XRP Bears Remain in the Driving Seat with Sub-$0.45 the Target

Key Insights:

• On Friday, XRP joined the broader market in the green, gaining 1.30% to end the day at $0.4686.
• US Jobs Report and Ripple-related news delivered a bullish Friday session.
• However, the technical indicators remained bearish, signaling a return to sub-$0.45.

On Friday, XRP rose by 1.30%. Partially reversing a 3.12% slide from Thursday, XRP ended the day at $0.4686. Despite the bullish session, XRP revisited sub-$0.46 for the first time in seven sessions.

XRP Price Action

At the time of writing, XRP was flat at $0.4686.

Daily Chart

The Daily Chart showed XRP/USD sitting below the 50-day EMA ($0.4830) while holding above the 200-day EMA ($0.4572). Despite the bullish Friday session, XRP/USD tested the lower level of the $0.4675 – $0.4615 support band before moving through the upper level.

Notably, the 50-day EMA narrowed to the 200-day EMA and reflected bearish momentum.

Looking at the 14-Daily RSI, the 42.98 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 ($0.4572).

4-Hourly Chart

Looking at the 4-Hourly Chart, the XRP/USD faces strong resistance at the $0.47 psychological level. XRP/USD sits below 50-day ($0.4768) and the 200-day ($0.4844) EMAs. Significantly, the 50-day EMA pulled back from the 200-day EMA, signaling a fall through the lower level of the $0.4675 – $0.4615 support band.

XRP/USD must hold above the upper level of the $0.4675 – $0.4615 support band to support a run at the 50-day EMA and 200-day EMA. An XRP move through the 50-day EMA ($0.4768) would bring the $0.4925 – $0.5000 resistance band into view.

The 14-4H RSI reading of 44.17 indicates a bearish stance and aligns with the EMAs, with selling pressure outweighing buying pressure. Significantly, the RSI signals near-term bearish momentum and a look at sub- $0.45.

US Jobs Report and Ripple-Related News Delivered Support

It was a quiet Friday session, with no Court rulings from the ongoing SEC v Ripple case to draw interest. The lack of Court rulings left XPP in the hands of the crypto news wires and the US economic calendar.

The US Jobs Report provided investor relief. After the ADP nonfarm employment change numbers, a 209k increase in US nonfarm payrolls eased bets on a more hawkish Fed policy outlook.

However, there was no euphoric rally, with US average hourly earnings coming in hotter than expected. Average hourly earnings increased by 4.4% year-over-year versus 4.4% in May. Economists forecast a 4.2% increase.

While the US Jobs Report provided direction, Ripple news also drew interest as investors await the Summary Judgment.

On Friday, Ripple shared updates on the UBRI program that started in 2018. Sharing the latest on Twitter, Ripple said,

“UBRI has now established more than 50 university partners across six continents, awarded 590 fellowships and scholarships, and supported the publication of over 1,000 research articles and presentations.”

News of Ripple entering the tokenized real estate space was also XRP positive, with the Ripple platform continuing to grow despite the SEC v Ripple case.

Central Bank Digital Currencies have gained traction this year. Ripple is actively exploring CBDCs and use cases of CBDCs and stablecoins in the real world. Ripple CBDC advisor Antony Welfare had this to say,

“CBDCs are gaining traction globally, and Ripple CBDC team are focusing in on real-world use cases for a CBDC or stablecoin.”

Welfare offered two real-use cases related to real estate tokenization, including allowing users to tokenize real estate as collateral for loans.

The Day Ahead

It is a quiet Saturday session, with no US economic indicators to influence. The lack of US economic indicators will leave XRP in the hands of the crypto news wires.

While the SEC v Ripple case will remain the focal point, investors should monitor SEC and US lawmaker chatter. SEC v Binance and Coinbase (COIN)-related news also needs consideration.