XRP News: Key Dates for the US Crypto Market Are Approaching

Key Insights:

• XRP gained 2.01% on Wednesday, ending the session at $0.6347.
• On Wednesday, progress toward a crypto-spot ETF market drove demand for XRP and the broader crypto market.
• Regulatory activity, US lawmaker scrutiny, and BTC-spot ETF-related news will be the focal points for the Thursday session.

The Wednesday Overview

On Wednesday, XRP gained 2.01%. Partially reversing a 3.73% slide from Tuesday, XRP ended the day at $0.6347.

Remedies-Related Discovery and the Coinbase Motion to Dismiss

It remains a pivotal time for the US digital asset space. Progress toward a BTC-spot ETF market continues to raise bets on a bullish 2024 for the crypto market. However, SEC cases against Ripple and Coinbase (COIN) remain hurdles for the crypto market. Important dates are approaching, and investors will likely respond to the outcome of the respective cases.

In the SEC v Coinbase case, Judge Katherine Failla will hear oral arguments on January 17, 2024. Significantly, oral arguments will relate to the Coinbase motion to dismiss (MTD). Coinbase filed an MTD in August, arguing the SEC has no statutory authority to regulate crypto exchanges. If Judge Failla grants the MTD, the SEC may alter its course in regulating the US digital asset space.

For the SEC, the ongoing case against Ripple could be another headache. Remedies-related discovery will end on February 12, 2024. After the discovery process, the SEC and Ripple must submit remedy-related briefs. The briefs will deliver legal arguments about the acceptable penalty for the illegal sales of XRP to US institutional investors.

While the SEC will try to set an example with a hefty fine, the focus likely remains on the Programmatic Sales ruling. Investors are betting on the SEC appealing against the Programmatic Sales ruling. An appeal would create more crypto uncertainty. The appeal process could take the SEC v Ripple case into 2025.

Nonetheless, the courts could prove vital to the US crypto market. Anti-crypto rhetoric from Capitol Hill brought forward discussions about the US Presidential Election. Senator Elizabeth Warren and the Digital Asset Anti-Money Laundering Act increased the focus on the US Presidential Election.

Senator Warren v Senator Lummis and the US Crypto Market

A Democratic Party clean sweep could pave the way for Senator Warren’s Bill to impact the US digital asset space. Significantly, the SEC could gain statutory authority to regulate the US crypto market.

In contrast, a Republican Party clean sweep could support the Lummis and Gillibrand Responsible Financial Innovation Act. Senator Cynthia Lummis and Kirsten Gillibrand filed the Responsible Financial Innovation Act in 2022.

The Responsible Financial Innovation Act supports innovation while aiming to protect investors. The Bill would give the CFTC greater authority to regulate the digital asset space.

XRP Price Action

Daily Chart

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

An XRP return to the $0.65 handle would give the bulls a run at the $0.7047 resistance level.

On Thursday, BTC-spot ETF-related news, US regulatory activity, and US lawmaker chatter will be the focal points.

However, a break below the $0.6354 support level would bring the 50-day EMA and sub-$0.60 into play.

The 14-day RSI reading, 55.31, indicates an XRP move to the $0.7047 resistance level before entering overbought territory.

4-Hourly Chart

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

An XRP move to the $0.65 handle would bring the $0.7047 resistance level into play.

However, a break below the $0.6354 support level would give the bears a run at the 50-day and 200-day EMAs.

The 4-hourly RSI, with a reading of 59.24, indicates an XRP move to the $0.7047 resistance level before entering overbought territory.