XRP News Today: SEC vs. Ripple Lawsuit Escalates as Investors Await Redacted Brief

The Saturday Overview

On Saturday, XRP gained 0.92%. Partially reversing a 4.48% slide from Friday, XRP ended the day at $0.6176.

SEC vs. Ripple: Investors Await Redacted Versions of the SEC Opening Brief

On Saturday, defense attorney James Filan shared the latest updates from the ongoing SEC v Ripple case, saying,

“The SEC has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.”

The market interest will be in the SEC arguments for a punitive penalty for breaching Section 5 of the 1933 Securities Act. In July 2023, Judge Torres ruled that Ripple breached the Securities Act for selling unregistered securities to institutional investors.

The SEC could pursue a punitive penalty if it can demonstrate Ripple continued breaching the Securities Act after the complaint.

In February, Judge Sarah Netburn granted the SEC Motion to Compel. The SEC obtained financial statements for 2022/23 and post-complaint contracts governing XRP sales to institutional investors. In the court order, Judge Netburn supported her ruling, saying,

“The SEC credibly argues that the District Judge may consider post-complaint conduct when determining whether an injunction is necessary and just.”

Regarding the financial statements, Judge Netburn stated,

“Courts have no hesitation in concluding that, in calculating the size of a penalty necessary to deter misconduct, the extent of a defendant’s wealth is a relevant consideration.”

Ripple must file its remedy-related opposition brief by April 22.

XRP Price Action

Daily Chart

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

An XRP break above the $0.6609 resistance level would support a move to the $0.70 handle. A return to the $0.70 handle could give the bulls a run at the $0.7467 resistance level.

SEC vs. crypto case-related chatter needs consideration.

Conversely, a break below the 50-day EMA could signal a drop to the 200-day EMA and the $0.5740 support level. Buying pressure could intensify at the $0.5740 support level. The 200-day EMA is confluent with the support level.

The 14-day RSI reading, 50.03, suggests an XRP return to the $0.70 handle before entering overbought territory.

4-Hourly Chart

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

An XRP breakout from the 50-day EMA would signal a move to the $0.6609 resistance level.

However, a break below the 200-day EMA could give the bears a run at the $0.5740 support level.

The 4-hourly RSI, with a reading of 48.68, indicates an XRP drop to the $0.5740 support level before entering oversold territory.