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

Key Insights:

• On Monday, XRP joined the broader market in the green, gaining 0.95% to end the day at $0.4891.
• SEC v Ripple silence left XRP in the hands of a bullish crypto market responding to the Blackrock ETF refiling.
• The technical indicators remain bullish, signaling a return to $0.50.

On Monday, XRP rose by 0.95%. Following a 2.30% rally on Sunday, XRP ended the day at $0.4891.

A bearish start to the day saw XRP fall to a mid-morning low of $0.4788. Steering clear of the First Major Support Level (S1) at $0.4710, XRP rose to an early evening high of $0.4915. XRP broke out from the 50-day EMA ($0.4810) to target the lower level of the $0.4925 – $0.5000 resistance band before easing back to end the day at $0.4891.

XRP Price Action

At the time of writing, XRP was down 0.51% to $0.4866. A mixed start to the day saw XRP rise to an early high of $0.4911 before falling to a low of $0.4861.

Daily Chart

The Daily Chart showed an XRP/USD hold above the 50-day EMA ($0.4854) as the markets responded to the latest ETF news. XRP/USD also remained above the 200-day ($0.4567), signaling bullish momentum over the near and long term.

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.

4-Hourly Chart

Looking at the 4-Hourly Chart, the BTC/USD faces strong resistance at the $0.49 psychological level. BTC/USD continued to sit above the 200-day ($0.4868) and 50-day ($0.4814) EMAs. Significantly, the 50-day EMA narrowed to the 200-day EMA, signaling another run at the lower level of the $0.4925 – $0.5000 resistance band.

XRP/USD must avoid the 200-day EMA to break out from $0.4925 and target $0.5000.

The 14-4H RSI reading of 55.35 indicates a moderately bullish stance and aligns with the EMAs, with buying pressure outweighing selling pressure. Significantly, the RSI signals near-term bullish momentum and a breakout from $0.4925.

Blackrock ETF News Supported a Broad-Based Crypto Rally

It was a quiet Monday session. There were no Court rulings from the ongoing SEC v Ripple case to draw interest.

The lack of progress in the ongoing SEC v Ripple case left XRP in the hands of the broader crypto market.

News of NASDAQ refiling Blackrock’s iShares Bitcoin Trust ETF delivered a bullish start to the week.

The Day Ahead

It is a quiet Tuesday session, with the US markets closed for the Fourth of July holiday. With no US economic indicators to draw interest, XRP will remain in the hands of the crypto news wires.

The SEC v Ripple case will remain the focal point, with SEC and US lawmaker chatter, SEC v Binance and Coinbase (COIN)-related news also needing consideration.