XRP News: Ripple’s DC Engagements Amid House Anti-CBDC Movement

Key Insights:

• XRP concluded Wednesday at $0.5213, marking a consistent three-day rise in its value.
• The House Financial Services Committee advances the CBDC Anti-Surveillance State Act.
• Anticipated court rulings in SEC v Ripple and SEC v Coinbase crucial for US crypto outlook.

The Wednesday Overview

On Wednesday, XRP gained 1.42%. Following a 2.13% rise on Tuesday, XRP ended the day at $0.5213. XRP extended its winning streak to three sessions.

Capitol Hill Move to Block Issuance of CBDC Offers Support

There were no court rulings on the SEC’s motion for an interlocutory appeal. The lack of case-related activity left XRP in the hands of US lawmaker-related news and Ripple chatter.

On Wednesday, the House Financial Services Committee advanced anti-CBDC legislation, the CBDC Anti-Surveillance State Act, to the Full House. According to the press release, the CBDC Anti-Surveillance State Act,

“Prevents the Federal Reserve from issuing a CBDC directly or indirectly to individuals or maintaining accounts on behalf of individuals. It also prohibits the Secretary of the Treasury from directing the Board of Governors of the Federal Reserve System to issue a CBDC and clarifies that a CBDC can only be issued pursuant to congressional authorization.”

Ripple in DC

The progress of the CBDC Anti-Surveillance State Act to the Full House coincided with Brad Garlinghouse and the Ripple team attending meetings on Capitol Hill. Notably, Ripple CEO Garlinghouse outlined the reasons for visiting the capital, saying,

“Back in DC today to meet with members of Congress alongside Stuart Alderoty, Rob Grant, and our global policy team. Can’t get regulatory clarity without actually engaging with elected officials who are proposing bills.”

The combined effects of the Ripple team on Capitol Hill to push for legislation and US lawmaker attempts to block the issuance of CBDC (Central Bank Digital Currency) without authorization likely contributed to the positive Wednesday session.

Fed Weighs on BTC and the Broader Crypto Market

XRP bucked the broader market trend, as BTC and the broader market responded to the Fed interest rate decision, economic projections, and press conference.

Upbeat revisions to the FOMC economic projections left a November rate hike on the table. Significantly, the Fed turned more hawkish about 2024, with 10 out of 19 Committee Members reportedly seeing US interest rates holding above 5% throughout 2024.

While the Fed weighed on the broader crypto market, investors should monitor the news wires for SEC v Ripple and SEC v Coinbase (COIN) case-related updates. Court rulings in the two SEC cases could have a material impact on the US digital asset landscape.

XRP Price Action

Daily Chart

XRP sat below the 50-day and 200-day EMAs, sending bearish price signals. Notably, XRP remained below the $0.5470 resistance level and the trend line.

A break above the 200-day EMA would support an XRP move to the trend line and 50-day EMA. XRP will likely face increased selling pressure at $0.5350. The 50-day EMA is confluent with the trend line.

Failure to break above the 200-day EMA would leave the $0.5042 support level in play. A break below the support level would give the bears a run at $0.48.

US lawmaker commentary and SEC activity will influence investor sentiment. However, SEC v Ripple and Coinbase court-related updates should have more impact on buyer appetite.

The 52.32 14-Daily RSI reading signals an XRP break above the 200-day EMA and a move to the trend line before entering overbought territory.

4-Hourly Chart

XRP remains above the 50-day EMA while sitting below the 200-day EMAs, sending bullish near-term price signals but bearish longer-term price signals.

An XRP break above the 200-day EMA would support a move to the trend line. However, failure to break above the 200-day EMA would give the bears a run at the 0.5042 support level.

The 14-4 Hourly RSI 60.35 reading supports an XRP break above the 200-day EMA before entering overbought territory.