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XRP Bears Eye a Pullback to Sub-$0.70 on Appeal Talk
Judge Torres concluded on Thursday that programmatic XRP sales do not meet the third requirement of the Howey Test. A SEC appeal might be forthcoming.
Thursday saw a 73.35% increase in XRP. XRP lost 1.01% on Wednesday and finished the day at $0.8163. Significantly, XRP made its first trip back to the $0.93 handle since December 2021.
XRP Price Movement
XRP was trading at $0.8118 at the time of writing, down 0.55%. The price of XRP fluctuated throughout the morning, reaching an early high of $0.8255 and a low of $0.8075.
The Daily Chart
The Daily Chart showed XRP/USD sitting below the $0.8400 – $0.8535 resistance band. The 50-day ($0.5072) and 200-day ($0.4649) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.
Notably, the 50-day EMA distanced itself from the 200-day EMA and demonstrated near-term bullish momentum.
XRP/USD avoided the upper level of the $0.8000 - $0.7875 support range while retreating from a high of $0.9337 on Thursday, indicating a run at $1.00.
XRP could, however, drop below the upper boundary of the $0.8000 - $0.7875 support range and once again trade below $0.70.
The 14-Daily RSI value of 87.43 indicated that XRP was overbought, in line with the 50-day EMA, and suggesting a run at $1.00.
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