FXEmpire.com –
Key Insights:
- XRP had a bullish week, with a four-day winning streak to end at $0.5006 on Friday.
- John E. Deaton, the founder of CryptoLaw, highlights the importance of the SEC v Coinbase case.
- Ripple and investors await the SEC’s motion for interlocutory appeal, leading to uncertainty.
The Friday XRP Overview
On Friday, XRP increased by 2.29%. After a 1.24% gain on Thursday, XRP ended the day at $0.5006. This marked the fourth consecutive session of gains for XRP.
Blackrock and XRP Rumors Provide Distraction to XRP Community
The SEC, Ripple, and investors are waiting for a court ruling on the SEC’s motion for interlocutory appeal. Although the SEC is not challenging the court ruling on XRP and Programmatic Sales, they want to classify XRP as a security under certain conditions.
While a ruling can be made at any time, XRP has had a positive week. However, not all news seems to be credible.
On Friday, there were reports of Blackrock (BLK) planning to offer XRP investment products. However, there were no comments from Blackrock to confirm the story, and the source of the news was unclear. Interestingly, one article covering the story included contributions from artificial intelligence.
While fake news made headlines in the crypto world on Friday, the ongoing SEC v Coinbase (COIN) case continued to affect investor sentiment.
CryptoLaw Founder John E. Deaton Reiterates the Significance of SEC v Coinbase
On Friday, John E. Deaton, the founder of CryptoLaw and an Amicus Curiae attorney, commented on updates regarding Democrat Senator Elizabeth Warren’s anti-crypto bill, stating,
“This administration, because of Elizabeth Warren and Gary Gensler, are NOT changing their anti-crypto agenda. Judge Failla granting Coinbase’s motion to dismiss is the only thing I see that could cause a change, and not a change by choice but by circumstance.”
Deaton concluded,
“I don’t believe for a second that the Solicitor General will authorize an appeal that could reach the Supreme Court relating to the Major Questions Doctrine. Such a ruling by the Supreme Court could severely limit all other federal agencies.”
Investors are waiting for Judge Failla’s ruling on Coinbase’s motion to dismiss (MTD).
To provide some context, the SEC claims that Coinbase operates as an unregistered securities broker, clearing agent, and exchange.
XRP Price Action
XRPUSD 160923 Weekly Chart
Daily Chart
XRP remained below the 50-day and 200-day EMAs, signaling a bearish price trend. Despite the four-day winning streak, XRP’s fate is dependent on court rulings in the Coinbase and Ripple cases. If the rulings favor XRP, it could break above the $0.5042 resistance level and target the 200-day EMA and trend line.
Selling pressure will increase at $0.5210, as the 200-day EMA aligns with the trend line.
However, if Judge Torres and Judge Failla do not make rulings, discussions surrounding the cases and news in the crypto industry will drive market sentiment.
The 14-Daily RSI reading of 41.66 suggests that XRP could slide below $0.48 before entering oversold territory.
XRPUSD 160923 Daily Chart
4-Hourly Chart
XRP is above the 50-day EMA but below the 200-day EMA. The EMAs suggest a bullish short-term outlook but a bearish long-term outlook.
If XRP breaks above the $0.5042 resistance level, it could rally towards the 200-day EMA and trend line. However, selling pressure is expected when XRP reaches the 200-day EMA, which aligns with the trend line.
On the other hand, if XRP falls below the 50-day EMA, it could drop to sub-$0.48.
The 14-4 Hourly RSI reading of 59.98 indicates that XRP may break above the $0.5042 resistance level before entering overbought territory.
XRPUSD 160923 4-Hourly Chart
This article was originally posted on FX Empire
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