XRP Price Action Remains Bullish as SEC v Ripple Court Dates Near

Key Insights:

• On Saturday, XRP joined the broader market in the red, falling by 1.48% to end the day at $0.48164.
• SEC v Ripple updates failed to deliver price support, with Fed fear pinning XRP back from a return to $0.50.
• However, the technical indicators remain bullish, with XRP sitting above the 100-day EMA, supporting a return to $0.55.

On Saturday, XRP fell by 1.48%. Partially reversing a 2.05% gain from Friday, XRP ended the day at $0.48164. Notably, XRP ended the day at sub-$0.49 for the fifth consecutive session.

A bearish morning saw XRP fall from an early high of $0.48942 to a mid-morning low of $0.47765. Steering clear of the First Major Support Level (S1) at $0.4742, XRP revisited $0.489 levels before a fall back to sub-$0.48. However, a bullish end to the session led to a partial recovery to $0.48164

There were no updates from the ongoing SEC v Ripple case to provide XRP price support, leaving XRP in the hands of the broader crypto market sentiment. However, the latest filings and SEC losses in the SEC v Ripple case remain price positive.

Focus Will Return to the SEC v Ripple Case as a Key Court Dates Near

On October 18, 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.

Following the filings, the parties will meet on October 20 to identify redaction requests to the opposition briefs. The Court dates follow this week’s amicus brief filings that aimed to demonstrate that XRP fails the third prong of the Howe test.

With activity in the SEC v Ripple case picking up, investors will need to look out for SEC motions to appeal the Court overruling the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

Investors continue to view the Hinman speech-related documents as the key to the case. In a famous 2018 speech, Division of Corporation Finance, William Hinman, said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

XRP Price Action

At the time of writing, XRP was up 0.49% to $0.48400.

A mixed start to the day saw XRP fall to an early low of $0.48161 before rising to a high of $0.48424.

Technical Indicators

XRP needs to avoid the $0.4829 pivot to take a run at the First Major Resistance Level (R1) at $0.4882 and the Saturday high of $0.48942. Without SEC v Ripple case updates, the broader crypto market will need to deliver price support.

In the case of an extended rally, the bulls would take a run at the Second Major Resistance Level (R2) at $0.4947 and $0.50. The Third Major Resistance Level (R3) sits at $0.5064.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4764 into play. However, barring an extended sell-off, XRP should avoid sub-$0.47. The Second Major Support Level (S2) at $0.4711 should limit the downside. The Third Major Support Level (S3) sits at $0.4594.

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 $0.48163. The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA pulled away from the 200-day EMA. The signals were mixed.

A move through R1 ($0.4882) and the 50-day EMA ($0.49004) would give the bulls a run at R2 ($0.4947) and $0.50. However, a fall through the 100-day EMA ($0.48163) would bring the Major Support Levels into play.