XRP News Today: Investor Attention Peaks with SEC vs. Ripple Developments

The Friday Overview

On Friday (May 3), XRP gained 2.60%. Following a 0.31% rise on Thursday (May 2), XRP ended the session at $0.5323.

SEC vs. Ripple: Speculation and the SEC Reply Brief

On Friday, SEC vs. Ripple case-related chatter drew investor interest. It was a busy week for the courts. The SEC and Ripple filed their Motion to Strike-related briefs. Arguments surrounded testimony and exhibits from SEC enforcement accountant Andrea Fox. The SEC included the testimony and exhibits in its opening brief, arguing for a punitive penalty and an injunction.

On Friday (May 3), US attorney Jeremy Hogan shared his views on Ripple’s Motion to Strike-related reply brief, saying,

“The hardest thing to do on CT is say that you think the SEC will win a motion. But HERE GOES: I think the SEC will win this motion. And even if the Court finds the witness is an “expert,” I think instead of striking the witness, it will just allow Ripple to depose her, etc. like it did before.”

The court ruling on the Motion to Strike will draw investor interest. However, the final SEC vs. Ripple court ruling will garner more investor interest.

The SEC argued for an almost $2 billion penalty for Ripple selling unregistered XRP to institutional investors. Furthermore, the SEC asked the courts to prohibit Ripple from selling XRP to institutional investors. An injunction would impact the US market expansion plans.

The SEC must file its remedy-related reply brief in response to the Ripple opposition brief filing by May 6. The SEC reply brief, the final court filing before deliberation begins, will warrant investor attention.

Since there is no trial, Judge Analisa Torres will consider the remedy-related briefs and decide the amount Ripple must pay for breaching US securities laws. Judge Torres must also consider whether an injunction is appropriate.

XRP Price Action

Daily Chart

XRP remained below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP return to the $0.55 handle would support a move to the 50-day EMA. A break above the 50-day EMA could give the bulls a run at the 200-day EMA and the $0.5739 resistance level.

SEC vs. Ripple case-related chatter needs investor consideration.

Conversely, an XRP fall through the top and bottom trend lines could give the bears a run at the $0.48 handle.

The 14-day RSI reading, 47.74, suggests an XRP fall to the $0.48 handle before entering oversold territory.

4-Hourly Chart

On the 4-hourly, XRP remained above the 50-day EMA while sitting below the 200-day EMA. The EMAs affirmed the bullish near-term but bearish longer-term price signals.

An XRP break above the $0.5361 resistance level would support a move to the 200-day EMA.

However, a drop below the 50-day EMA and the trend lines would bring sub-$0.50 into play.

The 14-day RSI reading, 59.97, indicates an XRP break above the 200-day EMA before entering overbought territory.