XRP Bears Eye Sub-$0.45 on Hawkish Fed Bets and SEC v Ripple News

Key Insights:

• On Thursday, XRP tracked the broader market into positive territory, gaining 2.13% to end the day at $0.47480.
• News of Fidelity filing for a spot Bitcoin ETF offset hawkish Fed bets and continued SEC v Ripple silence.
• However, the technical indicators remain bearish, signaling a return to sub-$0.45.

On Thursday, XRP gained 2.13%. Partially reversing a 3.91% slide from Wednesday, XRP ended the day at $0.4748. Despite the bullish session, XRP fell short of the $0.48 handle for the first time since May.

A bearish start to the day saw XRP fall to a first-hour low of $0.47480 before making a move. Steering clear of the First Major Support Level (S1) at $0.4484, XRP rose to a late-session high of $0.4775. However, falling short of the First Major Resistance Level (R1) at $0.4829, XRP eased back to end the day at $0.47480.

Fidelity ETF Filing Delivered Much-Needed Support

It was another quiet session on Thursday, with no Court rulings in the ongoing SEC v Ripple case to move the dial. The lack of Court rulings continued to leave XRP investors on a cautious footing as investors await the Summary Judgment.

As June nears its end, the hopes of a pre-summer summary judgment have faded, with the delay XRP-bearish.

Despite the lack of Court action, XRP wrapped up the day in positive territory, with ETF news providing support.

On Thursday, Cboe BZX Exchange refiled the request to seek approval for the Wise Origin Bitcoin Trust. Previously, the SEC turned down the Fidelity proposal. More requests are likely after the SEC approval of the Volatility Shares Trust 2x Bitcoin Strategy ETF.

A Ripple victory and the launch of spot crypto ETFs would be a bullish XRP price scenario.

The Day Ahead

It is a busy Friday on the US economic calendar, with the US Core PCE Price Index and personal income numbers likely to decide the Fed’s near-term monetary policy moves. After hawkish US economic indicators on Thursday, sticky inflation would cement a July move and raise the bets on a September move.

While the US economic indicators will draw interest, SEC v Ripple-related news will remain the key driver.

Beyond SEC v Ripple, ETF news, SEC v Binance, and Coinbase (COIN)-related chatter needs continued monitoring.

XRP Price Action

At the time of writing, XRP was down 0.34% to $0.4732. A bearish start to the day saw XRP fall from an early high of $0.4754 to a low of $0.4720.

XRP Technical Indicators

The EMAs and the 4-hourly candlestick chart (below) sent bearish signals.

At the time of writing, XRP sat below the 50-day EMA, currently at $0.4817. The 50-day EMA pulled back from the 200-day EMA, with the 100-day EMA falling back from the 200-day EMA. The EMAs delivered bearish signals.

A move through R1 ($0.4811) and the 50-day EMA ($0.4817) would give the bulls a run at R2 ($0.4874) and $0.50. However, failure to move through the 50-day EMA ($0.4817) would leave S1 ($0.4649) in view. A move through the 50-day ($0.4817) would send a bullish signal.

Resistance & Support Levels