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XRP News: Capitol Hill Rhetoric vs. Crypto Market Resilience

By:
Bob Mason

Optimism surrounds the SEC v Ripple case and crypto ETFs, shaping the market's outlook and countering anti-crypto rhetoric from Capitol Hill.

XRP News

In this article:

Key Insights:

  • XRP rallied 4.54% on Friday, ending the session at $0.6725.
  • Optimism toward the SEC v Ripple case and a crypto-spot ETF market drove buyer demand.
  • SEC v crypto case-related updates and crypto-spot ETF news remain the focal points.

The Friday Overview

On Friday, XRP rallied 4.54%. Following a 0.45% gain on Thursday, XRP ended the Friday session at $0.6725.

Investors Brush Aside Anti-Crypto Rhetoric from Capitol Hill

On Friday, the crypto community continued to respond to the recent anti-crypto rhetoric from Capitol Hill.

Amicus Curiae attorney John E. Deaton responded to a post from The Wolf Of All Streets, saying,

“I’m seriously looking into it.”

On Friday, The Wolf Of All Streets posted,

“#FireElizabethWarren. Let’s get it trending.”

Senator Elizabeth Warren targeted the crypto industry at a Banking, Housing, and Urban Affairs Committee hearing. Senator Warren called on the CEOs of US banks to state their opinions on crypto oversight, calling for crypto firms to fall under banking regulations.

During the hearing, JPMorgan Chase (JPM) CEO Jamie Dimon delivered an anti-crypto tirade, saying,

“If I was the government, I would close it down.”

However, despite the anti-crypto rhetoric, the crypto market made further gains. XRP revisited the $0.70 handle for the first time since November 13, with bitcoin (BTC) striking a 2023 high of $44,747.

A lack of progress toward a US crypto regulatory framework has left the courts to do the heavy lifting. The SEC loss against Ripple and Grayscale win have supported a more optimistic outlook. Court rulings have limited the influence of Senator Warren on the crypto market.

On Friday, Ripple Chief Legal Officer Stuart Alderoty also targeted the anti-crypto establishment. Alderoty responded to a post from SEC Chair Gary Gensler, saying,

“How many tax dollars were wasted on this ridiculousness?”

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 091223 Weekly Chart

Daily Chart

XRP held above the 50-day and 200-day EMAs, with the EMAs sending bullish price signals.

An XRP break above the $0.7047 resistance level would bring the $0.75 handle and the $0.7812 resistance level into play.

SEC v Crypto case-related news and crypto-spot ETF updates remain focal points.

However, a fall through the $0.65 handle would give the bears a run at the $0.6354 support level and the 50-day EMA.

The 14-day RSI reading, 70.62, shows XRP in overbought territory. Selling pressure could intensify at the $0.7047 resistance level.

XRP Daily Chart EMAs send bullish price signals.
XRPUSD 091223 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP remained above the 50-day and 200-day EMAs, with the EMAs sending bullish price signals.

An XRP break above the $0.7047 resistance level would support a move toward the $0.7812 resistance level.

However, an XRP fall through the $0.65 handle would bring the $0.6354 support level and the 50-day EMA into play. Buyer appetite could intensify at $0.6350. The 50-day EMA is confluent with the $0.6354 support level.

The 4-hourly RSI, with a reading of 76.24, shows XRP in overbought territory. Selling pressure could intensify at the $0.7047 resistance level.

XRP 4-Hourly Chart EMAs affirm bullish price signals.
XRPUSD 091223 4-Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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