XRP News: Senator Warren’s Bill, the NY Times, and the US Election

Key Insights:

• XRP slid by 3.73% on Tuesday, ending the session at $0.6222.
• On Tuesday, the US Digital Asset Anti-Money Laundering Act and the US Presidential Election became talking points.
• US lawmaker scrutiny and regulatory activity will be focal points on Wednesday.

The Tuesday Overview

On Tuesday, XRP slid by 3.73%. Partially reversing a 5.43% rally from Monday, XRP ended the day at $0.6222.

Senator Warren’s Bill Remained a Focal Point

There was no SEC v Ripple case-related news to influence the buyer appetite for XRP on Tuesday. The lack of case-related news left US politics and the Digital Asset Anti-Money Laundering Act discussion points.

Amicus Curiae John E. Deaton responded to a post on X that shared two New York Times articles. The first, dated 1995, talked about government surveillance threatening civil liberties and privacy. The second article, dated 2023, considered the need for greater surveillance.

Deaton had this to say about the Senator Elizabeth Warren Bill,

“This is ALL being coordinated by Senator Warren and her anti-crypto army, being co-chaired by Jamie Dimon. They want to introduce a CBDC controlled by the Federal Reserve, in conjunction with the Big Banks. She is using her campaign for reelection as a way to create and control the anti-crypto narrative.”

Deaton added,

“I have good info that Warren is going to use Tom Brady – the GOAT of Quarterbacks – and a hero in Massachusetts – as an example of why Crypto must be banned. In sum, if the GOAT can be swindled out of money by one of these Crypto Bros, then the average Joe has no chance and must be protected at all costs (even losing a little privacy). Except the Average Joe can’t afford to lose their hard-earned money. Not everyone can afford it like Tom Brady can.”

Despite the progress toward a BTC-spot ETF market, the US Presidential Election has become a topic of discussion.

The US Presidential Election and Warren’s Bill

Turning to the US Presidential Election and the chances of the Bill becoming legislation, Deaton said,

“And people need to stop saying that her Bill has no chance because the House is Republican. 2024 isn’t a big concern. The House is Republican only by the slightest of margins and could easily slip in 2024. The Dobbs decision played a key role in the midterm elections. Will it play a role in 2024?”

Deaton acknowledged the Democrats could win the US Presidential Election with a clean sweep. However, the amicus curiae attorney also believes Warren’s Bill won’t pass in 2024.

On December 20, 2023, we discussed the two parties, two crypto Bills, and two possible outcomes. Significantly, a Republican clean sweep could be a boon for the US digital asset space. A Republican House and Senate could support the Responsible Financial Innovation Act.

In contrast to Warren’s Bill, the Responsible Financial Innovation Act aims to support innovation while protecting investors. Notably, the Bill would give the CFTC greater authority, curbing the impact of the SEC on the US crypto space.

Senators Cynthia Lummis and Kirsten Gillibrand filed the Responsible Financial Innovation Act in 2022.

XRP Price Action

Daily Chart

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

An XRP move through the $0.6354 resistance level would bring the $0.65 handle into play. An XRP breakout from the $0.65 handle would support a move to the $0.7047 resistance level.

On Wednesday, US regulatory activity, the SEC vs. Ripple case, and US lawmaker chatter will be focal points.

However, a fall through the 50-day EMA would give the bears a run at the $0.5835 support level.

The 14-day RSI reading, 48.62, suggests an XRP fall to the $0.5835 support level before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP saw below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP break above the EMAs would support a move to the $0.6354 resistance level.

However, an XRP drop below the $0.60 handle would bring the $0.5835 support level into play.

The 4-hourly RSI, with a reading of 47.19, suggests an XRP fall to the $0.60 handle before entering oversold territory.