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XRP Near-Term Target Remains $0.90 Despite Appeal Threat
This morning, XRP was again in the red. Following a negative session on Thursday, investors decided to lock in profits since they were unsure of the SEC's plans to appeal.
Thursday saw a 3.13% decline in XRP. XRP finished the day at $0.7945, partially reversing a Wednesday gain of 5.37%. In three sessions, XRP had its first price decline.
The Daily Chart
The Daily Chart showed XRP/USD sitting below the $0.8400 – $0.8600 resistance band. The 50-day ($0.5689) and 200-day ($0.4846) exponential moving averages were well above XRP, indicating bullish short-term and long-term price indications.
Notably, the 50-day EMA indicated near-term bullish momentum by pulling farther away from the 200-day EMA.
Despite the unfavorable Thursday session, the $0.7870 to $0.7737 support range was eluded by XRP/USD. However, sub-$0.75 would come into play if the price fell through the support zone between $0.7870 and $0.7737.
The reading of 70.82 on the 14-Daily RSI indicates that XRP is in overbought territory. The EMAs, however, indicate a run at $0.90. In the upcoming sessions, avoiding the $0.7870 - $0.7737 support band will be crucial.
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