BNB Bulls to Target $260 on SEC v Ripple Ruling Impact on SEC Charges

Key Insights:

• On Friday, BNB joined the broader market in the red, falling 3.20% to end the day at $248.2.
• Investor sentiment toward the SEC v Ripple rulings and the implications for the broader crypto market tested buyer appetite.
• However, the near-term technical indicators remained bullish, supporting a return to $260.

On Friday, binance coin (BNB) fell by 3.20%. Partially reversing a 5.08% gain from Thursday, BNB ended the day at $248.2. Despite the bearish session, BNB avoided sub-$240 for the fourth consecutive session.

BNB Price Action

This morning, BNB was up 0.44% to $249.3. A mixed start to the day saw BNB fall to an early low of $247.3 before rising to a high of $249.5.

Daily Chart

The Daily Chart showed BNB remained below the $262 – $257 resistance band. Importantly, BNB also sat below the 50-day ($257) and 200-day ($287) EMAs, sending bearish near and longer-term price signals.

Notably, the 50-day EMA fell back from the 200-day EMA and reflected bearish momentum.

Looking at the 14-Daily RSI, the 52.03 reading signaled a bullish outlook. With the 50-day EMA flattening on the 200-day EMA, the RSI signals a BNB move through the 50-day EMA ($257) and the lower level of the $257 – $262 resistance band to target $260.

4-Hourly Chart

Looking at the 4-Hourly Chart, the BNB/USD faces strong resistance at the $250 psychological level. BNB/USD sits below the 200-day EMA ($250) but above the 50-day ($246) EMAs, sending bullish near-term but bearish longer-term price signals.

Significantly, the 50-day EMA narrowed on the 200-day EMA, signaling a likely breakout from the 200-day EMA to target the $257 – $262 resistance band.

BNB/USD should avoid the 50-day EMA ($246) to support a run at the 200-day EMA ($250) and the lower level of the $257 – $262 resistance band.

The 14-4H RSI reading of 51.49 indicates a bullish stance, with buying pressure outweighing selling pressure. Significantly, the bullish RSI aligns with the 50-day EMA and supports a run at $260.

SEC v Ripple Court Ruling Rickshaws BNB and the Broader Market

On Friday, silence over whether the SEC will appeal the SEC v Ripple Court rulings weighed on investor sentiment. The SEC did not respond to appeal-related questions, reportedly not commenting to appeal questions.

Significantly, the SEC v Ripple case will proceed after the Court ruling on XRP sales to institutional clients.

While the SEC will likely face scrutiny over the case, lawmakers have yet to voice the need to review the SEC mandate and consider the introduction of a new regulatory authority to oversee the digital asset space.

The Court ruling that XRP is not a security was bullish for the broader crypto market. However, the SEC charges against Binance.US, Binance, and Binance CEO CZ do not only focus on the illegal sale of securities. There are 13 SEC charges, including lack of disclosure and the calculated evasion of the law.

Nonetheless, Binance.US may now have confidence in eliminating the charges of illegally selling securities, which could put the option of a settlement on the table. The SEC could scupper the hopes of an SEC settlement if they appeal Judge Torres’s rulings.

The Day Ahead

It is a quiet Saturday session, with no external market forces to impact investor sentiment. However, investors should monitor the crypto news wires for SEC v Ripple-related chatter and significant crypto events.

After the SEC v Ripple ruling, investors should track ETF chatter, with Binance and Coinbase (COIN)-related news likely to also be focal points.