Crashing markets push the XRP price below the support trendline of the falling channel, resulting in a drop to $0.43 before closing at $0.50. With a morning start pattern to resurface above the 200-day EMA, the XRP price jumps by 6.63% over the weekend.
The weekend recovery retests the broken falling channel and subsides under the overhead supply. With an intraday fall of 2.99%, Ripple struggles to sustain above the 200-day EMA and approaches the psychological mark of $0.50.
The silence over the weekend recovery from Ripple and SEC fuels the recovery to $0.55. However, with the news of the SEC temporary or interlocutory appeal being accepted by the court, the legal battle with Ripple prolongs.
In its recent filing, the regulators argue that the asset underlying the investment contract was necessarily a security. The SEC states that digital assets have no inherent value and are nothing more than computer code and it is not seeking an appellate review of any relevant holding in its case against Ripple.
With the Ripple-SEC case ready for a new turn with an appeal coming soon from the SEC end, XRP prices may soon hit another bad patch. Furthermore, with the $0.54 fallout, the chances of Ripple making a comeback this month declines sharply.
The daily candle shows a strong bearish candle that grows stronger to undermine the weekend recovery. Therefore, the XRP prices may soon continue the downtrend to breach the $0.50 mark.
Coming to the technical indicators, the stochastic RSI indicator shows the lines struggling to rise after a positive crossover. Meanwhile, the RSI line dips to the oversold boundary after a failed spike.
As Ripple fails to hold onto its weekend recovery, the selling pressure surges with a new week. Currently trading at $0.52197, the XRP price is under the 200-day EMA with a 2.99% fall. Moreover, the intraday fall showcases a post-retest fall from $0.54, increasing the bearish sentiments.
Optimistically, if Ripple sustains above 200-day EMA with lower price rejection, it may rechallenge the $0.54 mark.
On the flip side, the downtrend continuation below the 200-day EMA will highlight a more catastrophic correction. The following support levels are at $0.45 and $0.41.
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