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XRP Bears to Target Sub-$0.46 on US Anti-Crypto Rhetoric
It is a busy day for XRP and the broader market. However, SEC and US lawmaker chatter would continue to mute the influence of US economic data.
XRP Price Action
At the time of writing, XRP was up 0.11% to $0.4714. A range-bound start to the day saw XRP fall to an early low of $0.4708 before rising to a high of $0.4720.
Daily Chart
The Daily Chart showed XRP/USD sitting below the 50-day EMA ($0.4813) while holding above the 200-day EMA ($0.4580), sending near-term bearish but bullish longer-term signals.
Notably, the 50-day EMA narrowed to the 200-day EMA and reflected bearish momentum over the near term.
Despite the bearish Wednesday session, XRP/USD avoided the upper level of the $0.4675 – $0.4615 support band to keep the 50-day EMA ($0.4813) in view. A move through the 50-day EMA would give the bulls a run at the lower level of the $0.4925 – $0.5000 resistance band.
However, failure to move through the 50-day EMA would leave the $0.4675 – $0.4615 support band and the 200-day EMA ($0.4580) in view.
Looking at the 14-Daily RSI, the 45.18 reading signaled a bearish trend, aligned with the 50-day EMA and supporting a fall through the $0.4675 – $0.4615 support band to test the 200-day EMA ($0.4580).
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