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Market News XRP Bears Eye Sub-$0.45 on SEC v Ripple Silence and the Fed

XRP Bears Eye Sub-$0.45 on SEC v Ripple Silence and the Fed

This morning, XRP was down due to Fed Fear dampening investor interest. The SEC v. Ripple case's court's silence, however, continues to be a burden.

TOP1Markets Analyst

2023-07-10

8071

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XRP decreased on Sunday by 0.47%. After gaining 0.41% on Saturday, XRP lost 3.34% to $0.4683 towards the conclusion of the week. Notably, XRP missed the $0.48 handle for the third session in a row.

XRP Price Movement

XRP was trading at $0.4669 at the time of writing, down by 0.30%. XRP experienced a bearish week-open, dropping from an early high of $0.4690 to a low of $0.4663.

The Daily Chart

The XRP/USD price was below the 50-day EMA ($0.4819) and above the 200-day EMA ($0.4574) on the Daily Chart, providing short-term negative signals but long-term positive ones. Notably, the 50-day EMA shrunk to the 200-day EMA and represented near-term negative momentum.

The 200-day EMA ($0.4574) and the lower level of the support band ($0.4615) came into view on Sunday when XRP/USD dropped through the upper level of the $0.4675 - $0.4615 range.

Indicating a bearish trend and linked with the 50-day EMA, the 14-Daily RSI's reading of 42.42 supported a decline through the lower level of the $0.4675-$0.4615 support band to test the 200-day EMA ($0.4574).