XRP News Today: Ripple CEO’s Remarks Propel Price as Coinbase Battles SEC

Bob Mason
Published: Mar 12, 2024, 01:27 GMT+00:00

Key Points:

  • XRP surged 18.74% on Monday, closing the session at $0.7228.
  • Ripple CEO Brad Garlinghouse drove buyer demand for XRP.
  • On Tuesday, crypto-spot ETF-related chatter and SEC v crypto case-related updates need consideration.
XRP News

In this article:

The Monday Overview

On Monday, XRP surged 18.74%. Reversing a 1.92% loss from Sunday, XRP ended the session at $0.7228. Significantly, XRP saw its biggest single-session gain since July 13, 2023. The Programmatic Sales of XRP ruling fueled a 73.39% rally.

Ripple CEO Brad Garlinghouse Talks BTC-Spot ETFs and Crypto

Ripple CEO Brad Garlinghouse broke an extended period of silence on Monday. Discussing the BTC-spot ETF market and market performance, Garlinghouse said,

“BTC ETF volumes have been soaring, we’re due for a halving and the broader crypto market is following BTC’s lead (as has historically been the case). As someone who has experienced multiple cycles of “crypto is back” it’s imperative this bullishness go hand in hand with real-world utility. That’s the real (and inevitable) march of progress.”

Garlinghouse also spoke on Bloomberg Live recently, saying,

“From the get-go, Ripple has worked with regulators. And we have worked with regulated institutions like banks, where there isn’t regulatory uncertainty. And so, we have found a part of the reason why XRP has performed well is because people realize, hey wait a minute.”

Garlinghouse added,

“Back to your question, is XRP the next BTC? If we work with the system to solve this problem and we can solve that problem at scale, a problem measured in the trillions of dollars. Then there’s a lot of opportunity to create value in XRP.”

The comments fueled an XRP breakout. Recent XRP price trends presented a buying opportunity after trailing the broader market.

There was no SEC v Ripple case-related news to influence investor sentiments. However, Coinbase (COIN) retargeted the SEC after the SEC denied the rulemaking petition.

Coinbase Challenges SEC Denial of Rulemaking Petition

On Monday, Coinbase Chief Legal Officer Paul Grewal gave an update on the SEC rulemaking petition, saying,

“Today Coinbase filed our opening brief in the Third Circuit challenging the SEC’s denial of our rulemaking petition. Tl;dr: the SEC’s denial is arbitrary and capricious, an abuse of discretion, and a violation of the Administrative Procedures Act.”

Grewal added,

“If you go back and read the SEC’s perfunctory denial, you’ll be hard-pressed to find an actual reason for its inaction. This is despite the dozens of legitimate concerns we raised in our petition, including questioning the SEC’s authority over the digital asset space.”

In a series of posts on X (formerly Twitter), the Coinbase CLO also discussed how the SEC suddenly declared the right to oversee the US crypto space. Grewal noted the shift in stance vis-à-vis statutory authority, highlighting previous calls from the SEC for the authority to regulate the crypto market.

The issue of statutory authority sits at the heart of the Coinbase Motion to Dismiss (MTD).

In August, Coinbase filed a Motion to Dismiss the charges in the ongoing SEC v Coinbase (COIN) case. Coinbase argued the SEC lacked the statutory authority to regulate crypto exchanges.

If Judge Katherine Failla grants the Coinbase Motion to Dismiss, the ruling could force the SEC to end its campaign of regulation through enforcement. The outcome of the rulemaking petition may also present the SEC with challenges amidst increasing scrutiny of SEC activity in the courts.

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 120324 Weekly Chart

Daily Chart

XRP sat above the 50-day and 200-day EMAs, sending bullish price signals.

A break above the March 11 high of $0.7487 would support a move to the $0.7812 resistance level.

Crypto-spot ETF-related chatter and SEC v crypto case-related news needs consideration.

However, a drop below the $0.7047 support level would give the bears a run at the $0.6354 support level.

The 14-day RSI reading, 68.51, suggests an XRP return to the March 11 high of $0.7487 before entering overbought territory.

XRP Daily Chart affirms bullish price signals.
XRPUSD 120324 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP hovered above the 50-day and 200-day EMAs, confirming the bullish price trends.

An XRP return to the March 11 high of $0.7487 would give the bulls a run at the $0.7812 resistance level.

Conversely, a break below the $0.7047 support level would bring the $0.6354 support level into play.

The 4-hourly RSI, with a reading of 71.90, shows XRP sitting in overbought territory. Selling pressure could intensify at the Monday high of $0.7487.

4-Hourly Chart reaffirms bullish price signals.
XRPUSD 120324 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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