XRP makes strides, closing above $0.51, its highest since late August.
Ripple’s Garlinghouse and team visit lawmakers on Capitol Hill in a bid for regulatory clarity.
Coinbase’s new ‘Stand with Crypto’ initiative eyes legislative clarity, targeting 52M Americans.
The Tuesday Overview
On Tuesday, XRP rose by 2.13%. Following a 2.19% gain on Monday, XRP ended the day at $0.5140. XRP closed at above $0.51 for the first time since August 31.
SEC v Ripple: Brad Garlinghouse and Team Engage with Capitol Hill
Ripple, the SEC, and crypto investors are all awaiting the court’s ruling on the SEC’s motion for an interlocutory appeal.
Considering the significance of the court ruling, Judge Torres will likely take her time deliberating.
Behind the scenes, the Ripple team was on Capitol Hill, engaging with US lawmakers. Ripple CEO Brad Garlinghouse shared a group photo, saying,
“Back in DC today to meet with members of Congress alongside Stuart Alderoty, Rob Grant, and our global policy team. Can’t get regulatory clarity without actually engaging with elected officials who are proposing bills.”
Several bills await passage, including the Lummis-Gillibrand Responsible Financial Innovation Act of 2023. Senators Lummis and Gillibrand reintroduced the bill in July. Notably, the Lummis-Gillibrand bill gives greater responsibility to the CFTC.
The Capitol Hill visit came after news hit the wires of the New York Department of Financial Services dropping XRP from its approved crypto list.
Coinbase Kicks Off the Stand with Crypto Campaign
On Tuesday, Coinbase launched a Stand with Crypto campaign, targeting 52 million crypto-owning Americans.
According to the Coinbase press release, Coinbase is organizing a Stand with Crypto Day in DC on September 27. Coinbase is kickstarting several initiatives to push through US legislation to deliver crypto regulatory clarity.
One campaign, Call Your Representative, started on Tuesday, with Coinbase encouraging crypto holders and advocates “to take one minute of their day to call their member of Congress and ask them to pass clear, sensible legislation.”
The campaign launches at an important time for Coinbase and the broader US crypto market.
Coinbase and the crypto community await a court ruling on the Coinbase motion to dismiss (MTD). In August, Coinbase filed the MTD, which has the backing of Republican Senator Cynthia Lummis, among others.
The MTD is in response to the SEC charges against Coinbase for allegedly operating as an unregistered securities broker, clearing agent, and exchange.
A successful Coinbase campaign, court rulings for Ripple and Coinbase, and progressive crypto legislation would be a boon for the US digital asset space.
XRP Price Action
XRPUSD 200923 Weekly Chart
XRP remained below the 50-day and 200-day EMAs, reaffirming bearish price signals. However, XRP held above the $0.5042 support level. A break below the $0.5042 support level would give the bears a run at sub-$0.48.
Movement will hinge on SEC v Ripple and Coinbase case-related updates. Crypto-friendly updates from the two cases would support an XRP break above the 200-day EMA. A break above the 200-day EMA would give the bulls a run at the trend line and 50-day EMA.
Selling pressure will likely intensify at $0.5350, with the 50-day EMA confluent with the trend line.
The 49.57 14-Daily RSI reading signals an XRP return to sub-$0.48 before entering oversold territory.
XRPUSD 200923 Daily Chart
XRP remains above the 50-day EMA while hovering below the 200-day EMA, sending bullish near-term price signals but bearish longer-term price signals.
A break above the 200-day EMA would give the bulls a run at the trend line. However, the crypto news should be market-friendly to break out from the trend line.
Failure to break above the 200-day EMA would leave the $0.5042 support level in play. An XRP break below the $0.5042 support level would signal an XRP move to the 50-day EMA.
The 14-4 Hourly RSI 62.40 reading supports an XRP move to the 200-day EMA before entering overbought territory.
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.