Crypto News: XRP Jumped 19% in the Week on Optimism Toward a Ripple Win

Key Insights:

• BTC and ETH enjoyed positive gains in the week ending November 5 on investor bets on the SEC approving crypto-spot ETFs.
• Investor sentiment toward a Ripple victory in the SEC v Ripple case sent XRP toward $0.70 for the first time since August 2023.
• Not everyone is jumping on the BTC-spot ETF bandwagon, with the ETF community commenting on the Vanguard decision to abstain.

XRP Outmuscles BTC with Santiment Data Suggesting More Gains

On Monday, crypto market intelligence platform Santiment shared its latest views on XRP, saying,

“XRP Ledger is at it again, reaching a market value north of $0.68 for the first time since August 2. The 3-month high happened as XRP moved up 23% against BTC in just the past week. Wallets with 100k – 1B XRP now hold their highest level in 2023.”

In the week ending November 5, XRP surged 18.9% to end the week at $0.6611. On Monday, November 6, XRP struck a high of $0.6887. XRP last stood at $0.70 on August 2.

Investor sentiment toward the SEC v Ripple case likely fueled the buyer appetite for XRP.

The crypto community awaits updates from the SEC and Ripple on progress, if any, toward a briefing schedule.

In October, the court ordered the SEC and Ripple to jointly propose a briefing schedule on related charges by November 9, 2023. The outstanding charges relate to the unlawful sale of XRP to institutional investors. If the two parties fail to agree to a briefing schedule, the court will arrange a contested briefing schedule.

The SEC is eying a $770 million penalty, while pro-crypto lawyers suggest a significantly lower penalty. On November 4, CryptoLaw US founder and amicus Curiae attorney John E. Deaton shared an optimistic perspective. Deaton believes there is a 90% chance of a favorable outcome for Ripple, saying,

“If Ripple ends up paying $20M or less it’s a 99.9% legal victory.”

BTC-Spot ETF Hopes to Keep BTC at the $35,000 Mark

The market euphoria toward the launch of a BTC-spot ETF remains intact. In the week ending November 5, BTC gained 1.34% to end the week at $35,061.

While investors target altcoins in a rotation toward trailing coins, BTC remains the bellwether for the crypto market. On Sunday, BTC-spot ETF news failed to spook investors, who are more focused on SEC approvals than more spot-ETF applications.

Bloomberg Intelligence ETF Analyst Eric Balchunas reacted to recent news of Vanguard opting out of the BTC-spot ETF race, saying,

“Vanguard ruling out doing a bitcoin ETF is like Radiohead ruling out doing a Christmas album. It’s just miles away from their DNA/brand. No big shocker here. This is tho big reason why most everyone else does want to launch one, less fee pressure when Vgrd not around.”

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs.

A BTC breakout from the $35,265 resistance level would support a move to the November 2 high of $36,024 and the $36,400 resistance level.

Crypto-spot ETF news is the focal point. Progress toward SEC approvals and an expected influx of institutional monies remain the driving force behind recent crypto gains. Hints of the SEC planning to decline one, some, or all the BTC-spot ETF applications could send BTC into retreat.

A BTC fall through the $34,000 would give the bears a run at the $32,436 support level.

The 14-Daily RSI reading of 73.58 shows BTC sitting in overbought territory. BTC may face intensifying selling pressure at the $35,265 resistance level.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs.

Avoiding a fall below the trend line would support a move to the $1,926 resistance level and $2,000.

However, a break below the trend line would give the bears a run at the $1,805 support level. A fall through the $1,805 support level would bring sub-$1,800 into play.

The 14-period Daily RSI of 71.56 shows ETH in overbought territory. Selling pressure may peg ETH back from the $1,926 resistance level without an ETH-friendly catalyst.