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XRP News Today: Ripple Sinks After Iran Attack; SEC Case, Senate Race Also in Focus

By:
Bob Mason
Published: Apr 14, 2024, 05:45 GMT+00:00

Key Points:

  • XRP tumbled 12.35% on Saturday, ending the session at $0.4796.
  • News of Iran attacking Israel sent XRP to sub-$0.50 for the first time since February 7, 2024.
  • On Sunday, news updates from the Middle East, SEC vs. crypto case-related news, and SEC activity need investor attention.
XRP News Today

In this article:

The Saturday Overview

XRP tumbled 12.35% on Saturday. Following a 10.10% loss on Friday, XRP ended the session at $0.4796. Significantly, XRP returned to sub-$0.50 for the first time since February 7, 2024. XRP continued underperforming the broader crypto market. The total crypto market cap declined by 5.95% on Saturday, ending the session at $2,235 billion.

Iran Attack on Israel Fuels Crypto Selling Spree

On Saturday, Iran attacked Israel. The crypto market reacted to the news, with investors pulling out of XRP. However, XRP continued to face heavier losses than the broader market. Investors likely considered the downside risks regarding the SEC v Ripple case.

There were no SEC vs. Ripple case-related updates for investors to consider. Nevertheless, the recent SEC Wells notice to Uniswap (UNI) was a reminder of the regulation through enforcement backdrop plaguing the US crypto market. The SEC moves against the crypto market returned focus to the US Presidential Election.

Crypto Community Targets Senator Elizabeth Warren in the Senate Race

An ever-increasing number of SEC lawsuits against crypto firms could put greater focus on the US Presidential Election. In the run-up to the Presidential Election, the race for seats in the Senate will heat up. The race for the Massachusetts Senate seat will be the focal point for the crypto market.

Amicus Curiae attorney and CryptoLaw US founder John E. Deaton is up against Senator Elizabeth Warren for the seat. Ousting Senator Warren could be a boon for XRP and the broader crypto market. A crypto voice in the Senate may facilitate the progression of the Lummis and Gillibrand Responsible Financial Innovation Act.

A Deaton win could also end support for the Digital Asset Anti-Money Laundering Act.

Senator Warren is behind the Digital Asset Anti-Money Laundering Act. Senators Warren and Roger Marshall drafted the bill with the assistance of the American Bankers Association. The bill aims to introduce banking-style KYC and anti-money laundering regulations to impact the viability of the US digital asset space.

Politico published a crypto article regarding cryptos and the US Presidential Election on April 12. According to the article, crypto executives and enthusiasts have donated to the John E. Deaton campaign. Ripple CEO Brad Garlinghouse and co-founder Chris Larsen reportedly donated a maximum of $6,000 each.

In January, FX Empire considered the influences of the US Presidential Election on XRP.

XRP Price Action

Weekly Chart sends bearish price signals.
XRPUSD 140424 Weekly Chart

Daily Chart

XRP remained below the 50-day and 200-day EMAs, affirming the bearish price signals. Significantly, XRP dropped below the bullish wedge pattern on Saturday.

An XRP return to the $0.50 handle would give the bulls a run at the bottom trend line. A break above the bottom trend line would support a move to the $0.5361 resistance level and top trend line.

News from the Middle East and SEC vs. crypto-related chatter need investor consideration.

Conversely, a fall through the $0.45 handle would bring sub-$0.40 into play.

The 14-day RSI reading, 28.19, shows XRP in oversold territory. Buying pressure could intensify at $0.45.

XRP Daily Chart sends bearish price signals.
XRPUSD 140424 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP sat below the 50-day and 200-day EMAs. The EMAs confirmed the bearish price trends.

A break above the $0.50 handle would bring the bottom trend line into play. An XRP breakout from the bottom trend line could give the bulls a run at the $0.5361 resistance level.

However, an XRP fall through the $0.45 handle could signal a drop below the $0.40 handle.

The 4-hourly RSI, with a reading of 21.34, shows XRP in oversold territory. Buying pressure could intensify at the $0.45 handle.

XRP 4-Hourly Chart sends bearish price signals.
XRPUSD 140424 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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