XRP has developed a strong bounce off of yesterday’s sell-off. XRP price seemed to find buyers at the $0.47 low leading to a relief bounce. At the time of publication, XRP was changing hands at $0.507, up 3.41% in the last 24 hours. SBI Motor Japan has announced that its customers can now make payments for used cars using XRP. According to the announcement by SBI on Monday, This move reportedly marks the first cross-border e-commerce site in Japan to support XRP. The crypto transactions will be settled on the SBI VC Trade Co. Ltd. In fresh updates shared by defense lawyer James K. Filan, the Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by the attorney-client privilege is due Friday, May 13, while the SEC’s response to the Ripple defendants’ reply is due May 18.
Key Levels
Resistance Levels: $0.6950, $0.5910, $0.5522
Support Levels: $0.4700, $0.4500, $0.4000
XRP/USD Daily ChartAfter reaching the $0.6574 level in the prior week, XRP/USD pair has skewed lower and has reached a yearly low of $0.4700. The pair fell to a low of $0.4724 in the present session before rallying to an intraday high of $0.5370 in an attempt to maintain its rebound. As the RSI reclaims the 30 points, buyers might leverage the bounce as an opportunity to buy the dip.
XRP underperforms its least bullish projections, having begun the month on a positive note around the $0.5850 mark. The negative momentum on the daily chart suggests that the downtrend has gained traction. When positive momentum returns, the next aim will be above $0.600 and the yearly high of $0.9163.
XRP/USD 4-Hour ChartOn the 4-hour chart, the XRP decline is tempered by the horizontal support at $0.4700. The bulls are on the defensive after the recent run to a yearly low. After the relative strength index revealed overextension, intraday traders took selling profits. The bulls may be able to recover and gather their breath during the present consolidation.
The demand zone at $0.4700 is a critical support level for the recovery. The nearest barrier on the upside is $0.5522 and next is the moving average (MA 50) at $0.5850. Its breach might set off a further surge toward the yearly high of $0.9163. A short-term confirmation that sentiment favors the recent rebound is a closure above the near-term barrier of around $0.5522.
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