XRP News: Ripple CEO Talks Crypto with the SEC and Ripple Filing a Joint Briefing Schedule

Key Insights:

• XRP declined by 3.00% on Thursday, ending the session at $0.6668.
• The SEC and Ripple jointly proposed a briefing schedule on Thursday.
• Ripple CEO Brad Garlinghouse talked about crypto, regulation, and the SEC regulation by enforcement mantra at DC Fintech Week.

The Thursday Overview

On Thursday, XRP declined by 3.00%. After a 0.25% gain from Wednesday, XRP ended the day at $0.6668.

November 9 Deadline Passes with No Settlement in Sight

On October 24, the court ordered the SEC and Ripple to jointly propose a briefing schedule by November 9. Hopes of a settlement in the ongoing SEC v Ripple case faded, with neither side offering updates from settlement talks.

On Thursday, defense attorney James Filan shared the latest in the SEC v Ripple case, saying,

“The parties have submitted to Judge Torres a proposed schedule regarding, remedies, discovery, and briefing.”

The proposed schedule was administrative, with clearly defined timelines to progress on remedies to the remaining charge of XRP sales to institutional investors. There was no suggestion of progress toward a settlement.

The lack of progress toward a settlement likely contributed to the Thursday loss. The broader market enjoyed a positive session, with the total crypto market cap rising by 3.83% to $1,368 billion.

Ripple CEO Brad Garlinghouse gave an interview on Wednesday while attending DC Fintech Week 2023. Asked about the possibility of the SEC appealing the Programmatic Sales ruling and the case going all the way to the Supreme Court, Garlinghouse said,

“I think that definitely could happen. […] We’ve said this publicly. We’re in it until the end.”

The Ripple CEO also discussed going to the Supreme Court and the chances of Supreme Court victory, saying,

“That is a good thing. The current Supreme Court, we’d love to see the Vegas odds on how that would go.”

Adding,

“They have not been friendly to regulators.”

Discussing the US regulatory landscape, Garlinghouse said

“It has become a political liability. The way the SEC has approached this in the United States, we are looked at here in the US, relative to other countries, as stuck.”

On the matter of a settlement, Garlinghouse said that he was offered the ability to settle.

Brad Garlinghouse named the UK as the regulatory approach to follow, saying, “The UK, I think, has been very constructive on crypto.”

However, Garlinghouse thought the US could remain a leader in the digital asset space. Talking about Coinbase (COIN) and whether Brian Armstrong would have wished to incorporate in another jurisdiction, Garlinghouse said,

“The SEC approved his S1 and then sued him for doing things they knew he was doing. How does that make sense?”

With Ripple willing to go to the Supreme Court, the SEC needs to decide if it wants to amplify the Programmatic Sales ruling by going to the appellate courts. Ripple CEO Brad Garlinghouse remains optimistic in the event of an appeal. However, uncertainty about the outcome of an appeal would be a headwind.

XRP Price Action

Daily Chart

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

An XRP break above the $0.7047 resistance level would support a move to the Monday high of $0.7328.

SEC v Ripple case-related news will be the focal point on Friday.

An XRP fall through the $0.6354 support level would bring the pivot line and $0.5835 support level into play. Buying pressure will likely intensify at $0.6350. The trend line is confluent with the $0.5835 resistance level.

The 14-day RSI reading of 67.33 suggests an XRP return to $0.68 before entering overbought territory.

4-Hourly Chart

In the 4-hourly Chart, XRP remains above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An XRP return to $0.68 would give the bulls a run at the $0.7034 resistance level.

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

The 4-hourly RSI, with a reading of 45.05, suggests an XRP fall to the $0.6354 resistance level before entering oversold territory.