XRP Eyes Sub-$0.62 as US PPIs and the SEC Overshadow Gemini Listing

Key Insights:

• XRP saw red on Friday, falling 0.24% to end the day at $0.6314.
• SEC v Ripple appeal chatter, ETF news, and US inflation figures left XRP and the broader market on the back foot.
• The shorter-term technical indicators remain bearish, supporting a return to sub-$0.60.

On Friday, XRP fell by 0.24%. Following a 1.56% loss on Thursday, XRP ended the day at $0.6314. Despite the bearish session, XRP avoided sub-$0.62 for the third consecutive session.

XRP Price Action

This morning, XRP was flat at $0.6314.

Daily Chart

The Daily Chart showed XRP/USD sitting below the $0.6417 – $0.6530 resistance band. However, XRP held above the 50-day ($0.6264) and 200-day ($0.5220) EMAs, sending bullish near and longer-term price signals.

Notably, the 50-day EMA pulled away from the 200-day EMA, a bullish price signal.

However, looking at the 14-Daily RSI, the 43.93 reading reflects bearish sentiment, signaling a fall through the 50-day EMA ($0.6264) to bring the $0.5900 – $0.5750 support band into play. However, a hold above the 50-day EMA ($0.6264) would support a breakout from the $0.6417 – $0.6530 resistance band to retarget $0.66.

4-Hourly Chart

Looking at the 4-Hourly Chart, XRP sits below the $0.6417 – $0.6530 resistance band, with the bears eyeing sub-$0.60 and the $0.5900 – $0.5750 support band.

XRP sits below the 50-day ($0.6421) and 200-day ($0.6464) EMAs, sending bearish near and longer-term price signals. The 50-day EMA pulled back from the 200-day EMA, a bearish price signal, bringing the $0.5900 – $0.5750 support band into play. However, an XRP move through the EMAs and the 0.6417 – $0.6530 resistance band would give the bulls a run at $0.66.

The 46.98 14-4H RSI reading reflects bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI signals a return to sub-$0.60 to give the bears a run at the $0.5900 – $0.5750 support band.

SEC v Ripple, ETH News, and US Inflation Leave XRP in Red Figures

It was a busy Friday session. While SEC plans to appeal the SEC v Ripple Court ruling remained the focal point, news of Gemini listing XRP was price positive.

Gemini co-founder Tyler Winklevoss shared the news, saying,

“XRP is now available on Gemini. It’s important to note how we got here. Instead of creating clear rules for crypto, the SEC has resorted to suing everyone. It lost its case against Ripple, and a judge provided clarity when Gery Gensler wouldn’t. America deserves better.”

While the listing was good news, the SEC extended its review of the ARK Invest spot BTC ETF application by 21 days. On Friday, the SEC turned to the public for comment on the ARK Invest spot BTC ETF application, dashing hopes of an August approval.

US inflation figures added to the bearish mood, with the producer price index rising by 0.3% in July after stalling in June. XRP responded to the threat of a September Fed rate hike with an extended fall to a session low of $0.6255 before steadying.

The Day Ahead

Investors should continue to monitor the SEC v Ripple case-related chatter. However, SEC activity and US lawmaker chatter will also need consideration, while ETF, Binance, and Coinbase-related news will move the dial.