XRP bulls target $0.40 amid deepening global banking crisis

the main ideas:

  • On Saturday, XRP fell by 1.34%, ending the day at $0.37448.
  • News of a Credit Suisse bank on the verge of collapse tested investor sentiment as UBS and Credit Suisse entered talks to prevent another global financial crisis.
  • Technical indicators remained bullish, indicating a return to $0.40.

On Saturday, XRP fell by 1.34%. XRP partially reversed its 3.83% gain from Friday, ending the day at $0.37448. Despite the bearish session, XRP returned to the $0.39 handle for the first time since March 9.

A bullish start to the day saw XRP climb to an early high of $0.39041. XRP broke the first major resistance level (R1) at $0.3872 before falling to a late afternoon low of $0.37040. However, XRP avoided the first major support level (S1) at $0.3675, and XRP returned to the $0.3819 handle before retreating into negative territory.

XRP is trailing Bitcoin into the red as the banking crisis deepens

It was a quiet Saturday, with no updates from the ongoing SEC v Ripple case for investors to consider. As investors await decisions on the Hinman documents and summary judgment orders, banking-sector news continued to grab headlines.

News that the Swiss Cabinet is holding an emergency meeting to discuss the future of Credit Suisse Group AG (CS) has tested buyer appetite. On Saturday, reports came out of UBS AG (UBS) asking the Swiss government to cover about $6 billion in costs for the acquisition of Credit Suisse Group AG.

Events from Saturday showed that the dust has yet to settle from the collapse of Silicon Valley and Signature Bank (SBNY).

However, XRP and the broader cryptocurrency market have shown resilience when the banking sector gets hit by banks. This week, the cryptocurrency market found a warm welcome as investors looked for alternative ways to store funds.

With UBS AG and Credit Suisse Group AG in talks to avert disaster on Monday, XRP and the broader crypto market found investor support this morning. BTC’s value rose 0.88% to $27,151, with the total market cap of the crypto market up 0.99% to $1,125 billion.

next day

Investors should continue to monitor the newscast for banking-related news and SEC v Ripple updates.

But investors should also continue to track news related to Binance and FTX, as regulatory activity and legislative talk will likely drive the call. This weekend, lawmakers and regulators did not return their attention to the cryptocurrency market as the banking crisis deepened.

The UBS-Credit Suisse deal should ease market tension and uncertainty ahead of the Fed’s interest rate decision. In the last hour, the NASDAQ mini index will give investors an idea of ​​how the week will develop.

XRP price action

At the time of writing, XRP is up 0.76%, at $0.37731. A mixed start to the day saw XRP drop to an early low of $0.37392 before rising to a high of $0.37827.

XRPUSD 190323 daily chart

Technical indicators

XRP needs to break the $0.3784 pivot to target the first major resistance level (R1) at $0.3865 and Saturday’s high at $0.39041. A return to $0.3850 indicates a bullish session. However, the broader crypto market and SEC v Ripple chatter will need to support the hack.

In the case of an extended rally, XRP is likely to test the second major resistance level (R2) at $0.3984 and the resistance at $0.40. The third major resistance level (R3) is located at $0.4185.

Failure to move through the pivot leaves the first major support level (S1) $0.3665 in play. However, barring a large-scale cryptocurrency sell-off, XRP should avoid below $0.36 and the second major support level (S2) at $0.3584. The third major support level (S3) is located at $0.3384.

XRPUSD 190323 hourly chart

Both the exponential moving average and the 4-hour candlestick chart (below) are sending bullish signals.

At the time of writing, XRP is above the 100-day moving average, currently at $0.37421. The 50-day EMA closed above the 100-day EMA, with the 100-day EMA lower to the 200-day EMA. The EMA has provided bullish signals.

A move through the 200-day EMA ($0.37795) would support a breakout from R1 ($0.3865) to target R2 ($0.3984) and $0.40. However, a drop below the 100-day ($0.37421) and 50-day ($0.37305) would bring S1 ($0.3655) into action. A dip through the 50 day EMA could send a bearish signal.

XRPUSD 190323 4-hour chart

XRP Bulls Target $0.40 As Global Banking Crisis Exacerbates – Coinphony [SV]

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