Baxia Markets
April 03, 2024

Bearish Outlook: XRPUSD Trades Below Value Area Amid SEC Charges

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In recent developments concerning XRPUSD, the cryptocurrency has faced a bearish outlook on the 4-hour timeframe chart. Notably, the Exponential Moving Averages (EMA) 50 and 200 have formed a death cross, signaling a potential downturn. Market analysis also reveals XRP trading below the value area of the volume profile, reinforcing the prevailing bearish sentiment. Additionally, both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) align with this bearish trend, with MACD's signal line below the zero line and RSI comfortably below 40%. This confluence of technical indicators suggests a likelihood of continued bearish sentiment throughout the week.

Bearish Outlook: XRPUSD Trades Below Value Area Amid SEC Charges
Furthermore, a significant driver impacting XRP's market sentiment is the recent legal proceedings involving Ripple Labs. The U.S. Securities and Exchange Commission (SEC) has reportedly sought a $2 billion judgment against Ripple Labs, according to social media updates from the cryptocurrency company's CEO and chief legal officer on Monday. This development adds further pressure to XRP's price action, contributing to the prevailing bearish sentiment in the market.

Traders and investors are advised to closely monitor these developments and technical indicators for insights into XRP's future price movements. The ongoing legal proceedings and regulatory challenges faced by Ripple Labs continue to cast a shadow over XRP's performance, potentially influencing market sentiment and trading dynamics in the coming days.

Key Economic Releases to Watch Today


Actual: 2.4% Forecast 2.5% vs Previous 2.6%

USD,  ADP Nonfarm Employment Change

Forecast 148K vs Previous 140K

USD, ISM Non-Manufacturing PMI

Forecast 52.8vs Previous 52.6

USD,  Fed Chair Powell Speaks



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