XRP Price Target Extends to $0.60, Fueled by the Hope of a Ripple Win

Key Insights:

• On Friday, XRP rallied by 5.13% to extend the winning streak to five sessions.
• XRP bucked the top ten trend for a third consecutive session, with investor optimism towards the SEC v Ripple case delivering support.
• The technical indicators are bullish, with XRP sitting above the 50-day EMA, supporting a return to $0.55.

On Friday, XRP rallied by 5.13%. Following a 0.84% gain on Thursday, XRP ended the day at $0.51816. XRP bucked the top ten trend for a third day to extend its current winning streak to five sessions.

A bearish start to the day saw XRP fall to an early morning low of $0.48245. XRP fell through the First Major Support Level (S1) at $0.4856 before rallying to a late afternoon high of $0.53310.

XRP broke through the day’s Major Resistance Levels before a pullback to sub-$0.52. The retreat saw XRP fall back through the Third Major Resistance Level (R3) to end the day at $0.51816.

US economic indicators briefly tested support before the afternoon breakout. Investor sentiment towards the ongoing SEC v Ripple case remained XRP positive.

Investor Optimism Mutes the Effects of the US Jobs Report

It was a quiet end to the week for Ripple, with no SEC v Ripple updates to provide XRP with direction. However, investor optimism towards a favorable outcome to the case continues to drive XRP northwards.

Ripple’s latest filing in response to the SEC’s opposition to amicus brief motions from I-Remit and TapJets and the Court’s overruling of the SEC’s objection to the Court denying the SEC’s attempt to protect the William Hinman speech-related documents under the attorney-client privilege have driven expectations of a Ripple victory.

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 down 0.41% to $0.51602.

A mixed start to the day saw XRP rise to an early high of $0.52103 before falling to a low of $0.51588.

Technical Indicators

XRP needs to avoid the $0.5112 pivot to target the First Major Resistance Level (R1) at $0.5400. Barring updates from the SEC v Ripple case, a move through the Friday high of $0.5331 would signal another bullish session.

In the case of an extended rally, the bulls would take a run at $0.55 and the Second Major Resistance Level (R2) at $0.5619. The Third Major Resistance Level (R3) sits at $0.6125.

A fall through the pivot would bring the First Major Support Level (S1) at $0.4894 into play. Barring an extended sell-off, XRP should avoid sub-$0.48 and the Second Major Support Level (S2) at $0.4606. The Third Major Support Level (S3) sits at $0.4099.

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 $0.48030. The 50-day EMA pulled away from the 100-day EMA, with the 100-day EMA widening from the 200-day EMA. The signals were bullish.

A hold above S1 ($0.4894) and the 50-day EMA ($0.48030) would support a run at R1 ($0.5400) to target $0.55. However, a fall through S1 ($0.4894) and the 50-day EMA ($0.48030) would give the bears a run at S2 ($0.4606) and the 100-day EMA ($0.46054). The 200-day EMA sits at $0.42917.