- XRP joined overall market bullishness on Tuesday with a 2.21% uptick to close at around $0.39535.
- Investor bias toward Ripple vs. SEC battle and Binance news came second to the U.S CPI and NASDAQ.
- XRP sat beyond the 100d EMA as technical signals turned bullish, supporting a $0.40 return.
The remittance token XRP sees pressure today morning after Tuesday’s bullish moves. Rumors about the Ripple vs. SEC case conclusion will potentially measure buyer appetite. Meanwhile, the Fed moves and FOMC projection will determine the asset’s near-term trajectory.
XRP gained 2.21% yesterday to continue Monday’s 1.44% upward move to end Tuesday at around $0.39535. The remittance token closed the day at the $0.39 vicinity. That’s after hovering beneath the mark for five sessions. XRP started yesterday with bearish moves as it dipped to $0.37834.
Nonetheless, the alt steered clear of the initial dependable foothold at $0.3754 to climb toward the $0.39684-afternoon peak. XRP overcame the immense hurdle at $0.3939 before sliding to the $0.39 shackles. Yet, an optimistic end saw the token overpowering the initial resistance to wrap Tuesday at $0.39535.
U.S CPI & NASDAQ at Center Stage
Meanwhile, the ongoing Ripple vs. SEC legal fight had no updates to distract market participants from the United States economic calendar. The U.S. CPI data triggered demand from the cryptocurrency market and XRP on Tuesday.
Softer inflation stats saw markets betting on a Federal pivot in December and a less violent rate action to drop inflation to targeted levels. However, the bullish figures supported S&P500 and NASDAQ Index, which gained 0.73% and 1.01% (respectively).
Nonetheless, the upside remained restricted, with XRP failing to challenge $0.40 as market players remained skeptical about Ripple’s case. Cardano’s Charles Hoskinson commented on rumors of the legal battle ending on Thursday this week. Though the source remains unknown, an end to the lawsuit will measure investor appetite mid-week.
Binance news could not overpower the CPI hawkishness, though market players should monitor the developments. Today, the focus will be on the Fed Reserve, Jerome Powell’s speech, and FOMC economic prediction.
Reduced interest rate hawkishness, soft landing, and downward inflation prediction would be lucrative for XRP and the overall cryptocurrency space. However, we might see the altcoin tacking the front-runners. The Ripple-SEC lawsuit remains the primary driver.
XRP Price Outlook
XRP hovered at $0.39052 during this writing, reflecting a 1.22% drop. That comes after the remittance token climbed to $0.39531, only to dip toward the $0.38948 mark. The alt should dodge $0.3902 to open the gateway to the first enormous resistance area at $0.4020. Moving beyond $0.39694 would trigger an optimistic session.
Stretched upsides would see bulls targeting the obstacle at $0.4087 (the second crucial obstacle). The 3rd arduous resistance stands at the $0.4272 level. However, bearish moves at $0.3902 can see XRP exploring the 1st support floor at $0.3835.
Unless with stretched sell-offs, the token should escape the $0.3750 shackles at the $0.3717-second essential support barrier. Meanwhile, XRP’s 3rd reliable foothold sits at the $0.3532 mark. With no SEC vs. Ripple updates and Binance’s liquidity worries, XRP will remain in the Fed’s hands.
The alternative token seems ready for more near-term surges. The Exponential Moving Averages and the four-hour chart sent bullishness for XRP. Moreover, the alt exhibited an upside trajectory as it sat beyond the 100-d Exponential Moving Average ($0.38817).