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The XRP Technical Analysis is dominated by the news of Ripple’s CEO, Brad Garlinghouse being investigated by the U.S Securities and Exchange Commission on the charges of fraud of selling XRP as a utility token when it is in fact a security.
The latest development saw the SEC’s directive to Ripple Labs, where US judge Sarah Netburn has asked both parties to hold “a telephonic discovery conference on Tuesday, April 6, 2021.” The judge’s order directs the parties to discuss a motion to compel filed by Ripple’s lawyers.
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Past Performance
Ripple’s XRP jumped by 10.37% on Friday. Post from moving a 6.66% gain on Thursday, XRP ended the day at $0.5634. XRP saw a bullish start with a rally from an early morning intraday low $0.5105 to a late morning intraday high $0.5762. The coin broke through the first major resistance level at $0.5385 and the second major resistance level at $0.5648.
Another noteworthy level is that it also broke through the 23.6% FIB of $0.5320. Through the second half of the day, XRP fell back through the second major resistance level to sub-$0.55 levels. However, it found its way back through the second major resistance level before ending the day at sub-$0.5640 levels.
Days-Ahead and Tomorrow
XRP left the major support and resistance levels untested early on. XRP will need to avoid a fall through the $0.5501 pivot level to bring the first major resistance level at $0.5897 into play. Support from the broader market would be needed, however, for the currency to break out from Friday’s high $0.57628. Barring an extended crypto rally, the first major resistance level and resistance at $0.60 would cap any upside. In the event of an extended rally, XRP could test resistance at $0.62 levels before any pullback. The second major resistance level is at $0.6158.
XRP Technical Analysis
As per the technical analysis strategy, failure to avoid a fall through the $0.0.5501 pivot would bring the 23.6% FIB of $0.5320 and the first major support level at $0.5239 into play.
Apart from an extended sell-off, XRP should be able to stay clear of sub-$0.50 levels. The second major support level sits at $0.4843.