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Market News XRP Bears Eye Sub-$0.46 on US CPI Report and SEC v Ripple News

XRP Bears Eye Sub-$0.46 on US CPI Report and SEC v Ripple News

The US CPI Report is expected to affect investor sentiment toward riskier assets, making today hectic for XRP. The SEC v. Ripple news is still crucial, though.

TOP1Markets Analyst

2023-07-12

10670

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Tuesday saw a 0.54% decline in XRP. XRP finished the day at $0.4757, partially reversing a Monday gain of 2.14%. Significantly, for the fourth time in five sessions, XRP failed to reach the $0.48 level.

XRP Price Movement

XRP was trading at $0.4754 at the time of writing, down 0.06%. XRP rose to an early high of $0.4758 before dropping to a low of $0.4750 during the day's range-bound opening.

The Daily Chart

The Daily Chart showed XRP/USD sitting below the 50-day EMA ($0.4818) while holding above the 200-day EMA ($0.4579), sending near-term bearish but bullish longer-term signals.

Notably, the 50-day EMA shrunk to the 200-day EMA and represented near-term negative momentum.

XRP/USD skirted the top of the $0.4675 to $0.4615 support area despite the negative Tuesday session to keep the 50-day EMA ($0.4819) in sight. The bulls would have a run at the bottom level of the $0.4925-$0.5000 resistance area with a move through the 50-day EMA.

However, if the 50-day EMA is not crossed, the 200-day EMA ($0.4579) and the support range of $0.4675 to $0.4615 would remain in sight.

Indicating a mildly bearish trend and lined with the 50-day EMA, the 14-Daily RSI reading of 47.02 supported a decline through the $0.4675-$0.4615 support range to challenge the 200-day EMA ($0.4579).