XRP News: Ripple President Monica Wong Made the News

Key Insights:

• XRP rose by 0.61% on Thursday, ending the session at $0.6317.
• Fear over the SEC appealing the Programmatic Sales ruling remains a headwind for XRP.
• On Friday, SEC activity and SEC v crypto cases are the focal points.

The Thursday Overview

On Thursday, XRP gained 0.61%. Following a 1.47% rally on Wednesday, XRP ended the day at $0.6317.

Ripple President Monica Long Makes the News

This week, Ripple President Monica Long hit the news wires. The Ripple President discussed the global economy and attitudes toward crypto with the NY Times.

Monica Long had this to say about cryptoization,

“[…] because of macroeconomic instability and weak inflation controls, people have begun to prefer cryptocurrencies to their local currencies.”

Monica Long highlighted crypto-adopting nations including Argentina, Zimbabwe, and Nigeria, adding,

“With the rise of cryptocurrency and blockchain technologies, it’s clear that our financial rails can and will be internet-native, in turn bringing greater accessibility and affordability to financial services for everyone.”

The Ripple President concluded,

“People cannot maintain their faith in a financial system that relies on systems built decades ago to move money — and that limits competition to only a few of the world’s largest institutions. This ongoing move from analog to digital-first in the world of financial infrastructure will change how commerce is conducted forever.”

Ripple has played a significant role in the early migration away from the current financial infrastructure. Significantly, the Programmatic Sales ruling has resulted in greater demand for Ripple products, signaling a positive outlook.

SEC v Ripple Case: The Current Status

There was no SEC v Ripple case-related news to influence the buyer appetite for XRP on Thursday. The lack of activity left XRP in the hands of the broader market.

Currently, the SEC and Ripple are progressing through remedies-related discovery. A February 12, 2024, deadline will leave XRP in limbo until remedy-related brief filings in March and April. The discovery process relates to the remaining charges against Ripple for selling XRP to institutional investors.

The final disgorgement for breaking securities laws will draw investor interest. Notably, the SEC wants the $770 million proceeds from the XRP sales to institutional investors. However, US case law suggests a lower figure. In Morrison v NAB, the Supreme Court ruled the SEC only has jurisdiction over US-based sales. If XRP sold 90% of XRP to institutional investors overseas, the final penalty would be lower than Ripple’s legal bill.

While the SEC v Ripple case is significant, SEC plans to appeal the Programmatic Sales ruling remains the stumbling block. The SEC can appeal the Programmatic Sales ruling upon the conclusion of the SEC v Ripple case.

XRP Price Action

Daily Chart

XRP sat 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 toward the $0.7047 resistance level.

SEC activity and SEC v Crypto case-related news remain 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, 51.67, indicates a move to the $0.65 handle 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 break above the $0.6354 resistance level would bring the $0.7047 resistance level into view.

However, an XRP drop below the 50-day EMA would support a fall to the 200-day EMA.

The 4-hourly RSI, with a reading of 52.57, indicates an XRP return to the $0.65 handle before entering overbought territory.