XRP News Today: Dubai Greenlights Ripple for Global Transfers Despite SEC Challenges

Investor concerns about the ongoing Ripple legal battle with the SEC continued to affect buyer demand for XRP. XRP price trends hinge on court rulings from SEC vs. crypto cases and appeal news.

XRP Ends Three-Day Losing Streak as SEC Chair Targets Cryptos

On Tuesday, June 25, XRP advanced by 0.44%. While partially reversing a 1.19% loss from Monday, June 24, XRP ended the day at $0.4761.

SEC Chair Gary Gensler was in the hot seat on Tuesday, stirring the crypto community. The SEC Chair attended Bloomberg Invest and had this to say about the crypto market,

“There’s 15 to 20,000 various tokens and they’re offered in investment contracts, schemes that are investment contracts and you look at it. The American public is not getting the proper disclosure that they are required to get by law.”

The SEC Chair added,

“And the intermediaries, in the middle of the market, those so-called exchanges, broker-dealers, and so forth, if they’ve got hundreds of offerings on that platform, think about it, how many of those offerings don’t have some group of entrepreneurs in the middle. It just sort of belies logic.”

Ripple CEO Brad Garlinghouse reacted to one particular Gensler interview, saying,

“Absolute nonsense coming from Gary Gensler today. And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance. If he was really “working for the American people” as he says, he would have been fired a long time ago. Gensler will cause Biden to lose the election.”

In the Bloomberg interview shared by Garlinghouse, the SEC Chair said,

“This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition. Think about it, this is that field. That’s the field right now, where the public has really been harmed. And there’s significant non-compliance in the field.”

SEC Chair Gensler and the US stance on crypto contrasts significantly with other jurisdictions.

Ripple, XRP, and the Latest Approval in Dubai

This week, VARA of the Dubai Financial Authority approved XRP, another win for Ripple on the global stage. The approval means that Dubai can use XRP for money transfers globally.

The approval signals more XRP adoption. However, XRP failed to retarget the $0.50 handle. Uncertainties about the ongoing SEC v Ripple case and the threat of an SEC appeal against the Programmatic Sales of XRP ruling remain XRP headwinds. XRP could face prolonged selling pressure if the SEC successfully appeals against the Programmatic Sales of XRP ruling.

A court ruling on the penalty Ripple must pay for breaching US securities laws could come at any time. Ripple expects a ruling in the coming months. Will the court prohibit XRP sales to US institutional investors?

In March, the SEC filed its remedies-related opening brief, pushing the courts for an almost $2 billion penalty and an injunction prohibiting XRP sales to institutional investors.

XRP Price Action

Daily Chart

XRP hovered well below the 50-day and 200-day EMAs, confirming the bearish price trends.

A  break above the trend lines could signal a move to the 50-day EMA. A breakout from the 50-day EMA could give the bulls a run at the 200-day EMA.

SEC vs. crypto case-related updates require investor consideration.

Conversely, an XRP break below the $0.47 handle could signal a drop to the $0.45 handle.

With a 14-day RSI reading of 39.12, XRP may drop to the $0.45 level before entering oversold territory.