XRP saw a short fade after hitting resistance at $0.915 on Feb. 9, as some bulls who entered at $0.58 booked some profits. Though XRP is set to mark the third consecutive day in red, bulls may seek to use the present dip as a launchpad. At press time, XRP trades at $0.785, down 8.72% in the last 24 hours in line with the broader market declines. In a recent update by James K. Filan, SEC files a motion for extension of time until Feb. 24 to respond to Ripple’s Motion to Compel turnover of notes from the 2018 meeting between Brad Garlinghouse and Commissioner Elad Roisman. Ripple objects, saying response should be filed latest Feb. 17. Earlier, Ripple filed a motion to compel the SEC to turn over notes from the meeting between the Ripple boss and the former SEC commissioner. The SEC, on the other hand, filed an objection to the motion, claiming deliberative process privilege (DPP).
Key Levels
Resistance Levels: $1.1000, $1.0000, $0.9147
Support Levels: $0.7500, $0.6950, $0.5910
XRP/USD Daily ChartXRP fell back below weekly highs of $0.9158 after the psychological area of $0.5910 has proven to be a solid demand area. Earlier a break over the moving average (MA 50) has prompted sellers to cover gains, allowing for a move higher. However, the pair is retreating towards the next support at $0.7500 for a horizontal consolidation.
A rebound would bring XRP back to a recent high at $0.9158. On the downside, the resistance-turned-support at $0.7500 could see buying interest in case of a conclusive retracement. If a break below $0.7500 occurs, a low might be formed around $0.6950. The overall sentiment is still a tad cautious unless the bull’s clear psychological level of $1.000 is within reach.
XRP/USD 4-Hour ChartLooking at the 4-hour chart, the XRP/USD pair has started a decline after a major increase to $0.9158. The pair seeks support at the short-term moving average (MA 200) at $0.6950, which might suggest a potential turnaround. A break above the barrier at $0.8200 could put the cross-border token back on track.
Below here, an oversold relative strength index (RSI) might lead momentum traders to take profit. The recent pullback seeks to test the retracement level at $0.7500, which used to be a convergence zone in Jan. 2022. The $0.7500 is the main hurdle for the XRP to gain traction. If not, there could be a downside correction to $0.6950.
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