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XRP News: Ripple’s Recent Court Win Boosts Global Partnership Hopes

By:
Bob Mason
Published: Oct 10, 2023, 02:55 GMT+00:00

Ripple's global reach deepens post-SEC ruling, with notable partnerships in Asia reflecting market confidence.

XRP News

In this article:

Key Insights:

  • XRP faced a 2.86% decline on Monday, compounding a 0.75% dip on Sunday to close at $0.5030.
  • A lack of updates in the SEC vs. Ripple case leaves XRP vulnerable to broader crypto market trends.
  • Recent interlocutory appeal ruling supports global expansion for the Ripple platform.

The Monday Overview

On Monday, XRP declined by 2.86%. Following a 0.75% loss on Sunday, XRP ended the day at $0.5030.

Court Silence Leaves Middle East Conflict to Influence

There were no SEC v Ripple case-related updates to influence investor sentiment on Monday. With no courtroom activity for investors to consider, XRP tracked the broader crypto market into negative territory. Risk aversion stemming from the Middle East conflict likely weighed on buyer appetite.

News of Ripple CFO Kristina Campbell departing Ripple unlikely contributed to the Monday loss. Campbell stepped down after being CFO for over two years, her tenure coinciding with the increased activity in the SEC v Ripple case and the court ruling, denying the SEC motion for interlocutory appeal.

Ripple Expansion Gathers Momentum

While uncertainty lingers about the outcome of the SEC v Ripple case, the interlocutory appeal ruling has given Ripple a solid foundation to expand globally.

YouTube channel Think Global Logistics (TGL) recently interviewed Australian Freight & Trade Alliance (FTA) director Paul Zalai about an evolving relationship with Ripple. Zalai remarked,

“They approached us some time ago, but at the time, they were battling some legal battle in the US, and our position to them was, look, come back to us once that’s sorted out because you only get one chance at a first impression and if this court case doesn’t go well for you […].

Zalai pointed out that Ripple got a favorable outcome in its US court case, and the FTA is now exploring the option of using the platform for cross-border payments.

Zalai went on to say:

“From what I can understand, it can generate real-time transfer of payments, and they seem to have a lot of checks and balances in place. At the briefing that I was at, where I did that post, there were a lot of representatives from the major banks, so we’re very interested in it.”

The interview highlighted the influence of the court ruling and the progress Ripple is making to expand its client base globally.

Recently, news hit the wires of Japan’s SBI expanding using Ripple technology for remittances to financial institutions in Vietnam, the Philippines, and Indonesia.

XRP Price Action

Daily Chart

XRP remained below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP drop below $0.49 would support a move toward the $0.4700 support level. Market risk sentiment and SEC v Ripple and Coinbase (COIN)-related news will likely influence buyer appetite.

However, news from the Middle East also needs consideration.

A break above the 200-day and 50-day EMAs would give the bulls a run at the $0.5470 resistance level and trend line. Selling pressure will likely intensify at $0.5470. The trend line remains confluent with the resistance level.

The 42.64 14-day RSI reading supports a move to the $0.4700 support level before entering oversold territory.

XRP Daily Chart sends bearish price signals.
XRPUSD 101023 Daily Chart

4-Hourly Chart

In the 4-hourly Chart, XRP remains below the 50-day and 200-day EMAs, reaffirming bearish price signals. Significantly, the 50-day EMA crossed through the 200-day EMA this morning, signaling potential further losses.

A break above the $0.5042 resistance level would give the bulls a run at the 50-day and 200-day EMAs.

However, a drop below $0.49 would bring the $0.4700 support level into view.

The 14-4 Hourly RSI 29.16 reading shows XRP sitting in oversold territory.

4-Hourly Chart affirms bearish price signals.
XRPUSD 101023 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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