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XRP News: SEC Lawsuit Developments and Crypto Market Jitters

By:
Bob Mason
Published: Dec 12, 2023, 01:54 UTC

Investor focus shifts to the SEC's efforts against Binance, reinforcing expectations of an appeal in the Programmatic Sales ruling.

XRP News

Key Insights:

  • XRP slid by 6.50% on Monday, ending the session at $0.6187.
  • Increased scrutiny of the crypto space and Binance-related news contributed to the losses.
  • SEC activity, SEC vs. Ripple news, and US lawmakers are focal points.

The Monday Overview

On Monday, XRP slid by 6.50%. After a 0.49% gain on Sunday, XRP ended the day at to $0.6187.

SEC v Ripple Case Safely in the Hands of the Courts

There were no SEC v Ripple case-related updates for investors to consider on Monday. The lack of court activity left XRP in the hands of the broader crypto market. BTC and the crypto market stumbled early in the Asian session. Several factors likely contributed to the heavy losses.

Concerns about Binance and the level of DoJ oversight, anti-crypto rhetoric from Capitol Hill, and Fed jitters were possible headwinds.

For the XRP Community, news of the SEC strengthening its case against Binance will be a focal point. Significantly, the increased focus on the digital asset space further supports expectations the SEC will appeal the Programmatic Sales ruling.

Amicus Curiae attorney John E. Deaton continued to target Senator Elizabeth Warren. On Monday, Deaton responded to a post summarizing the number of passed Senator Warren sponsored Bills from 2015 to date. According to the post on X (formerly Twitter), no Senator Warren-sponsored Bills have passed between 2015 and 2023.

The crypto community shared the stats as investors reacted to a new Elizabeth Warren press release targeting the crypto space.

Senator Elizabeth Warren Ramps Up Assault on Cryptos

On Monday, Senator Elizabeth Warren issued a press release announcing increasing support for the Digital Asset Anti-Money Laundering Act. According to the press release, Senator Warren garnered support from 5 Senators, including three members of the Banking Committee.

The Act aims to bring the digital asset ecosystem into greater compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks that govern banks.

The press release continued to reference the October 7, 2023, attack on Israel and the use of crypto, which later proved inaccurate.

For XRP, the outcome of the SEC v Ripple case and any appeals rest in the hands of the court. Senator Warren and the anti-crypto establishment will be unable to influence court rulings.

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 121223 Weekly Chart

Daily Chart

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

An XRP move through the $0.6354 resistance level would bring the $0.7047 resistance level into play.

US lawmaker chatter, SEC activity, and SEC v Crypto case-related commentary remain focal points.

However, a break below the 50-day EMA would give the bears a run at the $0.5835 support level.

The 14-day RSI reading, 48.18, suggests a fall to the $0.60 handle before entering oversold territory.

XRP Daily Chart affirms bullish price signals.
XRPUSD 121223 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP sat below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP break above the 200-day EMA would bring the $0.6354 resistance level and 50-day EMA into play.

However, an XRP fall through the 50-day EMA would bring the $0.6354 support level into play.

The 4-hourly RSI, with a reading of 39.50, suggests an XRP drop to the $0.60 handle before entering oversold territory.

XRP 4-Hourly Chart turns bearish.
XRPUSD 121223 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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