XRP News: Digital Asset Anti-Money Laundering Act Debates

Key Insights:

• XRP rallied 5.43% on Monday, ending the session at $0.6463.
• Senator Elizabeth Warren and the Digital Asset Anti-Money Laundering Act were hot topics.
• SEC activity and US lawmaker scrutiny will be focal points on Tuesday.

The Monday Overview

On Monday, XRP rallied 5.43%, reversing a 1.13% loss from Sunday. XRP ended the day at $0.6463.

Senator Elizabeth Warren and the Crypto Bill Remain Focal Points

There were no SEC v Ripple case-related updates for investors to consider over the holidays. The lack of case-related news left Senator Elizabeth Warren in the spotlight.

On Monday, amicus curiae attorney John E. Deaton shared a post from the Chamber of Digital Commerce, saying,

“After asking the voters of Massachusetts to give her a chance to go to DC and hold the big bankers accountable, Elizabeth Warren and Jamie Dimon are now bedfellows. What’s the old adage: ‘If you can’t beat em, join em.’ Boy has she joined them.”

The Digital Chamber and Commerce post focused on Senator Elizabeth Warren and the Digital Asset Anti-Money Laundering Act, saying,

“Crypto community: it’s time to take ACTION! Written by the Bank Lobby, the Digital Asset Anti-Money Laundering Act is a crypto ban – posing a grave threat to our industry. Rise up and sign the pledge. #StopCryptoBan.”

On December 6, Senator Warren and CEOs of the largest US banks attended a Banking Committee hearing on Capitol Hill. The crypto market was the target, with JPMorgan Chase (JPM) CEO Jamie Dimon delivering an anti-crypto tirade. Dimon famously ended the tirade, saying,

“If I was the government, I would close it down.”

Significantly, the crypto community recently shared a Senator Roger Marshall speech about the Digital Asset Money Laundering Act. Senator Marshall admitted the American Bankers Association helped draft the Digital Asset Anti-Money Laundering Act .

The fight against the anti-crypto bill gained momentum last week. Crypto market leaders funded three US Political Action Committees (PAC) with over $78 million. PAC will use the funds to support pro-crypto candidates fighting for seats in the House and Senate. Ripple and Coinbase (COIN) are among the crypto market leaders to contribute.

XRP Price Action

Daily Chart

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

An XRP break above the $0.6354 resistance level would give the bulls a run at the $0.65 handle. An XRP move through the $0.65 handle would bring the $0.7047 resistance level into play.

US lawmaker scrutiny and SEC activity will be focal points on Tuesday.

However, a drop below the 50-day EMA would support a fall toward the $0.5835 support level.

The 14-day RSI reading, 53.96, indicates an XRP move to the $0.7047 resistance level before entering overbought territory.

4-Hourly Chart

On the 4-hourly, XRP held above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An XRP return to the $0.65 handle would support a move to the $0.7047 resistance level.

However, an XRP fall through the $0.6354 support level would give the bears a run at the $0.5835 support level.

The 4-hourly RSI, with a reading of 57.84, indicates an XRP move to the $0.7047 resistance level before entering overbought territory.