February 22, 2024

Ripple Bulls to Eye $0.39 or Suffer a Dip to Sub-$0.38 on Federal Fear

  • XRP marked the 3rd loss of four sessions on Saturday with a 0.61 slide.
  • The absence of Ripple vs. SEC updates saw XRP dull as investors switched focus to Tuesday’s U.S CPI data and the Federal.
  • Technical indicators flashed bearishness, with XRP beneath the 50-dayEMA, suggesting a potential 0.35 return.

The remittance token XRP secured early support early today. Nevertheless, Federal fears, a bearish Saturday, and worries about the Ripple vs. SEC legal fight remain the primary headwinds.

XRP continued Friday’s 1.41% slide with a 0.61% drop during yesterday’s session. That saw the remittance coin closing Saturday near $0.38650. meanwhile, the alt failed to challenge the $0.39 mark for the initial time in 17 sessions.

A pessimistic morning saw XRP plunging to $0.38557 mid-morning low. However, the initial support barrier at $0.3841 supported an uptick to the $0.38905 late afternoon peak. Nevertheless, an encounter with the crucial hurdle at $0.3943 pushed XRP toward sub-$0.3860 before closing at $0.38650.

SEC vs. Ripple Uncertainty and Federal Fear Leave XRP at $0.39 Vicinity

It was a relatively calm Saturday session, with Friday’s U.S wholesale inflation figures, worry about upcoming FOMC rate decisions, and economic prediction leaving XRP inside a constricted range. Tuesday’s U.S CPI data will likely determine Fed’s move, with analysts forecasting a Federal pivot.

Nevertheless, an anticipated uptick in U.S. inflation might force the Federal Reserve to execute another 75bo hike. That would see XRP and the overall cryptocurrency market dipping into the red. Meanwhile, increased worries about the outcomes of the Ripple vs. SEC lawsuit added to the pessimistic stance.

Investor optimism has deteriorated since FTX’s collapse. The markets await Court’s decision on the Reply briefs, which might have far-reaching effects on the broader cryptocurrency market. Today, the absence of news from the ongoing legal battle will leave the token in the mercies of the overall market bias & NASDAQ mini.

XRP Price Action

XRP wavered at $0.38834 during this writing, following a 0.48% gain. Meanwhile, the remittance token had dipped to $0.38635 before surging to $0.38857. The initial massive obstacle at $0.3885 prevented further upsides.

Technical Indicators

XRP should keep the pivot of $0.3870 away to target the first crucial obstacle at $0.3885. That would support a move to the $0.38905 Saturday peak. Meanwhile, reclaiming 0.3890 would confirm a bullish XRP session.

A continued rally would see bulls pushing toward the 2nd crucial resistance at $0.3905. regaining $0.39 would see the altcoin exploring the 3rd obstacle at around $0.3940. However, weakness around the mentioned pivot would welcome bears, dragging XRP to the $0.3850 footing.

Excluding continued downtrends, Ripple should dodge sub-$0.38. However, the 2nd support barrier near $0.3836 and the 3rd one at $0.3801 should prevent the downside.

The Exponential Moving Averages and the 4hr candle chart confirmed bearishness. While publishing this blog, the altcoin wavered beneath the 50-day Exponential Moving Average (0.38870). Meantime, the 50-d Moving Average slipped from the 100-d Moving Average, with the 100-d Moving Average easing from the 200-d Moving Average – signaling bearishness.

Moving beyond $0.38870 (50-d EMA) and the initial resistance near $0.3885 would support a bullish run toward $0.38891 (100-d EMA) and the 2nd resistance near $0.3905. nevertheless, failure to overcome $0.38870 would see XRP hitting the closest dependable footing at $0.3850.

Stay tuned for the latest market updates.

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