Key Insights:
- XRP experienced a consecutive loss, with a 1.90% drop on Thursday, settling at $0.5225.
- A ruling in the SEC vs. Coinbase case might fast-track an SEC vs. Ripple settlement.
- The SEC opposition filing to Coinbase motion to dismiss sparks extensive debates in the crypto sphere.
The Thursday Overview
On Thursday, XRP fell by 1.90%. Following a 1.24% loss on Wednesday, XRP ended the day at $0.5225.
In August, the SEC and the Ripple Defense team informed Judge Torres of their availability for trial in the second quarter of next year. That gives the SEC time to consider its options.
Significantly, the ongoing SEC v Coinbase (COIN) case could expedite a Ripple settlement. Crypto advocates believe if presiding Judge Katherine Failla grants the Coinbase motion to dismiss, the SEC may have to settle the Ripple case.
On Tuesday, the SEC opposed the Coinbase MTD. The filing drew significant interest from the crypto community.
Ripple Chief Legal Officer Stuart Alderoty shared his views on the opposition filing on Thursday, saying,
“There is so much wrong with the SEC’s brief in the Coinbase case, I didn’t know where to begin. Let’s start with the SEC claiming, without citation or support, that digital assets have no inherent value while collecting baseball cards do.”
With the SEC v Ripple trial starting in the second quarter of 2024, the SEC v Coinbase case will likely take center stage.
In June, the SEC charged Coinbase for allegedly operating as an unregistered securities exchange, broker, and clearing agency. Additionally, the SEC charged Coinbase for the unregistered offering and selling of securities in connection with its staking-as-a-service program.
A Coinbase victory against the SEC could materially alter the US crypto landscape. Notably, Coinbase has prominent support. Republican Senator Cynthia Lummis filed an Amicus Brief calling on the Judge to dismiss the case.
Investors must now wait for the ruling on the Coinbase motion to dismiss.
Ripple Price Forecast
Every new Ripple analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Ripple forecastsXRP Price Action
Daily Chart
XRP sat below the 50-day EMA while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.
A break above the 50-day EMA would support an XRP move to the trend line and $0.5470 resistance level. However, selling pressure will likely build at $0.5470. The trend line is confluent with the resistance level.
SEC v Ripple and Coinbase case-related chatter will influence investor sentiment.
Failure to break above the 50-day EMA would support a drop below the 200-day EMA. A fall through the 200-day EMA would give the bears a run at the $0.5042 support level.
The 53.06 14-Daily RSI reading suggests a move to the trend line and $0.5470 resistance level before entering overbought territory.
4-Hourly Chart
In the 4-hourly Chart, XRP remains above the 50-day and 200-day EMAs, sending bullish price signals.
A return to $0.53 would give the bulls a run at the trend line and $0.5470 resistance level.
However, a break below the 50-day and 200-day EMAs would support a move to the $0.5042 support level.
The 14-4 Hourly RSI 50.77 reading suggests an XRP move to the trend line and $0.5470 resistance level before entering overbought territory.
