Key Insights:

• XRP rallied by 4.97% on Saturday, with the upside coming off the back of a broad-based crypto rally.

• There were no updates from the SEC v Ripple case nor any SEC response to the court ruling on the Hinman docs to influence.

• Technical indicators are bullish, with XRP sitting above the 100-day EMA.

On Saturday, XRP rallied by 4.97%. Following a 0.12% gain from Friday, XRP ended the day at $0.3505.

A bearish start to the day saw XRP fall to a low of $0.3314 before making a move. Steering clear of the First Major Support Level at $0.3246, XRP rallied to a high of $0.3560.

XRP broke through the First Major Resistance Level at $0.3458 to come within range of the Second Major Resistance Level at $0.3577 before easing back.

Despite the late pullback, XRP held onto the $0.35 handle for the first time since June 27.

SEC Silence on the Hinman Ruling Delivered Support

XRP tracked the broader market on Saturday, supported by a shift in sentiment toward Fed monetary policy.

Market jitters over a 100-basis point rate hike eased, with FOMC members talking of a 75-basis point rate hike before entering the Fed blackout period.

The upside came despite the SEC remaining silent on the Tuesday court ruling, denying the SEC motion to shield Hinman’s speech-related documents on the attorney-client privilege.

While there was a lack of influence, the SEC v Ripple case will likely remain the key.

XRP Price Action

At the time of writing, XRP was down 0.66% to $0.3482.

A choppy start to the day saw XRP rise to an early high of $0.3543 before falling to a low of $0.3475.

Technical Indicators

Avoiding the $0.3460 pivot would support a run the First Major Resistance Level (R1) at $0.3605.

XRP would need support from the broader market to break out from the Saturday high of $0.3560.

In the case of an extended crypto rally, XRP could test the Second Major Resistance Level (R2) at $0.3706. The Third Major Resistance Level (R3) sits at $0.3952.

A fall through the pivot would bring the First Major Support Level (S1) at $0.3359 into play.

Barring an extended sell-off, XRP should avoid the Second Major Support Level (S2) at $0.3214, with support at $0.33 likely to limit the downside.

The Third Major Support Level (S3) sits at $0.2968.

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bullish signal.

At the time of writing, XRP sat above the 200-day EMA, currently at $0.3438. Today, the 50-day EMA converged on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a breakout from R1 to bring R2 into play.