XRP News: Ripple, Lawsuits, and SEC – The Ongoing Legal Sagas

Key Insights:

• XRP declined by 1.90% on Friday, ending the session at $0.5433.
• The threat of the SEC appealing the Programmatic Sales ruling remains a headwind for XRP.
• Updates on the SEC v Coinbase case will remain a focal point. The outcome is likely to have significant ramifications for the US crypto space.

The Friday Overview

XRP declined by 1.90% on Friday. Following a 0.29% loss on Thursday, XRP ended the day at $0.5433.

SEC v Ripple: Is the SEC Working Toward an Appeal?

There were no SEC v Ripple case-related updates for investors to digest on Friday. The SEC and Ripple could be working on agreeable terms to settle the outstanding charge of the institutional sales of XRP. According to the Court Order dated October 19, failure to agree to a briefing schedule would place the onus on the Court to schedule a contested briefing schedule.

November 9 holds significance in the crypto calendar. A lack of news relating to settlement talks will leave investors wary. While a settlement will provide market relief, the SEC may have ulterior motives to conclude its case against Ripple.

The crypto community has speculated that the SEC is expediting the case to appeal the Programmatic Sales ruling. In October, Judge Analisa Torres rejected the SEC interlocutory appeal. Since the October 3 ruling, the SEC has dropped the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Notably, the SEC also showed intent to work toward a settlement.

The uncertainty surrounding the SEC’s potential appeal of the Programmatic Sales ruling is keeping XRP below $0.60.

While the SEC and Ripple hold discussions behind closed doors, SEC v Coinbase (COIN) remains pivotal for the US crypto market.

SEC v Coinbase: Court Dates Point to an Interesting End to the Year

By November 17, the SEC and Coinbase must submit a proposed schedule for the January 17 Court date for Oral Arguments. Judge Katherine P. Failla set the court date at the request of Coinbase. The request for oral arguments relates to the Coinbase motion to dismiss (MTD).

On August 4, Coinbase filed an MTD, arguing the SEC lacks the statutory power to regulate crypto exchanges.

Notably, Amici Curiae can also speak at the hearing. Senator Cynthia Lummis filed an Amicus Curiae brief in August supporting the Coinbase MTD.

The outcome of SEC v Coinbase could have significant implications for the SEC and the US digital asset space. Another SEC loss may force lawmakers to revisit SEC freedom to regulate the space and expedite a regulatory framework that protects consumers while fueling innovation.

Progress toward a crypto-spot ETF market has thawed the crypto winter. An SEC win against Coinbase and a successful appeal of the Programmatic Sales ruling on blind bid/ask XRP transactions could test the renewed market optimism. On the other hand, victories for Coinbase and Ripple victories would ease market concerns stemming from the ever-present threat of SEC action.

XRP Price Action

Daily Chart

XRP remained above the 50-day and 200-day EMAs, sending bullish price signals. The 50-day EMA continued to pull away from the 200-day EMA, following the bullish cross, another bullish price signal.

A break above the $0.5470 resistance level would support a move to the trend line. SEC v Coinbase and Ripple, and crypto-spot ETF-related news will remain focal points.

However, an XRP drop below $0.5400 would bring the EMAs and the $0.5042 support level into view.

The 60.72 14-day RSI reading suggests a move through the trend line before entering overbought territory.

4-Hourly Chart

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

An XRP break above the $0.5470 resistance level would give the bulls a run at the trend line.

However, a fall through the 50-day EMA would bring the 200-day EMA and the $0.5042 support level into play.

The 4-hourly RSI, with a reading of 49.00, suggests an XRP fall through the 50-day EMA to sub-$0.52 before entering oversold territory.