Key Insights:
XRP rose by 0.12% on Friday to record a third consecutive day in the green.
Updates from the SEC v Ripple case failed to deliver support, with sentiment towards Fed monetary policy continuing to test the markets.
Technical indicators are bullish, with XRP sitting above the 100-day EMA.
On Friday, XRP rose by 0.12%. Following a 3.09% rally from Thursday, XRP ended the day at $0.3339.
A bullish start to the day saw XRP strike a high of $0.3484 before hitting reverse.
XRP broke through the First Major Resistance Level at $0.3406 and the Second Major Resistance Level at $0.3478.
The reversal saw XRP slide to a low of $0.3272. Steering clear of the First Major Support Level at $0.3193, XRP bounced back to end the day at $0.3339.
Fed chatter delivered support as investors grappled with the pickup in consumer prices coupled with better-than-expected labor market and retail sales figures.
SEC v Ripple Updates Fail to Mute the Influence of the Fed
XRP suffered from a choppy Friday session, with US economic indicators and Fed chatter driving market volatility.
Retail sales increased by 1.0% in June, reversing a 0.1% decline from May. Economists had forecast a more modest 0.8% rise. Positive retail sales were not hot enough to force the Fed into a more aggressive move later this month.
Fed chatter provided comfort, with FOMC members Bostic and Bullard playing down the prospects of a 100-basis point hike.
Sentiment toward Fed monetary policy continued to overshadow court rulings from the SEC v Ripple case.
On Tuesday, the US courts denied the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege. The ruling gives Ripple the upper hand.
From a market perspective, the SEC’s silence on the ruling suggests some in-house maneuvering to formulate an appeal.
There was some activity at the end of the week, with the amici motion to participate in the challenge to SEC expert testimony drawing interest.
Overnight, defense attorney James Filan shared the latest on the requests and justifications for redactions.
While of little influence to XRP, the wrangling over redactions in relation to expert testimony could drag the case out even further and give the SEC time to tackle the ruling on the Hinman docs.
XRP Price Action
At the time of writing, XRP was down 0.42% to $0.3325.
A mixed start to the day saw XRP rise to an early high of $0.3349 before falling to a low of $0.3314.
Technical Indicators
An XRP move through the $0.3365 pivot would support a run at the First Major Resistance Level (R1) at $0.3458 and the Friday high of $0.3484.
XRP would need support from the broader market for a return to $0.34.
In the case of an extended crypto rally, XRP could test the Second Major Resistance Level (R2) at $0.3577 and resistance at $0.36.
The Third Major Resistance Level (R3) sits at $0.3789.
Failure to move through the pivot would bring the First Major Support Level (S1) at $0.3246 into play.
In the event of an extended sell-off, XRP would likely test the Second Major Support Level (S2) at $0.3153 and support at $0.3150.
The Third Major Support Level (S3) sits at $0.2941.
This morning, the EMAs and the 4-hourly candlestick chart (below) send a bullish signal.
At the time of writing, XRP sat above the 100-day EMA, currently at $0.3293. Today, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, XRP price positive.
A bullish cross of the 50-day EMA through the 100-day EMA would support a breakout from the 200-day EMA, currently at $0.3435.
However, a fall through the 100-day EMA would bring the Major Support Levels into play.
This article was originally posted on FX Empire
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Source: https://finance.yahoo.com/news/xrp-price-prediction-return-0-014153634.html