XRP News: SEC vs. Ripple – The Journey, Victories, and Future Outlook

Key Insights:

• XRP declined by 0.85% on Saturday, ending the session at $0.6200.
• Ripple’s Chief Legal Officer looked back at 2020 and the decision to battle the SEC in the courts.
• On Sunday, SEC v Crypto case-related chatter and U.S. regulatory activity are the focal points.

The Saturday Overview

On Saturday, XRP declined by 0.85%. After a 0.14% gain on Friday, XRP ended the Saturday session at $0.6200. Significantly, XRP ended a three-day winning streak.

Ripple Chief Legal Officer Looks Back 2020

There was no SEC v Ripple case-related news to influence XRP price trends on Saturday. Investors must wait for the remedy-related brief filings in March and April to gauge the likely penalty for XRP sales to institutional investors. The SEC and Ripple must complete remedies-related discovery by February 12, 2024.

The lack of case-related news left XRP tracking BTC and ETH into negative territory. Investors await the approval of BTC-spot ETFs, a positive event for the crypto market. However, increased US lawmaker scrutiny of the crypto market remains a headwind.

On Saturday, Chief Legal Officer Stuart Alderoty recalled events before the SEC filed charges against Ripple, Ripple CEO Brad Garlinghouse, and co-founder Chris Larsen.

Alderoty shared his views on X, posting,

“Before the SEC sued Ripple, Chris and Brad (3 yrs ago today) they offered us the following settlement: the SEC would announce to the market that XRP is a security and the market would be given a short window to “come into compliance.” We said no because: (1) XRP is not a security; and (2) the SEC never built a framework for crypto compliance. No matter the spin that Clayton, Hinman, Gensler, or anyone else puts on this case now, it was always about one thing – – proving that XRP is not, in and of itself, a security.”

Alderoty went on to say,

“We put everything on the line. Few thought we would win. But we did. In the process we exposed the SEC for the hypocritical tyrant it is and the industry in the U.S. lived to fight another day. Onward to 2024.”

Ripple Justified the Decision to Battle the SEC with Key Victories in 2023

In 2023, Judge Torres gave Ripple a much-needed win with the Programmatic Sales ruling. Judge Torres also rejected an SEC motion for interlocutory appeal. A failed attempt to appeal against the Programmatic Sales ruling forced the SEC to drop the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

By dropping the charges, the SEC could expedite the SEC v Ripple case to pursue an appeal against the Programmatic Sales ruling.

The ongoing threat of an SEC appeal leaves XRP below the $0.70 handle. This week, XRP fell to the number six spot based on market capitalization. A failed attempt to overturn the Programmatic Sales ruling could change the narrative and allow XRP to retake the number three spot.

XRP Price Action

Daily Chart

XRP held 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 vs. Crypto case-related chatter and US regulatory activity are the focal points for Sunday, December 24, 2023.

However, a fall through the 50-day EMA would bring the $0.5835 support level into play.

The 14-day RSI reading, 47.30, suggests an XRP fall through the $0.60 handle before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP remained below the 50-day and 200-day EMAs, affirming bearish near-term price signals.

An XRP move through the EMAs would give the bulls a run at the $0.6354 resistance level and the $0.65 handle.

However, an XRP break below the $0.60 handle would support a fall toward the $0.5835 support level.

The 4-hourly RSI, with a reading of 47.00, suggests an XRP break below the $0.60 handle before entering oversold territory.