Former SEC Chair Jay Clayton's views on the Programmatic Sales ruling spark debate within the Ripple community.
XRP declined by 2.08% on Saturday, ending the session at $0.6585.
A broad-based crypto market pullback left XRP in negative territory on Saturday.
Crypto-spot ETF hype, SEC activity, and SEC v Ripple-related chatter remain the key drivers over the near term.
The Saturday Overview
On Saturday, XRP declined by 2.08%. After a 4.54% rally on Friday, XRP ended the Saturday session at $0.6585.
XRP Holders Get a First Test of Uphold’s Vault
This week, Uphold launched its new self-custody wallet, targeting investors wanting enhanced wallet security protocols. A significant feature of the wallet is a secure key replacement service. Additionally, users must use two keys to move assets, giving control to the wallet holders.
Increased security measures via an assisted self-custody wallet and 24/7 instant trading means Vault wallet holders have direct access to the Uphold trading platform without holding cryptos in wallets on the Uphold platform.
XRP holders are immediate beneficiaries of the newly launched product, with Vault going live in beta for XRP holders.
Vault may incentivize crypto investors to target XRP and benefit from Vault’s features. Vault will integrate other networks in 2024.
Uphold’s decision to go live beta with XRP is another live-case example of increasing interest in XRP. In November, the Dubai Financial Services Authority (DFSA) approved XRP under the virtual asset regime. The regime allows licensed firms in the Dubai International Financial Centre (DIFC) to adopt XRP for virtual asset services.
In September, Strategic Business Innovator Group (SBI) announced intentions to expand remittance services using XRP and the Ripple remittance product. The expansion includes the Philippines, Indonesia, and Vietnam.
Significantly, the XRP Programmatic Sales ruling opened the door to the increased adoption of XRP on the international stage.
Former SEC Chair Jay Clayton Gives Views on the Programmatic Sales Ruling
Amicus Curiae John E. Deaton shared a former SEC Chair Jay Clayton interview, saying,
“All of the sudden, Jay Clayton can weigh in on the Ripple victory and spins it as a partial loss on appeal. There is no humility when there is no accountability.”
The former SEC Chair had this to say about the SEC and its performances in the courts,
“The judge, I believe, found issue its in the initial issuance was, in fact, a securities transaction during the capital raising phase. The question in the Ripple case that I believe the SEC did not win was on the secondary trading. Was that a securities transaction or not? There are other cases with similar facts for the SEC has won that. We will see how that plays out.
Clayton went on to say,
“But that goes to my point about secondary trading and Tim’s point about secondary trading and the need to establish rules of the road, whether it’s a security or a commodity that the people are trading with the expectation of a financial return. I think the SEC’s record on cases decided, it is 95 and 1 and one’s up on appeal. I’d say that’s pretty good.”
The former SEC Chair filed the case against Ripple and XRP on his last day at the SEC.
Concerns about the SEC appealing the Programmatic Sales ruling led to a post-ruling XRP return to sub-$0.60 before the latest bull run.
XRP Price Action
XRPUSD 101223 Weekly Chart
XRP remained above the 50-day and 200-day EMAs, affirming bullish price signals.
An XRP move through the $0.7047 resistance level would give the bulls a run at the $0.75 handle and the $0.7812 resistance level.
SEC activity, SEC v Crypto case-related commentary, and crypto-spot ETF updates remain focal points.
However, a break below the $0.6354 support level would bring the 50-day EMA into play.
The 14-day RSI reading, 62.93, suggests a move to the $0.7047 resistance level before entering overbought territory.
XRPUSD 101223 Daily Chart
On the 4-hourly, XRP held above the 50-day and 200-day EMAs, reaffirming bullish price signals.
An XRP move to the $0.7047 resistance level would bring the $0.7812 resistance level into view.
However, an XRP drop below the 50-day EMA would give the bears a run at the $0.6354 support level and the 200-day EMA.
The 4-hourly RSI, with a reading of 55.82, indicates an XRP move to the $0.7047 resistance level before entering overbought territory.
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.