The crypto community awaits updates from the SEC and Ripple on progress, if any, toward a briefing schedule.
In October, the court ordered the SEC and Ripple to jointly propose a briefing schedule on related charges by November 9, 2023. The outstanding charges relate to the unlawful sale of XRP to institutional investors. If the two parties fail to agree to a briefing schedule, the court will arrange a contested briefing schedule.
The SEC is eying a $770 million penalty, while pro-crypto lawyers suggest a significantly lower penalty. On November 4, CryptoLaw US founder and amicus Curiae attorney John E. Deaton shared an optimistic perspective. Deaton believes there is a 90% chance of a favorable outcome for Ripple, saying,
“If Ripple ends up paying $20M or less it’s a 99.9% legal victory.”
BTC-Spot ETF Hopes to Keep BTC at the $35,000 Mark
The market euphoria toward the launch of a BTC-spot ETF remains intact. In the week ending November 5, BTC gained 1.34% to end the week at $35,061.
While investors target altcoins in a rotation toward trailing coins, BTC remains the bellwether for the crypto market. On Sunday, BTC-spot ETF news failed to spook investors, who are more focused on SEC approvals than more spot-ETF applications.
Bloomberg Intelligence ETF Analyst Eric Balchunas reacted to recent news of Vanguard opting out of the BTC-spot ETF race, saying,
“Vanguard ruling out doing a bitcoin ETF is like Radiohead ruling out doing a Christmas album. It’s just miles away from their DNA/brand. No big shocker here. This is tho big reason why most everyone else does want to launch one, less fee pressure when Vgrd not around.”
A BTC breakout from the $35,265 resistance level would support a move to the November 2 high of $36,024 and the $36,400 resistance level.
Crypto-spot ETF news is the focal point. Progress toward SEC approvals and an expected influx of institutional monies remain the driving force behind recent crypto gains. Hints of the SEC planning to decline one, some, or all the BTC-spot ETF applications could send BTC into retreat.
A BTC fall through the $34,000 would give the bears a run at the $32,436 support level.
The 14-Daily RSI reading of 73.58 shows BTC sitting in overbought territory. BTC may face intensifying selling pressure at the $35,265 resistance level.