The article discusses the current state of XRP and its potential price movements. It mentions that the 50-day EMA is moving further away from the 200-day EMA, indicating a bullish trend in the near term. However, the bearish start to the week has left XRP vulnerable to the support level of $0.6530 – $0.6417. The 14-daily RSI reading also suggests bullish signals for XRP, supporting a possible price increase towards the resistance band of $0.7870 – $0.7737. On the 4-hourly chart, XRP faces strong resistance at the 50-day EMA and remains below the $0.7870 – $0.7737 resistance band. The article also mentions the bearish near-term signals but bullish longer-term signals from the EMAs and RSI. It includes comments from Amicus Curiae attorney John E Deaton, who criticizes SEC Chair Gensler’s understanding of securities laws in relation to cryptocurrencies. The article further discusses the SEC’s ongoing regulation efforts and the potential impact of US legislation on the crypto industry.
AI Sentiment: Negative
