XRP gained 1.78% on Wednesday. XRP ended Tuesday at $0.48875, up 3.77% on the day. XRP dropped to a morning low of $0.47259 due to a bearish start to the day. XRP surged to a high of $0.50139 in the late afternoon after avoiding the First Major Support Level (S1) around $0.4597. When XRP overcame the First Major Resistance Level (R1) at $0.4930, it moved toward the Second Major Resistance Level (R2) at $0.5057 before closing the day at less than $0.49.
Prices of XRP.
XRP was up 1.27% to $0.49494 first at time of publishing. The price of XRP rose out of an initial minimum of $0.48835 to a peak of $0.49781 before reversing course following a positive start to the day.
To evolving market the First Major Resistance Level (R1) at $0.5026, XRP must stay clear of the pivot around $0.4876. Investors will be watching for any changes from the Respondents and the SEC. The potential gains would certainly be constrained by talk of an SEC appeal of the Hinman decision. A lack of updates, though, would give US economic statistics some sway. The bulls would make a move at the Second Major Resistance Level (R2) at $0.5164 in the event of a prolonged rally. At $0.5452, there is the Third Major Resistance Level (R3).
The First Major Support Level (S1) at $0.4738 would come into effect if the pivot fell. If a prolonged sell-off doesn't occur, XRP should stay clear of sub-$0.47 and the Second Major Support Level (S2) at $0.4588. At $0.4300, the Third Major Support Level (S3) is located.
The 4-hourly flash chart (below) and the EMAs both provided positive signals. XRP was trading well above trading range exponential moving average at the time of writing ($0.46767). The trend line EMA and the trading range EMA both widened when the trend - line EMA drifted away from the trading range EMA. Bull market signals were strong.
A breakout from R1 ($0.5026) to target R2 ($0.5164) would be supported if XRP maintained its price above the trend - line EMA ($0.46767). However, a decline through S1 ($0.4738) would allow the bears to attack S2 ($0.4588) and the trend - line EMA ($0.46767). At $0.42013, the trading range EMA is located.