XRP Price Analysis: Range Trading As Market Dips, Elizabeth Warren Gives SEC Deadline on Crypto Regulation

  • XRP (XRP) continues its range trading while awaiting the next major move
  • At the time of writing, XRP was trading at $0.624, down by 1.45% on a 24-hour basis
  • Sen. Elizabeth Warren has given SEC until July 28 to figure out its role in regulating cryptocurrencies

The cryptocurrency market is trading down in the last 24 hours. XRP (XRP) continues its range trading while awaiting the next major move. At the time of writing, XRP was trading at $0.624, down by 1.45% on a 24-hour basis. Ranking 6th largest, XRP present market capitalization stands at $29.23 billion and $1.85 billion in traded volume over 24 hours. Sen. Elizabeth Warren, who chairs the U.S Senate Banking Committee’s Sub-committee on Economic Policy has given the Securities and Exchange Commission (SEC) until the end of this month, precisely July 28 to figure out its role in regulating cryptocurrencies. This may spell optimism in the ongoing Ripple lawsuit by quickly bringing the case forward as SEC had earlier asked for an extension of time (by 60 days) in June to disclose its cryptocurrency stance and to turn over the internal BTC, ETH, and XRP documents.

Key Levels
Resistance Levels: $1.1460, $0.9000, $0.7376
Support Levels: $0.5450, $0.4799, $0.4000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP eased slightly on Monday but so far remains within the range of the past two days. The technical indicators keep reflecting some caution in the market with the RSI flattening in the bearish territory. If sellers steer the price beneath the consolidation floor at $0.58, additional downside hindrance may arise at the $0.51 hurdle.

Alternatively, if buyers find footing off the MA 200 at $0.74, initial heavy resistance could develop at the MA 50 at $0.79. Overcoming this, the price may meet the $1.81 barrier ahead of the $1.98 yearly high. Should the climb from here intensify, the bulls could tackle the $2 to $3 boundary before propelling for a retest of the 2018 all-time highs at $3.84.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP is entrenched within a consolidation range below the MA 50 at $0.645. The downside is for now supported by the immediate barrier at $0.61. A leg lower could meet the $0.57– $0.59 support zone before taking the bears even lower towards the $0.50 level, achieved on June 22.

Alternatively, a strong barrier, provided by MA 200 ($0.71) keeps the upside limited, with a break here and a nearby $0.81 barrier needed to generate a stronger bullish signal for extension of recovery if it ensues. Above these lines, the $1.01 barrier could come into the spotlight as well as the yearly high at $1.98. To summarize, the outlook remains neutral to negative since prices hold below the moving averages.

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