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XRP Makes an Early Move – A Return to $0.35 to Target $0.37

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·3 min read
In this article:
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Key Insights:

  • XRP slipped by 0.64% on Friday, with a final hour pullback reversing gains from the session.

  • US nonfarm payroll figures for June tested XRP support, with the June figures creating more Fed monetary policy uncertainty.

  • Technical indicators are bullish, with XRP sitting above the 100-day EMA.

On Friday, XRP slipped by 0.64%. Partially reversing a 3.04% gain from Thursday, XRP ended the day at $0.3398.

A bullish start to the day saw XRP break through the First Major Resistance Level (R1) at $0.3534 to strike a high of $0.3580.

Coming up against the Second Major Resistance Level (R2) at $0.3568, XRP slid to a low of $0.3353.

Steering clear of the First Major Support Level (S1) at $0.3304, XRP revisited $0.3470 before easing back into the red.

After finding support from the FOMC meeting minutes on Wednesday and Thursday, US economic data left XRP in the red on Friday.

XRP Sees Red as Investors Digest US Nonfarm Payroll Figures for June

On Thursday, market sentiment toward less hawkish FOMC meeting minutes supported the bullish session. Investor angst over Fed monetary policy eased as the minutes revealed a sense of caution amongst FOMC Committee members.

The minutes highlighted the risk of rate hikes having a ‘larger-than-expected effect on economic growth.’ Before the minutes, the markets had priced in a 75 basis point rate hike for July. However, the minutes revealed that participants judged a 50 or 75 basis point increase as appropriate.

On Friday, US nonfarm payrolls delivered yet more monetary policy uncertainty.

In June, nonfarm payrolls increased by 372k, following a 384k jump in May. While easing fears of a recession, the sharp increase in hiring raised concerns that the Fed may hike rates more aggressively this month. Sentiment shifted despite the less hawkish FOMC meeting minutes.

However, the downside for XRP was modest, with the ongoing SEC v Ripple case remaining the key driver.

Investors continue to await the all-important court ruling on SEC motions to protect William Hinman’s speech-related documents under the attorney-client privilege.

In 2018, the former SEC Director of the Division of Corporation Finance said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

The ruling could decide the outcome of the case and will dictate XRP price action post ruling.

XRP Price Action

At the time of writing, XRP was up 1.00% to $0.3432.

A mixed start to the day saw XRP rise to an early high of $0.3441 before falling to a low of $0.3391.

XRP left the Major Support and Resistance Levels untested early on.

XRPUSD 090722 Daily Chart
XRPUSD 090722 Daily Chart

Technical Indicators

A move through the $0.3444 pivot would bring the First Major Resistance Level (R1) at $0.3534 and the Friday high of $0.3580 into play.

XRP would need the support of the broader market to avoid a return to sub-$0.35.

In the case of an extended crypto rally, XRP could retarget the Second Major Resistance Level (R2) at $0.3671.

The Third Major Resistance Level (R3) sits at $0.3898.

Failure to move through the pivot would bring the First Major Support Level (S1) at $0.3307 into play. Barring an extended sell-off, XRP should avoid sub-$0.3250 and the Second Major Support Level (S2) at $0.3217.

The Third Major Support Level (S3) sits at $0.2990.

News of a court ruling on the Hinman speech-related documents would mute the influence of the Support and Resistance Levels.

XRPUSD 090722 Hourly Chart
XRPUSD 090722 Hourly Chart

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 $0.3430. Today, the 50-day EMA converged 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 run at $0.37 and R3.

XRPUSD 090722 4-Hourly Chart
XRPUSD 090722 4-Hourly Chart

This article was originally posted on FX Empire

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