XRP News: Senator Warren’s Influence and Market Dynamics

Key Insights:

• XRP gained 0.49% on Sunday, ending the week up 6.25% to $0.6617.
• Senator Elizabeth Warren remained a focal point as the crypto community continued to respond to the Banking Committee hearing.
• SEC vs. Ripple chatter, US lawmakers, and SEC activity remain focal points.

The Sunday Overview

On Sunday, XRP gained 0.49%. After a 2.08% loss on Friday, XRP ended the week up 6.25% to $0.6617.

Senator Elizabeth Warren Remained the Focal Point on Sunday

On Saturday, amicus curiae John E. Deaton targeted Senator Elizabeth Warren, saying,

“As a Senator, sitting on the Banking Committee, Senator Warren violated her oath. Her job is to provide and engage in actual oversight of the SEC. Instead, she conspired with her close friend Gary Gensler, not only giving him the exact questions she would ask before a hearing, but also the suggested answers to those same questions.”

Deaton went on to say,

“That isn’t oversight – it’s fraudulent, coached testimony before Congress. She literally said that she didn’t want to place Gensler in a tough spot. HER JOB is to place the Chairman of the SEC in a tough spot – asking hard-hitting or “tough” questions.”

Significantly, Deaton highlighted a relationship with the parents of former FTX CEO SBF. Deaton asked why Senator Warren had not asked Chair Gensler about missing SBF’s fraudulent activity.

The crypto community continued reacting to Wednesday’s Banking Committee hearing. Senator Warren invited US bank CEOs to support her stance against crypto and focus on the use of crypto in terrorist financing. JPMorgan Chase (JPM) CEO Jamie Dimon took the sternest stance against crypto, saying,

“If I was the government, I would close it down.”

The increased push for banking equivalent oversight would give the SEC greater reach over the digital asset space. However, US lawmakers have yet to introduce legislation that dictates whether cryptos are commodities or securities. The lack of legislation limits the influence of Senator Warren as the courts continue to rule on cryptos.

In July, Judge Analisa Torres ruled that sales of XRP on digital asset exchanges were blind bid/ask transactions and did not qualify as securities. Judge Torres also rejected an SEC motion for interlocutory appeal in October.

However, the markets expect the SEC to appeal the Programmatic Sales ruling upon the conclusion of the SEC v Ripple case.

XRP Price Action

Daily Chart

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

An XRP break above the $0.7047 resistance level would support a move to the $0.75 handle and the $0.7812 resistance level.

Crypto-spot ETF-related news, US lawmaker chatter, and SEC v Crypto case-related commentary remain focal points.

However, a fall through the $0.6354 support level would give the bears a run at the 50-day EMA.

The 14-day RSI reading, 57.36, indicates a move to the $0.7047 resistance level before entering overbought territory.

4-Hourly Chart

On the 4-hourly, XRP sat above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An XRP move through the $0.7047 resistance level would support a run at the $0.7812 resistance level.

However, an XRP fall through the 50-day EMA would bring the $0.6354 support level into play.

The 4-hourly RSI, with a reading of 46.56, suggests an XRP fall to the $0.6354 support level before entering oversold territory.