XRP News Today: Investor Attention on SEC vs. Ripple Case, XRP Price Outlook

The Saturday Overview

On Saturday (April 27), XRP declined by 1.58%. Reversing a 0.10% gain from Friday (April 26), XRP closed the session at $0.5179.

SEC vs. Ripple: The Motion to Dismiss and the SEC

There was no SEC vs. Ripple case-related news for investors to consider on Saturday. However, investors await the SEC opposition brief to Ripple’s Motion to Strike expert testimony. The SEC must file its opposition brief by Monday (April 29). Ripple must file its reply brief three days after the SEC’s submission.

Ripple filed a motion to strike expert testimony relating to its financial accounts and post-complaint conduct. In March, the SEC filed its opening brief, asking for an almost $2 billion penalty and an injunction. The SEC argued Ripple continued to breach US securities laws after the December 2020 complaint.

Striking the expert testimony and materials could water down the SEC’s case for a punitive penalty.

Nevertheless, the SEC’s reply brief in response to Ripple’s opposition brief will have more influence on the outcome. The SEC must file its reply brief by May 6.

In the opposition brief, Ripple argued it did not continue to breach US securities laws after the complaint. The SEC’s response to Ripple’s arguments will warrant investor attention. It will likely be the final court filing before the courts decide on the penalty and call for an injunction. The SEC asked the courts to impose an injunction to prevent Ripple from selling XRP to institutional investors.

XRP Price Action

Daily Chart

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

An XRP break above the top trend line would give the bulls a run at the 50-day EMA. A breakout from the 50-day EMA would bring the 200-day EMA and $0.5739 resistance level into play. Selling pressure could intensify at the $0.5739 resistance level. The 200-day EMA is confluent with the resistance level.

Investors should monitor SEC vs. crypto case-related chatter throughout the session.

Conversely, an XRP fall through the bottom trend line would give the bears a run at the $0.50 handle.

The 14-day RSI reading, 43.51, suggests an XRP drop below the $0.50 handle before entering oversold territory.

4-Hourly Chart

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

An XRP breakout from the top trend line and the 50-day EMA would support a move toward the $0.5361 resistance level. A break above the $0.5361 resistance level would bring the 200-day EMA into play.

Conversely, an XRP break below the bottom trend line could signal a drop to the $0.50 handle.

The 14-day RSI reading, 48.82, indicates an XRP drop below the $0.50 handle before entering oversold territory.