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XRP News: CTFC Commissioners Send the Crypto Market New Warnings

By:
Bob Mason
Published: Nov 25, 2023, 01:52 GMT+00:00

XRP investors react to CFTC warnings. In the SEC v Ripple case, hopes of a settlement could wane as US regulators turn the screw on the crypto space.

XRP News

In this article:

Key Insights:

  • XRP rose by 0.02% on Friday, ending the session at $0.6214.
  • Regulatory activity remained a headwind, with XRP sensitive to anti-crypto maneuvers.
  • The SEC v Ripple case remains the focal point, with remedies-related discovery underway.

The Friday Overview

On Friday, XRP rose by 0.02%. Following a 1.67% gain on Thursday, XRP ended the day at $0.6214.

Moves Against Kraken and Binance: Just the Beginning

On Friday, XRP was in the hands of the crypto news wires. There was no SEC v Ripple case-related news to influence buyer demand.

However, a flurry of regulatory activity before Thanksgiving left investors wary. The SEC v Kraken case and the Binance penalty suggest a new wave of regulation by enforcement. On Friday, the CFTC joined the SEC and the US Department of Justice in a targeted approach to the US digital asset space.

CFTC Commissioner Christy Goldsmith Romero made the headlines, saying,

“There are no pirate ships in US markets. […] Access to US customers is a privilege, not a right.”

CFTC Commissioner Caroline Pham also issued a warning, saying,

“It should be crystal clear that the CFTC will not stop in its pursuit of non-US entities.”

Earlier this week, Commissioner Pham shared her statement on the CFTC making its first case against a crypto compliance officer. The statement highlighted previous SEC individual liability cases and quoted SEC Commissioner Hester Peirce, saying,

“The SEC’s determinations about whether to charge a compliance officer are consequential, not only for the particular compliance officer but more generally for the profession.”

Discussing the charges against the Binance Chief Compliance Officer, Pham added,

“I believe that the alleged facts involving egregious personal conduct demonstrate that the defendant employee was compliance in name only. I also believe that these charges emphasize the critical necessity of having a robust compliance program that is adequately resourced with personnel that have the requisite character, expertise, and experience. I support sending this strong message to the crypto asset sector […]. “

The CFTC warnings expose the crypto market to more regulatory-by-enforcement shocks.

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 251123 Weekly Chart

Daily Chart

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

An XRP move through the $0.6354 resistance level would give the bulls a run at $0.65.

Regulatory chatter, and SEC v Ripple-related news remain the focal points on Saturday.

However, a drop below the trend line and 50-day EMA would bring the $0.5835 support level into play. Buying pressure may intensify at $0.5950. The 50-day EMA is confluent with the trend line.

The 14-day RSI reading of 51.44 suggests an XRP move through the $0.6354 resistance level before entering oversold territory.

XRP Daily Chart sends bullish price signals.
XRPUSD 251123 Daily Chart

4-Hourly Chart

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

An XRP move above the $0.6354 resistance level would bring the $0.65 handle into play.

However, an XRP fall through the 50-day EMA would give the bears a run at the 200-day EMA and the trend line.

The 4-hourly RSI, with a reading of 55.14, suggests an XRP move to the $0.6354 resistance level before entering overbought territory.

XRP 4-Hourly Chart affirms bullish price signals.
XRPUSD 251123 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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