XRP News: Crypto Predictions, Senator Warren, JPM, and the SEC in Focus

Key Insights:

• XRP gained 0.78% on Saturday, ending the session at $0.6204.
• Senator Elizabeth Warren and the Digital Asset Anti-Money Laundering Act remained a discussion point.
• SEC v Crypto cases continue to dictate market trends as investors await the approval of BTC-spot ETFs.

The Saturday Overview

On Saturday, XRP gained 0.78%. After a 2.55% loss on Friday, XRP ended the day at $0.6204.

SEC v Ripple Case: Silence Leaves Investors Hopeful

There was no SEC v Ripple case-related news to influence the buyer appetite for XRP on Saturday. The lack of case-related news left XRP in the hands of the broader market. Optimism toward the likely impact of a crypto-spot ETF market on the crypto price trends drove buyer appetite on Saturday.

However, the SEC v Ripple case remained a focal point for XRP investors.

In November, the court issued a remedies-related brief schedule, requiring the SEC and Ripple to complete remedies-related discovery by February 12, 2024. Remedies-related discovery relates to XRP sales to institutional investors. The SEC has eyed a $770 million disgorgement for breaching securities laws. However, US case law could support a significantly lower penalty.

There is optimism for a favorable outcome to the SEC v Ripple case. Nonetheless, uncertainty about SEC plans to appeal the Programmatic Sales of XRP ruling lingers. Amidst the uncertainty, Ripple Chief Legal Officer Stuart Alderoty shared 2024 crypto-related predictions for 2024.

One prediction resonated among the three.

Prediction #2: “Judges will continue to be the last line of defense against the SEC’s overreach, and the SEC will continue to lose major issues in the courts – setting the table for a showdown in the Supreme Court.”

More SEC losses in the courts and appeals that could make their way to the Supreme Court may draw the US crypto regulatory landscape for US lawmakers.

Senator Elizabeth Warren and the US Banking Fraternity appear eager to introduce banking rules and regulations to the US digital asset space.

CryptoLaw US Founder John E. Deaton Talks Regulations

On Saturday, amicus curiae attorney and CryptoLaw US founder John E. Deaton retargeted Senator Elizabeth Warren.

Deaton responded to a post sharing the famous JPMorgan Chase (JPM) CEO Jamie Dimon tirade at the Banking Committee hearing, saying,

“Let’s see: Jamie Dimon tells Senator Warren everything she wants to hear regarding her war on Bitcoin and crypto right at the same time she introduces her bill to effectively ban Bitcoin & Crypto in the United States. Isn’t that convenient timing on Warren’s part?”

Deaton went on to say,

“Warren and Jamie Dimon are now bedfellows. Did you notice how Elizabeth Warren didn’t ask Jamie Dimon about the $39 Billion in fines JPMorgan has paid for fraudulent and illicit activity?”

The amicus curiae attorney also highlighted Senator Warren’s advocacy for women’s rights, her association with JPMorgan, and JPMorgan’s $290 million settlement with Epstein’s accusers.

US banks will likely continue to align with US lawmakers sitting on the anti-crypto side of the aisle. Platforms, including Ripple, can significantly erode the dominance US banks enjoy. But, Senator Warren’s Digital Asset Anti-Money Laundering Act would need more support on Capitol Hill before materially spooking the crypto markets.

US court rulings could counter legislative plans to place the crypto industry under banking-style regulations and oversight. Ongoing cases that could influence the US crypto landscape include the SEC vs. Ripple, Kraken, Coinbase (COIN), and Binance.

XRP Price Action

Daily Chart

XRP remained above the 50-day and 200-day EMAs, sending bullish price signals.

An XRP break above the $0.6354 resistance level would support a move to the $0.65 handle into play. A breakout from $0.65, XRP would bring the $0.7047 resistance level into play.

US lawmaker chatter, SEC activity, and SEC v Crypto case-related news are focal points.

However, a fall through the 50-day EMA would give the bears a run at the $0.60 handle and the $0.5835 support level.

The 14-day RSI reading, 47.80, indicates a fall to the $0.60 handle before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP remained below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP move through the EMAs would bring the $0.6354 resistance level and $0.65 handle into play.

However, an XRP drop below the $0.60 handle would give the bears a run at the $0.5835 support level.

The 4-hourly RSI, with a reading of 45.72, indicates an XRP fall to the $0.60 handle before entering oversold territory.