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XRP News: US Republican Candidate Ramaswamy Talked Crypto

By:
Bob Mason

XRP continued a new move toward $0.70. Optimism about the SEC v Ripple case lingers amidst uncertainty about the Programmatic Sales ruling.

XRP News

Key Insights:

  • XRP gained 0.45% on Thursday, ending the session at $0.6434.
  • A Republican victory could end the SEC’s pursuit of XRP.
  • SEC activity and SEC v crypto case-related news remain the focal point.

The Thursday Overview

On Thursday, XRP gained 0.45%. Following a 3.11% rally on Wednesday, XRP ended the session at $0.6434.

SEC Appeal Could Clash with the 2024 US Presidential Election

There was no SEC v Ripple case-related news to influence investors and XRP. However, optimism toward the ongoing case continued to drive buyer demand. Notably, XRP struck a three-week high of $0.6547 on Thursday.

Currently, the SEC and Ripple are proceeding through remedies-related discovery. XRP may respond to a favorable disgorgement. However, the ruling is unlikely to have a lasting impact on XRP or the broader market. Judge Analisa Torres ruled that XRP sales to institutional investors broke US securities laws.

XRP will show greater sensitivity to the SEC appealing the Programmatic Sales of XRP ruling. The SEC must wait until the end of the case against Ripple before appealing. Based on the recent court briefing schedule, the SEC must file its final brief by April 19, 2024. The SEC must then wait for Judge Torres to deliver the ruling, which could mean an appeal by the summer.

Several external forces could influence SEC plans to appeal the Programmatic Sales ruling. A Republican victory in the US Presidential Election is one of note.

The US Presidential Election: A Republican Victory?

In November 2024, the US could have a new President. The outcome of the Presidential Election could be significant for XRP and the broader market. A Joe Biden victory would likely mean more of the same with SEC Chair Gary Gensler at the helm.

However, a Republican win could expedite progress toward a regulatory framework and end the reign of regulation by enforcement.

US Republican Leadership Candidate Vivek Ramaswamy had this to say about crypto in a televised Q&A session,

“Fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows that whatever they have in the current framework isn’t working. And I think it is nothing short of embarrassing that Gary Gensler, the current leader of the SEC, in front of Congress, could not even say whether Ethereum counted as a regulated security or not.”

Ramaswamy went on to say,

“And so, I think this is just another example of the administrative state gone too far. Here’s the dirty little secret in American politics today. The people who we elect to run the government are not the ones who are running the government. It is the bureaucrats in those three letter agencies.”

A newly appointed SEC Chair with a more favorable view on cryptos may end the pursuit of ‘all things securities.’

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 081223 Weekly Chart

Daily Chart

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

An XRP move through the Thursday high of $0.6547 would bring the $0.67 handle and the $0.7047 resistance level into view.

SEC activity and SEC v Crypto case-related news remain focal points.

However, a break below the $0.6354 support level would give the bears a run at the 50-day EMA.

The 14-day RSI reading of 60.38 indicates an XRP return to the $0.70 handle before entering overbought territory.

XRP Daily Chart affirms bullish price signals.
XRPUSD 081223 Daily Chart

4-Hourly Chart

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

An XRP breakout from the Thursday high of $0.6547 would support a move toward the $0.7047 resistance level.

However, an XRP fall through the $0.6354 support level would give the bears a run at the 50-day EMA.

The 4-hourly RSI, with a reading of 58.67, indicates an XRP move to the $0.70 handle before entering overbought territory.

XRP 4-Hourly Chart reaffirms bullish price signals.
XRPUSD 081223 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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