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Market News XRP Bulls in the Need of an SEC v Ripple Catalyst to Target $0.50

XRP Bulls in the Need of an SEC v Ripple Catalyst to Target $0.50

With no court decisions from the SEC v. Ripple case for investors to consider on the Fourth of July holiday, it is a quiet day for XRP.

TOP1Markets Analyst

2023-07-05

8670

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XRP increased on Monday by 0.95%. XRP rose 2.30% on Sunday before closing the day at $0.4891.

XRP experienced a negative start to the day, dropping to a low of $0.4788 by mid-morning. The price of XRP increased to a high of $0.4915 in the early evening while avoiding the First Major Support Level (S1) at $0.4710. In order to reach the lower level of the $0.4925-$0.05000 resistance range, XRP broke out from the 50-day EMA ($0.4810) before falling back to close the day at $0.4891.

XRP Price Movement

XRP was trading at $0.4866 at the time of writing, down 0.51%. Early on in the day, XRP rose to a high of $0.4911 before dropping to a low of $0.4861, marking a mixed start to the day.

As the markets reacted to the most recent ETF news, the Daily Chart revealed that the XRP/USD price was holding above the 50-day EMA ($0.4854). Additionally, XRP/USD continued to trade above the 200-day ($0.4567), indicating both short- and long-term positive momentum.

Notably, the 50-day EMA continued to pull away from the 200-day EMA and reflected bullish momentum.

Looking at the 14-Daily RSI, the 49.69 reading signals a moderately bearish trend. However, an RSI increase through 50 would align with the EMAs and support a breakout from the lower level of the $0.4925 – $0.5000 resistance band to target $0.50.