XRP News Today: SEC’s Appeal Timeline Looms Over XRP’s Price Outlook

The Sunday Overview

On Sunday, XRP gained 1.29%. Partially reversing a 1.36% loss from Saturday, XRP ended the week down 0.41% to $0.6299.

SEC vs. Crypto Remain the Focal Point for XRP Investors

There was no SEC vs. Ripple case-related news for investors to consider on Sunday. Nonetheless, recent court filings and rulings in the SEC vs. Ripple and Coinbase cases left XRP trailing the broader market. Contrasting with the XRP losses, the total crypto market cap increased by 6.04% to $2,617 billion in the week ending March 31.

The court ruling on the Coinbase (COIN) Motion to Dismiss (MTD) raised concerns about the SEC successfully appealing against the Programmatic Sales of XRP ruling. On March 27, the courts granted the Coinbase motion to dismiss charges relating to Coinbase Wallet. Nonetheless, Judge Katherine Failla did not grant the MTD for charges relating to breaching the US securities laws.

Language within the court ruling resonated, with Judge Failla stating,

“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.”

With the SEC and Coinbase going to trial on the charges relating to operating an unregistered exchange, the direction of the case will impact XRP and the broader market. If the SEC wins the case, investors may consider the SEC having a better chance to overturn the Programmatic Sales ruling.

The Timelines for an SEC Appeal against the Programmatic Sales Ruling

However, the SEC must wait until the end of the remedy-related phase of the SEC vs. Ripple case before filing an appeal. The SEC filed its remedy-related opening brief on March 22 and a redacted version on March 26. Ripple must file a remedy-related opposition brief by April 22 and a redacted version by April 24.

According to the court briefing schedule, the SEC must file its reply brief by May 6. Judge Analisa Torres will decide the penalty for Ripple breaching section 5 of the 1933 US Securities Act. The markets expect the SEC to appeal soon after the court ruling on the Ripple penalty.

XRP Price Action

Daily Chart

XRP hovered above the 50-day and 200-day EMAs, confirming the bullish price trends.

An XRP break above the $0.65 handle could support a move to the $0.6609 resistance level. A breakout from the $0.6609 resistance level would bring the $0.70 handle into play.

Investors must track SEC activity and crypto case-related news

Conversely, a drop below the 50-day EMA could signal a fall to the 200-day EMA and the $0.5740 support level.

The 14-day RSI reading, 51.86, suggests an XRP move to the $0.70 level before entering overbought territory.

4-Hourly Chart

On the 4-hourly, XRP held above the 50-day and 200-day EMAs. The EMAs sent bullish price signals.

A breakout from the $0.64 handle would support a move toward the $0.6609 resistance level.

However, a fall through the 50-day EMA would give the bears a run at the 200-day EMA.

The 4-hourly RSI, with a reading of 54.04, indicates an XRP return to the $0.70 handle before entering overbought territory.