banner image

Category: Forex News, News

SEC Appeal Plans Continue To Impact XRP Price Trends

The Saturday Overview On Saturday, XRP declined by 0.40%. Partially […]

The Saturday Overview

On Saturday, XRP declined by 0.40%. Partially reversing a 2.23% rally from Friday, XRP ended the session at ~~FIRSTPARAGRAPHTAG~~.5241.

SEC v Ripple: SEC Plans to Appeal Leaves XRP Trailing the Crypto Market

On Saturday, there were no SEC v Ripple case-related updates to impact buyer demand for XRP.

SEC plans to appeal against the Programmatic Sales of XRP ruling remain an XRP headwind. XRP bucked the broader market trend. The total crypto market cap increased by 1.01% on Saturday, ending the session at $1,747 billion.

Significantly, the court ruling that TerraUSD and Luna are securities in the SEC v Terraform Labs case created more confusion.

The SEC must await the conclusion of the SEC v Ripple case before appealing against the Programmatic Sales ruling. The ruling from the SEC v Terraform Labs case gives the SEC hope of overturning the Programmatic Sales ruling. However, the SEC v Coinbase (COIN) case could be pivotal.

SEC v Coinbase: The Motion to Dismiss and US Treasury Secretary Janet Yellen

Coinbase and the SEC await the court decision on the Coinbase Motion to Dismiss (MTD). Coinbase filed a Motion to Dismiss in August, arguing the SEC lacks the statutory authority to regulate US crypto exchanges.

In January, Judge Katherine Failla heard oral arguments from the SEC and Coinbase. Legal experts believed Coinbase presented stronger arguments, raising the expectations of a Coinbase victory.

US Treasury Secretary Janet Yellen may influence the court and the ruling on the Coinbase MTD. On Tuesday, Secretary Yellen gave testimony at a Financial Services Committee hearing.

Significantly, Secretary Yellen called on Congress to pass legislation to regulate stablecoins and the spot crypto market. The call on Congress to pass legislation highlighted the lack of existing legislation to assign oversight to the SEC and CFTC.

Ripple Chief Legal Officer Stuart Alderoty reacted to the testimony, saying,

“In Coinbase, the SEC told the judge that crypto is a “rounding error,” no legislative gaps exist, and thus, crypto can be “swept” into its authority. Yesterday, Sec. Yellen told Congress crypto legislation is needed to fill regulatory gaps. Both statements can’t both be true.”

A Coinbase victory could pour cold water on SEC plans to appeal the Programmatic Sales of XRP ruling.

XRP Price Action

XRPUSD 110224 Weekly Chart

Daily Chart

XRP sat below the 50-day and 200-day EMAs, sending bearish price signals.

A break above the $0.5470 resistance level and the 50-day EMA would support a move to the 200-day EMA. An XRP breakout from the 200-day EMA would bring the $0.5835 into view.

US lawmakers and SEC v crypto case-related chatter need consideration.

However, a fall through the $0.52 handle would support a drop to the $0.5042 support level.

The 14-day RSI reading, 48.65, indicates an XRP drop below the $0.50 handle before entering oversold territory.

XRPUSD 110224 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP remained above the 50-day while sitting below the 200-day EMA, affirming bullish near-term but bearish longer-term price signals.

An XRP break above the 200-day EMA would support a move to the $0.5470 resistance level.

However, an XRP drop below the 50-day EMA would give the bears a run at the $0.5042 support level.

The 4-hourly RSI, with a reading of 63.93, indicates an XRP move to the 200-day EMA before entering the overbought territory.

XRPUSD 110224 4-Hourly Chart

Source link

Share this article

Written by : Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Leave A Comment

Follow us

Latest articles