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Market News XRP Bears Remain in Control Despite SEC Appeal Silence and the Fed

XRP Bears Remain in Control Despite SEC Appeal Silence and the Fed

Despite two days of positive performance, XRP is still under pressure. Plans for an SEC appeal are still a negative for crypto, but positive legislative news is coming out of Washington.

TOP1Markets Analyst

2023-07-27

6366

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Wednesday saw a 0.99% increase in XRP. Tuesday saw a 0.95% increase, and XRP concluded the day at $0.7163. For the first time in three sessions, XRP avoided falling below $0.69.

XRP Price Movement

XRP was down 0.74% at $0.7111 this morning. XRP experienced a bearish opening to the day, dropping from $0.7164 to a low of $0.7082.

daily chart

The $0.7870–$0.7737 resistance band was still being tested on the daily chart for XRP/USD, and XRP was under selling pressure. The 50-day ($0.6002) and 200-day ($0.4981) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.

Notably, a bullish short-term trend was confirmed as the 50-day EMA drew further away from the 200-day EMA. Although the EMAs are sending positive signals, XRP is still within reach of the $0.6530 - $0.6417 support area due to the week's bearish start.

Looking at the 14-Daily RSI, the reading of 58.19 aligns with the EMAs and offers optimistic signals for the XRP price. The run at $0.75 to activate the resistance band between $0.7870 and $0.7737 is supported by the RSI.

Four-Hour Chart

On the 4-Hourly Chart, $0.75 is a significant point of resistance for the XRP/USD. XRP/USD is still trading below the $0.7870 - $0.7737 barrier area after Wednesday's positive session.

Additionally, XRP is trading below the 50-day exponential moving average ($0.7211) and above the 200-day moving average ($0.6281), giving bearish short-term but positive long-term price indications. Significantly, the 200-day EMA's 50-day EMA shrunk, indicating a rise toward $0.65.

A reading of 46.37 on the 14-4H RSI indicates a negative mood, with purchasing pressure outweighing selling pressure. An important alignment between the RSI and the 50-day EMA suggests a run at the $0.6530-$0.6417 support level