XRP Bears Eye is under $0.45 at SEC v Ripple Case Silence

Sub Levels

FXEmpire.com –

Key Insights:

  • On Friday, XRP ended a six-day losing streak, rising 1.39% to end the day at $0.46769.
  • US economic data eased recession fears and supported XRP and the wider cryptocurrency market.
  • However, the technical indicators remain bearish and show a return to $0.43.

XRP gained 1.39% on Friday. Reversing a 0.42% loss from Thursday, XRP ended the day at his $0.46769. XRP ended his 6-day losing streak, but XRP revisited below $0.46 for his 5th straight day.

After a volatile morning, XRP fell to the midday low of $0.45460. After crossing the first major support level (S1) at $0.4559, XRP rose to a high of $0.47049 in the late afternoon. XRP broke out of the first major resistance level (R1) at $0.4658 and tested the second major resistance level (R2) at $0.4704 before easing.

US Jobs Report Keeps Investor Interest Away From SEC v Ripple Case

There was no SEC v Ripple case update to provide direction. The lack of court ruling disappointed the XRP community and they were hoping for a court ruling by the end of the week.

However, Amycus Curiae’s attorney John Deaton said this To tell,

“I am confident that Judge Torres recognizes the great public interest and will act accordingly. We cannot predict whether Coinbase or Ripple will list XRP on their platforms any time soon.”

Deaton responded to discussions about Coinbase and Ripple’s meeting and whether it was related to the listing of XRP on Coinbase.

Comments garnered interest, but US economic data supported a bullish XRP afternoon session.

US nonfarm payrolls jumped 253k in April against a forecast increase of 180k. Nonfarm payrolls increased by 165,000 in March. Importantly, his average hourly wage increased by 4.4% year-over-year, compared with his 4.3% in March. Economists predict that the average hourly wage he will increase by 4.2%. The U.S. unemployment rate fell to 3.4% from 3.5% versus the forecast of 3.6%.

The Jobs Report eased recession fears and supported riskier assets. But the Jobs Report failed to raise hopes for a 25 basis point rate hike in June.

According to the CME FedWatch tool, the odds of a 25 basis point rate hike in June rose from 0.0% to 8.5%. Jobs Report wiped out bets on a rate cut in June as the chance of a rate cut fell to 0.0% from 9.2%.

future day

SEC v Ripple case-related remains a major driver. XRP faces downward pressure in his May, with no progress in the XRP case making for a bearish XRP price scenario for him.

The ongoing litigation will also make XRP more sensitive to regulatory and legislative activity, impacting Binance and Coinbase (COIN)-related news and SEC activity.

On Friday, a DoJ report investigating Binance for violating Russian sanctions dampened XRP gains.

XRP Price Action

At the time of writing, XRP is down 0.85% to $0.46373. XRP rose to an early high of $0.46947 before falling to a low of $0.46338.

XRPUSD 060523 Daily Chart

technical indicator

Resistance and support levels

R1 – $ 0.4739 S1 – $ 0.4580
R2 – $ 0.4802 S2 – $ 0.4484
R3 – $ 0.4960 S3 – $ 0.4325

XRP needs to cross the $0.4643 pivot to target the first major resistance level (R1) at $0.4739. A move above Friday’s high of $0.47049 would indicate a bullish session. However, SEC v Ripple Chat and Crypto News Wire must support breakout sessions.

If the rally drags on, XRP could test the second major resistance level (R2) at $0.4802. The third major resistance level (R3) has him at $0.4960.

Not passing the pivot leaves the first major support level (S1) at $0.4580. However, in the absence of a sell-off due to cryptocurrency events, XRP should avoid below $0.45 and the second major support level (S2) of $0.4484. The third major support level (S3) is $0.4325.

XRPUSD 060523 Hourly Chart

The EMA and 4-hour candlestick chart (below) sent bearish signals.

At the time of writing, XRP has broken below the 50-day EMA, currently at $0.46530. The 50-day EMA has retreated from the 200-day EMA and the 100-day EMA has retreated from the 200-day EMA. The EMA delivered a bearish signal.

Movements across the 50-day ($0.46530) and 100-day ($0.47130) EMAs support a breakout targeting the 200-day EMA ($0.47321) and R1 ($0.4739) to R2 ($0.4802) . However, failing to cross the 50-day EMA ($0.46530) leaves S1 ($0.4580) in view. A crossing of the 50-day EMA will send a bullish signal.

XRPUSD 060523 4-hour chart

This article was originally posted on FX Empire

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The views and opinions expressed herein are those of the authors and do not necessarily reflect those of Nasdaq, Inc.

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