- Positive updates from Brad Garlinghouse on the SEC v Ripple case delivered strong XRP support.
- A former Ripple Lab advisory board member’s nomination to become the Fed’s Vice Chair for Supervision was also XRP positive.
- Key technical indicators bullish. XRP sits above the 200-day EMA after Friday’s breakout.
It’s been a bullish week for XRP, with Ripple v SEC news updates providing XRP price support.
On Friday, XRP rallied by 7.68%. Following a modest 0.31% gain on Thursday, XRP ended the day at $0.78526.
While tracking the broader crypto market on Friday, XRP rose for a fourth consecutive day, bucking the market trend.
Hopes for a favorable outcome to the SEC case continue to deliver XRP price support this week.
Brad Garlinghouse and a FED Vice-Chair Nomination Deliver XRP Support
“The lawsuit has gone exceedingly well and much better than I could have hoped with it began about 15 months ago.”
Adding to the XRP upside on Friday was news of former Ripple Lab advisory board member Michael Barr’s nomination as the Fed’s vice-chair for supervision.
On Friday, the White House announced President Joe Biden’s intention to nominate Michael Barr as the Vice-Chair for Supervision of the FED.
According to the announcement,
“He (Barr) was instrumental in the passage of Dodd-Frank, to ensure a future financial crisis would not create devastating economic hardship for working families.”
President Biden added.
“He (Barr) understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy.”
Michael Barr joined the advisory board of Ripple Labs in 2015 for two years.
XRP Price Action
At the time of writing, XRP was up 0.29% to $0.78756. A bullish start to the day saw XRP rise to an early morning high of $0.79958 to test resistance at $0.80.
XRP will need to avoid the $0.7702 pivot to move through the First Major Resistance Level at $0.8122. XRP would need broader crypto market support the return to $0.80 levels.
In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.8391 and resistance at $0.85. The Third Major Resistance Level sits at $0.9081.
A fall through the pivot would bring the First Major Support Level at $0.7433 into play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.72. The Second Major Support Level sits at $0.7013.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. Following Friday’s breakout, XRP sits above the 200-day EMA at $0.78215. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA held steady against the 200-day EMA, providing support.
A further narrowing of the 50-day EMA on the 100-day EMA would bring $0.80 into play.