XRP Price Prediction: A Return to $0.37 to Give the Bulls a Run at $0.3850

Key Insights:

• On Wednesday, a two-day winning streak ended, with XRP falling by 2.65% to join the broader crypto market in the red.
• News of Tesla Inc. (TSLA) offloading 75% of its bitcoin (BTC) holdings sent the crypto market into a late Wednesday tailspin.
• The technical indicators are bullish, with XRP sitting above the 50-day EMA.

On Wednesday, XRP fell by 2.65%. Reversing a 2.14% gain from Tuesday, XRP ended the day at $0.3632.

After a choppy start to the day, XRP rallied to a high of $0.3817 before hitting reverse.

Coming within range of the First Major Resistance Level at $0.3827, XRP slid to a late low of $0.3576.

However, finding support at the First Major Support Level at $0.3575, XRP partially recovered to end the day at $0.3632.

Investors Brush Aside Updates from the SEC v Ripple Case

On Wednesday, defense attorney James Filan shared the latest court rulings related to Ripple Requests for Admission. From an XRP price action perspective, these rulings from the SEC v Ripple case were insignificant, leaving the broader crypto market to provide direction.

After an upward swing through the US session, driven by another NASDAQ 100 rally, Tesla Inc. (TSLA) news hit the crypto market at the US market close.

News of Tesla Inc. offloading 75% of its bitcoin holdings sent bitcoin (BTC) and the broader crypto market into the red.

Market sentiment remained bearish through the early hours of this morning as investors responded further to the news. With the BTC offload coming in the midst of the Q2 crypto sell-off, the fallout should be a limited one on the assumption that other Bitcoin Whales do not follow suit.

XRP Price Action

At the time of writing, XRP was down 1.27% to $0.3586.

A mixed start to the day saw XRP rise to an early high of $0.3669 before falling to a low of $0.3523.

The First Major Support Level (S1) at $0.3533 limited the downside early on.

Technical Indicators

XRP needs to move through the $0.3675 pivot to target the First Major Resistance Level (R1) at $0.3774.

XRP would need support from the broader market to return to $0.37 levels.

In the case of an extended crypto rally, XRP could test resistance at the Wednesday high of $0.3817 and resistance at $0.3850. However, XRP will likely fall short of the Second Major Resistance Level (R2) at $0.3916.

The Third Major Resistance Level (R3) sits at $0.4157.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.3533 in play.

Barring an extended sell-off, XRP should avoid sub-$0.3450 and the Second Major Support Level (S2) at $0.3434.

The Third Major Support Level (S3) sits at $0.3193.

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

At the time of writing, XRP sat above the 50-day EMA, currently at $0.3515. Today, the 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, with both indicators price positives.

A bullish cross of the 100-day EMA through the 200-day EMA would support a breakout from R1 to bring R2 and $0.40 into play.

However, a fall through the 50-day EMA would likely see XRP retest S1 and support at $0.3450.