 50-day EMA is confluent with the trend line.
The 14-day RSI reading of 52.46 indicates an XRP return to $0.65 before entering overbought territory.
4-Hourly Chart
On the 4-hourly chart, XRP is below the 50-day EMA but above the 200-day EMA, signaling bearish near-term and bullish longer-term trends.
An XRP break above the 50-day EMA and the $0.6354 resistance level would give the bulls a run at $0.65.
However, a drop below $0.62 would support a fall toward the 200-day EMA.
The 4-hourly RSI, with a reading of 52.55, suggests an XRP return to $0.65 before entering overbought territory.
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About the Author: Editorial team of BIPNs
