XRP News: Armstrong Speaks – US Election Could Shift Crypto Landscape

Key Insights:

• XRP’s weekend decline saw it close Sunday at $0.5021, reflecting broader market hesitations.
• 2024 US elections carry weight; a GOP win could usher in a refreshing era for the US digital market.
• Coinbase CEO Armstrong rallies for a united crypto front ahead of pivotal 2024 elections.

The Sunday Overview

On Sunday, XRP fell by 1.12%. Following a 0.88% loss on Saturday, XRP ended the day at $0.5021.

Coinbase CEO Brian Armstrong Calls for Crypto Unity to Battle US Politics

The ongoing SEC v Ripple and Coinbase cases remain the focal point of the crypto industry. Investors await court rulings on the SEC motion for interlocutory appeal or the Coinbase (COIN) motion to dismiss.

There was no court activity over the weekend. However, crypto market chatter about the US crypto regulatory landscape drew interest. Coinbase CEO Brian Armstrong spoke at Mainnet 2023. Initially focusing on the political space and regulatory landscape, the Coinbase CEO said,

“The crypto industry is going to have to get a little more sophisticated and powerful in terms of our lobbying efforts and our political power that we can bring to bear in this 2024 election.”

Armstrong went on to say,

“Coinbase helped create this website, standwithcrypto.org. We want to bring the whole community together, all of the people who have used crypto, all the companies in this space to come together and say you know what, we’re going to elect candidates in this country who are sensible about, and they’re pro-technology, and pro-builders and pro-innovation. And any candidate in our government, who cannot get behind this should be voted out of office, period, full-stop.”

Armstrong also referred to the bills progressing through the House and mentioned the upcoming election, emphasizing the industry’s need to make its voice heard.

US Presidential Election Impact on the US Crypto Market

While Ripple, Coinbase, and others, including Binance, battle the SEC, the US crypto market could get a facelift in late 2024.

Crypto advocates see a Republican Party victory as a favorable outcome for the US digital asset space. SEC Chair Gary Gensler would have to step aside, ending the era of regulation by enforcement.

The SEC decision to press for an interlocutory appeal could work in the favor of XRP and the crypto market. If Judge Analisa Torres grants the SEC’s motion, the SEC v Ripple case would be on ice until the end of the appeal process.

Lawmakers estimate the appeal process to extend beyond one year, bringing the US Presidential Election into the mix.

However, it could all be a moot point if Judge Katherine P. Failla grants the Coinbase motion to dismiss. Crypto-Law US founder and Amicus Curiae attorney John E. Deaton believes the SEC will settle if Judge Failla grants the Coinbase motion to dismiss.

Considering the dynamics, XRP will likely remain range-bound until a pickup in court activity.

XRP Price Action

Daily Chart

XRP sat below the 50-day and 200-day EMAs, sending bearish price signals. A fall to sub-$0.48 would bring $0.45 into play. Uncertainty about the ongoing SEC cases will continue to test buyer appetite.

However, a break above the $0.5042 resistance level would support an XRP move to the 200-day EMA.

The 43.30 14-Daily RSI reading signals an XRP fall to sub-$0.48 before entering oversold territory.

4-Hourly Chart

XRP sits below the 50-day and 200-day EMA, reaffirming bearish price signals. An XRP break above the $0.5042 resistance level would support an XRP breakout from the 50-day EMA to target the 200-day EMA.

However, failure to move through the $0.5042 resistance would leave sub-$0.48 in play.

The 14-4 Hourly RSI 35.10 reading supports an XRP return to sub-$0.49 before entering oversold territory.