XRP Price Action in the Hands of the SEC and Ripple Court Filings

Key Insights:

• On Monday, XRP rose by 0.75% to end the day at $0.48041.
• There were no SEC v Ripple case updates, leaving XRP in the hands of the broader crypto market.
• The technical indicators are bullish, with XRP sitting above the 100-day EMA, signaling a return to $0.50.

On Monday, XRP rose by 0.75%. Partially reversing a 0.99% decline from Sunday, XRP ended the day at $0.0.48041. Notably, XRP ended the day at sub-$0.49 for the seventh consecutive session.

A bearish start to the day saw XRP fall to an early morning low of $0.46316. XRP fell through the First Major Support Level (S1) at $0.4680 before rallying to an early afternoon high of $0.48258. However, falling short of the First Major Resistance Level (R1) at $0.4865, XRP slid back to sub-$0.4720 before ending the day at $0.48041.

There were no updates from the ongoing SEC v Ripple case to provide price support, leaving XRP in the hands of UK politics and US corporate earnings. However, the upside was modest as investors prepare for today’s latest round of Court filings.

XRP Under Pressure as Markets Look ahead to Today’s Court Filings

With no SEC v Ripple case updates for the markets to consider, this week’s Court schedule remains the focal point.

Today, the parties must file all materials relating to opposition to summary judgment motions. The filings must include briefs, Rule 56.1 counterstatements, and supporting exhibits. The parties will file the materials under a temporary seal.

Upon filing, the Court schedule has arranged for the parties to meet on October 20 to identify redaction requests to the opposition briefs. The SEC has objected to almost everything from Ripple while filing motions to keep everything from the SEC side out of the public eye.

The Hinman speech-related documents have followed a similar pattern, with the SEC refusing to turn over the documents despite numerous Court decisions going against the US regulator.

Following the last Court overrule in favor of the Defendants and the Court’s decision to allow Amicus Brief filings by I-Remit and TapJets, the SEC remains on the back foot. It, therefore, remains to be seen if the SEC can turn it around this week.

XRP Price Action

At the time of writing, XRP was up 0.14% to $0.48110. A mixed start to the day saw XRP fall to an early low of $0.47832 before rising to a high of $0.48390.

Technical Indicators

XRP needs to avoid the $0.4754 pivot to take a run at the First Major Resistance Level (R1) at $0.4876. Updates from the SEC v Ripple case will have to be in favor of the defendants to support a breakout session.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4948 and $0.50. The Third Major Resistance Level (R3) sits at $0.5142.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4682 into play. However, barring an extended sell-off, XRP should avoid sub-$0.46 and the Second Major Support Level (S2) at $0.4560. The Third Major Support Level (S3) sits at $0.4365.

The EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 100-day EMA, currently at $0.48075. The 50-day EMA flattened on the 100-day EMA, with the 100-day EMA moving away from the 200-day EMA. The signals were mixed.

A move through the 50-day EMA ($0.48523) and R1 ($0.4876) would give the bulls a run at R2 ($0.4948) and $0.50. However, a fall through the 100-day EMA ($0.48075) would bring S1 ($.4682) into play.