XRP News Today: Legal Setbacks Loom as Oregon Fuels Anti-Crypto Fire; BTC at $85k

Is XRP About to Break Free?

On Saturday, April 19, XRP gained 1.25%, reversing Friday’s 0.23% loss to close at $2.0862. Snapping a four-day losing streak, XRP outperformed the broader crypto market, which rose 0.95%, taking the total market cap to $2.65 trillion.

SEC vs. Coinbase: Renewed Legal Drama

The SEC v Coinbase (COIN) case resurfaced on Friday, drawing renewed attention. Coinbase Chief Legal Officer Paul Grewal announced that the State of Oregon had revived the SEC’s case against the crypto exchange, reigniting regulatory tensions.

Pro-crypto lawyers were quick to react to the news. James ‘MetaLawMan’ Murphy commented:

“The Attorney General of Oregon, Dan Rayfield, is trying to make it illegal for Oregon residents to trade crypto. Rayfield was sworn in as AG 3 months ago. Apparently he didn’t get the memo that the Anti-Crypto Army had been defeated. Perhaps the good citizens of Oregon should give him a polite call to let him know that this is a serious error in judgment.”

Grewal shared more details of the Oregon AG’s court filing on April 20, stating:

“We finally got a copy of the Oregon AG complaint. If there was any doubt about the motivation behind it, look no further than section 9, where it 1) omits Judge Failla’s order granting interlocutory appeal of the SEC case; 2) omits any mention of Judge Torres’ decision in XRP; and 3) bears the stamp of the two private law firms brought on to profit from this suit; 4) labels the Chairman of the SEC as a ‘crypto lobbyist’ and 5) decries the reassignment of Gensler’s lead lawyer to the IT department. Not exactly subtle.”

Ripple Case at a Crossroads

The Oregon complaint comes at a critical juncture in the ongoing SEC v Ripple case. With the SEC’s appeal on ice, markets await a court motion to vacate Judge Torres’ ruling prohibiting XRP sales to institutional investors. A favorable settlement could deliver long-awaited legal clarity for Ripple, supporting its US expansion and XRP adoption.

However, the Oregon filing signals a potentially fragmented US crypto regulatory landscape. Democrat-led states could drive the Biden administration’s anti-crypto agenda, sustaining pressure on the industry ahead of the mid-terms. Oregon or another Democrat-led state could conceivably target Ripple once the current case concludes.

A fragmented regulatory landscape may weaken adoption, potentially triggering an XRP pullback.

XRP Price Outlook: Legal Moves and ETF Progress in Focus

XRP’s near-term trajectory depends on several key developments:

• Whether the SEC formally withdraws its appeal.
• The terms of any settlement.
• Progress toward approving XRP-spot ETFs.

XRP Price Scenarios:

• Bullish Scenario: A clear SEC withdrawal and a favorable ruling could propel XRP toward its all-time high of $3.5505. ETF approvals may drive institutional demand and support a move toward $5.
• Bearish Scenario: Appeal withdrawal delays, adverse court rulings, or ETF rejections could see XRP retreat below the $1.50 mark.

XRP Price Action

Daily Chart

XRP trades below the 50-day Exponential Moving Average (EMA) but remains above the 200-day EMA, suggesting bearish near-term sentiment with long-term support intact.

A breakout above the 50-day EMA could signal a move toward the March 19 high of $2.5925. If XRP makes a decisive move through $2.5925, the January 16 high of $3.3999 would be the next key price target.

On the downside, an XRP drop below $2 and the 200-day EMA may enable the bears to target the $1.9299 support level.

Broader Market Outlook

XRP’s performance also hinges on broader market conditions. In January, XRP rallied to $3.3999 amid optimism over an SEC appeal withdrawal and growing pro-crypto sentiment in Washington.

However, trade tensions and macroeconomic uncertainty have since weighed on demand. Investors should remain attentive. The SEC’s legal strategy, Ripple’s cross-appeal decisions, and the path to XRP-spot ETF approvals will drive the next major move.

See our detailed forecast here.