Over the weekend, XRP experienced a 1.60% decline, partially erasing the 5.10% gain it had achieved the previous day. As a result, XRP finished the week down by 10.83% at $0.46477, marking the second time since March 26 that it closed at less than $0.47.<\/p>\n
The day began unsteadily, with XRP rising to a high of $0.47201 mid-morning before declining. XRP failed to meet the First Major Resistance Level (R1) of $0.4833 and eventually reached a low of $0.45349 in the late afternoon. It then rebounded after finding support at the First Major Support Level (S1) of $0.4536, ending the day at $0.46477.<\/p>\n
Investor sentiment was not influenced by any SEC v Ripple case updates over the weekend, resulting in a quiet weekend. Investors were left to consider the differing crypto regulatory environments in the US and Europe due to a lack of data.<\/p>\n
The US administration’s anti-crypto stance, which fuels the SEC’s “regulation by enforcement” mantra, remains a negative factor for XRP prices.<\/p>\n
In addition, fear of a more hawkish Fed added to the bearish sentiment. Private sector PMIs from Friday continue to resonate, with investors now considering a Fed rate hike in June and the possible impact on the US and global economies.<\/p>\n
Despite the US crypto landscape remaining a hurdle, a Ripple victory in the SEC v Ripple case could tilt crypto sentiment in Congress in favor of the crypto market.<\/p>\n
Optimism toward a Ripple victory lingers, with legal experts predicting court rulings this week. The Ripple Defense team is in a stronger position due to the Hinman documents and references to Judge commentary from other crypto-related cases.<\/p>\n
Failure by the SEC to obtain the Hinman documents from the public eye could force the SEC into a settlement, ending its era of “regulation by enforcement.”<\/p>\n
At the time of writing, XRP had experienced a 3.17% increase to $0.4825, indicating a bullish start to the day. Although it soon progressed to fall and settled at $0.4638.<\/p>\n
XRP experienced a significant surge in value, rising from a starting low of $0.46282 to a peak of $0.48058, effectively surpassing the First Major Resistance Level (R1) at $0.47340. Nevertheless, in order to achieve the Second Major Resistance Level (R2) at $0.4819 and $0.4850, XRP must prevent a decline below R1 and the $0.4634 pivot.<\/p>\n
If the cryptocurrency can maintain its morning high of $0.48058, it would signal a breakout session, but a supportive sentiment surrounding the SEC v Ripple case is necessary for such a breakthrough to occur. If XRP experiences an extended rally, it could potentially test the Third Major Resistance Level (R3) at $0.5005.<\/p>\n
Conversely, a drop below R1 and the pivot could initiate a move towards the First Major Support Level (S1) at $0.4548. Nevertheless, unless there is a significant market-wide sell-off, it is anticipated that XRP will not dip below sub-$0.45 and the Second Major Support Level (S2) at $0.4449. The Third Major Support Level (S3) is positioned at $0.4264.<\/p>\n
Bearish signals were indicated by the 4-hourly candlestick chart and the EMAs. XRP was observed trading below the 200-day EMA, which is currently positioned at $0.48164. Additionally, the 50-day EMA is approaching the 200-day EMA, while the 100-day EMA is converging with the 200-day EMA, all of which provide bearish signals.<\/p>\n
A move through the 200-day ($0.48164) and R2 ($0.48190) would give the bulls an opportunity to challenge the 50-day EMA ($0.48421) and the 100-day EMA ($0.49184). If XRP fails to move through the 200-day EMA ($0.48164), it would bring S1 ($0.4548) into view. A move through the 50-day EMA, on the other hand, would send a bullish signal.<\/p>\n
Looking at the daily chart of XRP\/USDT, it has recently surpassed the Resistance level, but it faced a correction and began trading below it. If it breaks out from its current position, it could rise to its primary resistance level and beyond at $0.5445 or turn bearish.<\/p>\n
Although the Relative Strength Index (RSI) is currently below the Simple Moving Average (SMA) and pointing downwards, suggesting a bearish trend for XRP in the future, the long-term price prediction for 2023 remains optimistic as XRP has not broken its support level. According to the below forecasts, XRP is projected to reach $0.58 by the end of this year.<\/p>\n
If we take a look at the 1-day chart for XRP\/USDT, we can see that the price of XRP has been on the rise over the past few weeks. In fact, it has gone up by an impressive 38.31% over the past month, with a slight increase during the week.<\/p>\n
If XRP keeps up this momentum, it might be able to break its resistance level at $0.5260 and climb even higher to the $0.6201 resistance level, which would be a really good sign for a bullish 2023.<\/p>\n
On the other hand, if XRP is unable to surpass the resistance level at $0.5260, it might give the bears an opportunity to take over and cause the cryptocurrency to enter a downtrend. In such a scenario, the price of XRP could potentially drop to around $0.3757, which is a bearish indication given by the earlier support level.<\/p>\n