XRP News: SEC’s Appeal Tensions Rise, Ripple and Coinbase Cases Intersect
- XRP experienced a 1.28% decline on Saturday, closing at $0.5149.
- Ripple CEO Garlinghouse lauded key players in SEC battle.
- With the SEC vs. Ripple lawsuit evolving, predictions suggest programmatic sales rulings holding ground.
The Saturday Overview
On Saturday, XRP declined by 1.28%. Partially reversing a 2.27% gain from Friday, XRP ended the day at $0.5149.
XRP Army, John E. Deaton, and the Proper Party
The heavily anticipated Proper Party took place in New York City, on Friday. Crypto Law US founder John E. Deaton was present after representing 75,000 XRP investors as an Amicus Curiae attorney.
Ripple CEO Brad Garlinghouse did not disappoint with his speech, recognizing several key players in the battle against the SEC. John E. Deaton, Stuart Alderoty, Ripple Chief Legal Office, Deborah McCrimmon (Vice President of Litigation and Employment), and David Schwartz (Ripple Chief Technology Officer) got special mentions.
Referring to the SEC and the SEC v Ripple lawsuit, Garlinghouse said,
“One thing I think we all learned is that it does take a village to fight a bully, and this village beat the bully.”
Back to Business
With the Proper Party over and the XRP Community united, it will be business as usual on Monday. The US Government is on course to avoid a shutdown, allowing Judge Torres to deliberate further on the SEC motion for interlocutory appeal.
Nonetheless, XRP will likely come under selling pressure if Judge Torres grants the motion for interlocutory appeal. A lengthier case and uncertainty toward the outcome of an SEC appeal would be a negative-price scenario.
However, a lengthier case would give the SEC v Coinbase (COIN) case more influence on the SEC v Ripple case. The crypto market awaits a court ruling on the Coinbase motion to dismiss (MTD). Deaton had this to say about the likely SEC response to Judge Katherine Failla granting the Coinbase MTD,
“I doubt the Solicitor General would allow an appeal in that scenario, one that could reach the Supreme Court, allowing for the High Court to strip away, not only the SEC’s power, but all other federal agencies as well.”
There is also the chance of a Republican victory in the 2024 US Presidential Election. A Republican party win would force SEC Chair Gary Gensler out of office and end the era of regulation by enforcement.
XRP Price Action
XRP sat below the 50-day and 200-day EMAs, affirming bearish price signals. A fall through the $0.5042 support level would give the bears a run at sub-$0.48 and the $0.4700 support level.
However, a break above the 200-day and 50-day EMAs would support an XRP move to the trend line.
XRP movements will hinge on chatter about the ongoing cases against Ripple and Coinbase.
The 52.28 14-Daily RSI reading supports a breakout from the EMAs and a move to the trend line before entering overbought territory.
In the 4-hourly chart, XRP remains above the 50-day and 200-day EMAs, sending bullish price signals.
A fall through the 200-day EMA would bring the 50-day EMA and the $0.5042 support level into play. The bears will need a return to sub-$0.50 to test investor resilience.
However, avoiding a fall through the 200-day EMA would support an XRP move to the trend line.
The 14-4 Hourly RSI 53.93 reading indicates an XRP move to the trend line before entering overbought territory.