XRP Bears Eye a Six-Day Losing Streak and $0.65 on Crypto Fires

Key Insights:

• On Monday, XRP extended the losing streak to five sessions, falling 0.91% to end the day at $0.6983.
• News of the SEC filing charges against Richard Heart and Hex, PulseX, PulseChain left XRP and the broader market in the red.
• The shorter-term technical indicators remain bearish, supporting a return to sub-$0.65.

On Monday, XRP fell by 0.91%. Following a 1.05% loss on Sunday, XRP ended the day at $0.6983. A fifth consecutive day in the red left XRP at sub-$0.70 for the first time since the Judge Torres Court ruling

XRP Price Action

Daily Chart

The Daily Chart showed XRP/USD remained below the $0.7870 – $0.7737 resistance band, with XRP on a five-day losing streak. However, XRP sat well above the 50-day ($0.6191) and 200-day ($0.5082) EMAs, sending bullish near and longer-term price signals.

Notably, the 50-day EMA pulled further away from the 200-day EMA, affirming a bullish near-term trend. While the EMAs send bullish signals, the five-day losing streak left XRP within reach of the $0.6530 – $0.6417 support band.

Looking at the 14-Daily RSI, the 54.99 reading sends bullish XRP price signals, aligning with the EMAs. The RSI supports a run at $0.75 to bring the $0.7870 – $0.7737 resistance band into play.

4-Hourly Chart

Looking at the 4-Hourly Chart, the XRP/USD faces strong resistance at the 50-day EMA. After the bearish Monday session, XRP/USD remains below the $0.7870 – $0.7737 resistance band.

XRP also sits below the 50-day EMA ($0.7124) while holding above the 200-day EMA ($0.6493), sending bearish near-term but bullish longer-term price signals. The 50-day EMA narrowed on the 200-day EMA, signaling a fall toward $0.65.

The 14-4H RSI reading of 40.97 signals bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the 50-day EMA, signaling the near-term bullish trend reversal and a run at the $0.6530 – $0.6417 support band.

SEC Charges Against Richard Hex, PulseX, and PulseChain Weighed

It was a busy start to the week for the crypto market. While investors await updates from the SEC on plans to appeal the Judge Torres ruling from the SEC v Ripple case, the SEC weighed on investor sentiment.

News of the SEC filing charges Richard Heart, Hex, PulseX, and PulseChain and a Curve Finance exploit sent the crypto market into reverse.

Overnight on Sunday, Curve Finance announced the exploit, saying,

“A number of stablecoins (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentracy lock. We are assessing the situation and will update the community as things develop. Other pools are safe.”

Curve Finance provided further updates throughout the Monday session, weighing on investor sentiment.

On Monday, the SEC filed charges against Richard J. Schueller, a/k/a Richard Heart, Hex, PulseChain, and PulseX, for the unregistered offering and sale of crypto asset securities to retail investors and defrauded investors by using investor monies to fund his lavish lifestyle, among other charges.

The Day Ahead

While SEC v Ripple Court ruling chatter will remain the focal point, investors should continue to monitor the crypto news wires. SEC activity and US lawmaker chatter will move the dial.

However, investors should also monitor ETF, Binance, and Coinbase-related news.