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XRP News: Fake XRP ETF Filing and a Pump and Dump Briefly Sent XRP to $0.75

By:
Bob Mason
Published: Nov 14, 2023, 02:02 UTC

On Monday, a court order delivered the new schedule for the SEC v Ripple case, with filing deadlines ranging from February 2024 to April 2024.

XRP News

In this article:

Key Insights:

  • XRP gained 1.47% on Monday, ending the session at $0.6706.
  • Fake news of BlackRock filing for an XRP-spot ETF briefly sent XRP to the $0.75 handle.
  • The SEC v Ripple case to extend beyond April 2024.

The Monday Overview

On Monday, XRP gained 1.47%. After a 0.26% decline on Sunday, XRP ended the day at $0.6706.

Court Issues Schedule for Remedies Discovery and Briefing

On Monday, the SEC v Ripple case inched closer to its conclusion. Defense attorney James Filan shared the latest from the courts, saying,

“Judge Torres has set the schedule regarding remedies discovery and briefing.”

According to the court order, the SEC and Ripple must complete remedies-related discovery by February 12, 2024. The SEC must file its brief with regard to remedies by March 13, 2024, and Ripple by April 12, 2024. By April 19, 2024, the SEC must file any reply to the Ripple brief.

There were no comments on X (formerly Twitter) from Ripple Chief Legal Officer Stuart Alderoty or CEO Brad Garlinghouse regarding the court order.

Significantly, the timelines will leave any SEC plans to appeal the Programmatic Sales ruling on ice. The SEC has remained silent on plans to appeal the ruling since the court denied the SEC motion for interlocutory appeal.

However, it is worth noting that the SEC dropped the charges against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse. The move to expedite the SEC v Ripple case could suggest the SEC wants to focus on appealing the Programmatic Sales ruling.

While SEC v Ripple case-related updates drew interest, fake news influenced XRP price action on Monday.

Fake News Sends XRP to a Monday High of $0.7501

On Monday, XRP briefly struck a high of $0.7501, its highest level since July 23. Fake news fueled the breakout to $0.75.

Fake news of a BlackRock (BLK) filing for an XRP-spot ETF, named the iShares XRP Trust, drove XRP to the session high. Bloomberg Intelligence ETF Analyst Eric Balchunas shared the fake filing, saying,

“This is false! Confirmed by BlackRock by me […].”

Asked how this is legal, Balchunas responded,

“I don’t know… I don’t know the requirements to get a name on there like that. I would think it’s more rigorous than filling out a form, but this is a first for me.”

Bloomberg Intelligence ETF Analyst James Seyffart had this to say about the fake filing,

“Didn’t see this one coming. It’s definitely on the site. Similar filing info to the Ethereum Trust filing. This XRP trust would be a sign of BlackRock truly going after the SEC if this is really from BlackRock.”

Before confirming the filing was fake, Seyffart added,

“I tend to lean that this is a hoax/fake but waiting for confirmation.”

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 141123 Weekly Chart

Daily Chart

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

An XRP return to the morning high of $0.6720 would support a move to the $0.7047 resistance level.

SEC v Ripple case-related chatter will remain a focal point after the court order.

However, an XRP drop below the $0.65 handle would bring the $0.6354 support level into play.

The 14-day RSI reading of 63.17 suggests an XRP move to $0.67 before entering overbought territory.

XRP Daily Chart affirms bullish price signals.
XRPUSD 141123 Daily Chart

4-Hourly Chart

In the 4-hourly Chart, XRP holds above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An XRP return to $0.67 would give the bulls a run at the $0.7047 resistance level.

However, a break below the 50-day EMA would bring the $0.6354 support level into play.

The 4-hourly RSI, with a reading of 47.84, suggests an XRP drop to the $0.6354 resistance level before entering oversold territory.

XRP 4-Hourly Chart reaffirms bullish price signals.
XRPUSD 141123 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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