- XRP recorded its 4th bullish session out of five on Tuesday with a 1.74% uptick.
- The alt secured support from the overall markets as investors await Ripple vs. SEC updates.
- Technical indicators flash bearishness, with XRP staying beneath the 50-dayEMA, signaling declines to sub-$0.45.
XRP partially reversed Monday’s 3.32% with a 1.74% surge on Tuesday, closing yesterday near $0.46134. Meanwhile, the remittance token hiked for the 4th time within five sessions. A bearish morning saw XRP plunging to the $0.44351 low.
However, the alt rallied towards the $0.47259 afternoon high after securing support at the initial massive foothold at $0.4432. Ripple’s token broke past the first resistance of $0.4684 before sliding to sub-$0.4650.
Remember, bullish cues from the crypto space offered XRP support during yesterday’s sessions. Nevertheless, the surge was modest compared to what its top10 peers recorded. Meanwhile, investor sentiment on the Ripple vs. SEC battle remained cautious, restricting XRP’s upside.
Investors’ Sentiment Hinder XRP as Ripple vs. SEC Lawsuit Progresses
There weren’t updates from the Ripple vs. SEC case to offer direction yesterday. The absence of news left market players in cautious mode. Meanwhile, the primary question is whether the parties will resort to an out-of-court settlement.
The latest Amicus filings gave the Court views from different lenses about XRP usage. Companies, including TapJets, SpendBits, and I-Remit, filed Amicus, emphasizing how XRP doesn’t satisfy Howey Test’s 3rd prong. Meanwhile, participants focus on the Hinman speech documents.
While publishing this content, XRP traded near $0.45931, dropping 0.44%. Mixed early sessions saw the remittance token climbing toward $0.46262 before plunging to $9.45697. XRP should avoid the pivot at $0.4591 to run toward the first massive resistance at $0.47484.
Broad market cues and Ripple-SEC case updates will offer direction as we await the United States economic indicators later today. Extended rallies would push XRP towards the obstacle at $0.4882 before opening the gates to $0.50. the 3rd resistance stands at $05173.
Nevertheless, weakness at the pivot would welcome the first crucial support at $0.4457. Excluding stretched plummets, the alt should avoid value areas at $0.44 and the 2nd massive support at $0.4301. XRP’s third support floor hovers at $0.4010.