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XRP News Today: Ripple Faces SEC Heat; Investors Watch for Court Moves

By:
Bob Mason
Updated: May 12, 2024, 04:00 GMT+00:00

Key Points:

  • XRP gained 0.92% on Saturday (May 11), ending the session at $0.5062.
  • Investor sentiment toward the ongoing SEC vs. Ripple case and SEC activity limited the upside.
  • On Sunday (May 12), SEC chatter and crypto case-related news need consideration.
XRP News Today

In this article:

The Saturday Overview

On Saturday (May 11), XRP gained 0.92%. Partially reversing a 3.76% slide from Friday (May 10), XRP ended the session at $0.5062.

SEC vs. Ripple: Waiting Game as the SEC Intensifies Scrutiny of the Crypto Space

There was no SEC vs. Ripple case-related news for investors to consider on Saturday. Market sentiment toward XRP rests in the hands of the US courts.

However, the SEC vs. Coinbase case and SEC intentions to file charges against Robinhood Markets Inc. (HOOD) also need investor consideration.

A court ruling on the Coinbase motion for interlocutory appeal could come at any time. If Judge Failla grants the Coinbase motion, Coinbase will appeal the court rejecting, in large part, of the Coinbase motion to dismiss (MTD). Coinbase filed the MTD in 2023, arguing that the SEC lacked the statutory authority to regulate US crypto exchanges.

On Friday (May 10), the SEC filed its response to the motion for interlocutory appeal.

The rulings from the SEC vs. Coinbase will likely influence SEC plans to appeal the Programmatic Sales of XRP ruling. The SEC threat to appeal the Programmatic Sales of XRP ruling remains an XRP headwind.

SEC victories against Coinbase and Robinhood could give the SEC greater authority to regulate the US crypto space. Significantly, court rulings in favor of the SEC could provide Senator Elizabeth Warren a stronger footing to push the Digital Asset Anti-Money Laundering Act through Congress.

The Digital Asset Anti-Money Laundering Act aims to target illicit financing via crypto by introducing stringent anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks into the US digital asset space. Significantly, the bill would give the SEC legislative powers to regulate the crypto space.

XRP Price Action

Weekly Chart sends bearish price signals.
XRPUSD 120524 Weekly Chart

Daily Chart

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

An XRP move above the trend lines could position XRP for a run at the 50-day EMA. A break above the 50-day EMA would support a move toward the 200-day EMA and the $0.5739 resistance level.

Investors should monitor SEC chatter and SEC vs. crypto case-related news.

Conversely, an XRP fall through the $0.50 level could signal a drop to the $0.48 handle.

The 14-day RSI reading, 41.76, suggests an XRP break below the $0.48 handle before entering oversold territory.

XRP Daily Chart affirms bearish price signals.
XRPUSD 120524 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 trend lines would support an XRP move to the 50-day EMA. A breakout from the 50-day EMA could give the bulls a run at the 200-day EMA and the $0.5361 resistance level. Selling pressure could increase at the $0.5361 resistance level. The 200-day EMA is confluent with the resistance level.

However, an XRP drop below the $0.50 handle could give the bears a run at the $0.48 handle.

The 14-day RSI reading, 41.83, indicates an XRP drop to the $0.48 handle before entering oversold territory.

XRP 4-Hourly Chart reaffirms the bearish price signals.
XRPUSD 120524 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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