XRP News Today: SEC vs. Coinbase Ruling – Ripple’s Legal Landscape Unveiled

The Saturday Overview

On Saturday, XRP declined by 1.36%. Reversing a 0.93% gain from Friday, XRP ended the session at $0.6219.

SEC vs. Coinbase: Motion to Dismiss Ruling Continues to Draw Attention

There were no SEC vs. Ripple case-related updates to consider on Saturday. However, the crypto community continued to react to the court ruling on the Coinbase (COIN) Motion to Dismiss (MTD). On Wednesday, March 27, Judge Katherine Failla partially granted the Coinbase MTD.

However, the outcome did not favor Coinbase, Ripple, XRP, or the broader crypto market. The court dismissed claims against Coinbase Wallet. However, charges relating to breaching the US securities laws remained. If Judge Failla granted the MTD in full, crypto legal experts believed the SEC would settle the Ripple case.

The significance of the ruling was evident over the weekend, with Ripple Chief Legal Officer Stuart Alderoty discussing the court ruling. On Saturday, Alderoty posted on X (formerly Twitter),

“Remember that time the Ripple judge booted the SEC’s hack expert who tried to say he knew what purchasers of XRP were relying on.”

Adding,

“Re-read Wed.’s Coinbase ruling. Basically, the SEC sold the Judge a bill of goods that she had to accept as true at this stage of the case. Now comes the hard part – – producing evidence. My bet: the SEC is all hat, no cattle.”

In the court ruling, Judge Failla surmised,

“The Court concludes that because the well-pleaded allegations of the Complaint plausibly support the SEC’s claim that Coinbase operated as an unregistered intermediary of securities, Defendants’ motion must be denied in large part.”

There are 13 cryptos referenced in the SEC vs. Coinbase case, with the SEC arguing that Coinbase made them available for trading by offering and selling cryptos through investment contracts. The 13 cryptos include ADA, AXS, CHZ, DASH, FIL, FLOW, ICP, MATIC, NEAR, NEXO, SAND, SOL, and VGX. The case outcome could significantly affect the broader crypto market.

After the court ruling in the SEC vs. Terraform Labs case, further rulings classifying cryptos as securities could give the SEC full reign over the US digital asset space. Significantly, a Coinbase loss could strengthen the chances of overturning the Programmatic Sales of XRP ruling.

In December, Judge Rakoff ruled Terraform Labs and Do Kwon breached US securities laws by failing to register TerraUSD and Luna as securities.

Increasing uncertainty about the Coinbase and Ripple cases could pressure XRP at current levels.

XRP Price Action

Daily Chart

XRP remained above the 50-day and 200-day EMAs, affirming the bullish price signals.

An XRP return to the $0.65 handle could give the bulls a run at the $0.6609 resistance level. A break above the $0.6609 resistance level could signal an XRP run at the $0.70 handle.

SEC vs. crypto case-related chatter and SEC activity need investor consideration.

Conversely, a pullback through the 50-day EMA could give the bears a run at the 200-day EMA and the $0.5740 support level.

The 14-day RSI reading, 50.10, indicates an XRP return to the $0.70 level before entering overbought territory.

4-Hourly Chart

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

A break above the 50-day EMA would support an XRP move to the $0.6609 resistance level.

However, a break below the 200-day EMA could signal a drop below the $0.60 handle.

The 4-hourly RSI, with a reading of 47.25, suggests an XRP return to the $0.70 handle before entering overbought territory.