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XRP News Today: Coinbase Interlocutory Appeal Sparks Debate Amidst Rising XRP

By:
Bob Mason
Published: Apr 15, 2024, 02:52 GMT+00:00

Key Points:

  • XRP gained 5.03% on Sunday, ending the session at $0.5037.
  • Concerns about an Israeli retaliation to the Saturday attack abated, driving buyer demand for XRP and the broader crypto market.
  • On Monday, SEC vs. crypto case-related news and the Middle East warrant investor attention.
XRP News Today

In this article:

The Sunday Overview

XRP gained 5.03% on Sunday. Partially reversing the 12.35% tumble from Saturday, XRP closed the session at $0.5037. Significantly, XRP ended a three-day losing streak.

Updates from the Middle East Ease Fears of Retaliation

On Sunday, news of Iran pre-warning Israel about the Saturday attack eased immediate concerns of an Israeli retaliation.

Nevertheless, investors should monitor the news, with an escalation likely to impact buyer demand for XRP.

There were no SEC v Ripple case-related updates for investors to consider during the weekend.

However, investors await the remedy-related opposition brief. Ripple must file the opposition brief by April 22. Ripple must avail a redacted version of the opposition brief by April 24. The brief is in response to the SEC opening brief. The SEC argued for a $2 billion disgorgement and the prohibition of XRP sales to institutional investors.

While there was no SEC vs. Ripple-related chatter, updates from the SEC v Coinbase (COIN) case garnered investor interest.

SEC vs. Coinbase: Coinbase Requests Permission for an Interlocutory Appeal

On Saturday, Coinbase Chief Legal Officer Paul Grewal updated followers on X (formerly Twitter), saying,

“Today Coinbase filed a brief asking the Court’s permission to seek an interlocutory appeal in our SEC case on this controlling question: whether an “investment contract” requires something contractual – we think it does, the SEC disagrees.”

Grewal added,

“We’re asking to take this up on appeal earlier than normal because it’s critical to our industry. The SEC’s action against us and other digital asset companies goes way beyond the legal authority granted by Congress and puts an unjust cloud over US digital asset innovation.”

Grewal then referred to the SEC vs. Ripple case and the SEC motion to file an interlocutory appeal, saying,

“The not-at-all funny thing is, we’re not alone in thinking the question of when a crypto transaction might be an “investment contract” warrants interlocutory appeal. The SEC itself has made the identical arguments. In the Ripple case, they said specifically there is “controlling question[] of law to which there are substantial grounds for difference of opinion” and noted “industry-wide significance” of the question presented.”

Coinbase filed the request for interlocutory appeal after the court partially granted the Coinbase Motion to Dismiss (MTD). Significantly, the court denied the motion to dismiss charges for operating as an unregistered securities exchange.

The outcome of the SEC vs. Coinbase case could have significant implications for the US digital asset space. A Coinbase victory could end SEC plans to appeal the Programmatic Sales of XRP ruling. In October, Judge Analisa Torres denied the SEC motion for interlocutory appeal. The SEC can appeal the Programmatic Sales of XRP ruling after the Ripple case.

XRP Price Action

Weekly Chart sends bearish price signals.
XRPUSD 150424 Weekly Chart

Daily Chart

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

An XRP break above the bottom and top trend lines would support a move toward the $0.5739 resistance level.

SEC vs. crypto-related news and updates from the Middle East need investor consideration.

Conversely, a drop below the $0.48 handle could bring sub-$0.45 into play.

The 14-day RSI reading, 33.66, indicates an XRP drop below the $0.48 handle before entering oversold territory.

XRP Daily Chart affirms bearish price signals.
XRPUSD 150424 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP remained below the 50-day and 200-day EMAs. The EMAs affirmed the bearish price signals.

A break above the bottom trend line would support a move to the $0.5361 resistance level and the top trend line. Selling pressure could intensify at the $0.5361 resistance level. The top trend line is confluent with the resistance level.

However, an XRP break below the $0.48 handle could give the bears a run at the $0.45 handle.

The 4-hourly RSI, with a reading of 35.33, suggests an XRP drop below the $0.48 handle before entering oversold territory.

XRP 4-Hourly Chart reaffirms the bearish price signals.
XRPUSD 150424 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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