XRP News: Political Scrutiny and Legal Battles Propel Saturday Gains

FXEmpire.com -

The Saturday Overview

On Saturday, XRP gained 2.06%. Reversing a 1.26% loss from Friday, XRP ended the Saturday session at $0.5452. Significantly, XRP ended a four-day losing streak.

Scrutiny of US Lawmakers Influence XRP Price Trends

The Anti-Crypto Army faced intensifying scrutiny this week. Significantly, Republican Party members and the US Undersecretary Brian Nelson recently agreed on the limited use of crypto by terrorist cells and Hamas in particular.

Significantly, the Republican Party may have identified a Democratic Party Achilles Heel. Former US President Donald Trump towed the party line on Thursday, highlighting the increased interest in BTC while personally preferring the US dollar.

Despite the efforts of certain Democratic Senators to tarnish the crypto market, interest in cryptos across the US remains prevalent. In September, Coinbase (COIN) kickstarted the #StandWithCrypto campaign to drive crypto awareness on Capitol Hill. Significantly, the Campaign highlighted 52 million Americans holding crypto.

Amicus Curiae attorney John E. Deaton also announced a move into politics. Deaton will battle against Senator Elizabeth Warren for Massachusetts. A Deaton victory would be a boon for the US crypto market.

Senators Elizabeth Warren and Roger Marshall proposed the Digital Asset Anti-Money Laundering Act. The bill could give the SEC statutory authority to regulate the US digital asset space.

In contrast, the Lummis and Gillibrand Responsible Financial Innovation Act would give the CFTC more authority to regulate the crypto space and drive innovation.

While ongoing SEC cases against Ripple and Coinbase remain focal points, US politics could begin to influence price trends. A Republican Party Presidential Election victory may also end SEC plans to appeal against the Programmatic Sales of XRP ruling.

SEC v Coinbase: Motion to Dismiss Ruling Pivotal for the US Crypto Market

While US party politics begins to draw interest, the SEC v Coinbase case remains pivotal. The SEC and Coinbase await a court ruling on the Coinbase Motion to Dismiss (MTD). Coinbase filed a Motion to Dismiss in August, arguing the SEC lacks the statutory authority to regulate US crypto exchanges.

If Judge Failla grants the Motion to Dismiss, the SEC may have to step back from regulating by enforcement. Significantly, the SEC may end plans to appeal against the Programmatic Sales ruling.

The immediate threat of SEC plans to appeal against the Programmatic Sales ruling led to an XRP return to sub-$0.60. XRP surged to a July 13, 2023, high of $0.9327 in response to the Programmatic Sales ruling before the retreat.

XRP Price Action

XRPUSD 250224 Weekly Chart

Daily Chart

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

An XRP breakout from the $0.5470 resistance level and 50-day EMA would give the bulls a run at the 200-day EMA. Selling pressure may intensify at the $0.5470 resistance level. The 50-day EMA ($0.5488) is confluent with the $0.5470 resistance level.

US lawmaker scrutiny and SEC v crypto case-related news need consideration.

However, a drop below the $0.5350 handle would bring the $0.5042 support level into play.

The 14-day RSI reading, 51.62, indicates an XRP move to the $0.5835 resistance level before entering overbought territory.

XRPUSD 250224 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP remained below the 50-day EMA while holding above the 200-day EMA. The EMAs sent bearish near-term but bullish longer-term price signals.

A break above the 50-day EMA and the $0.5470 resistance level would support a move toward the $0.5835 resistance level.

However, a break below the 200-day EMA would bring the $0.5042 support level into view.

The 4-hourly RSI, with a reading of 50.39, indicates an XRP rise to the $0.5835 resistance level before entering overbought territory.

XRPUSD 250224 4-Hourly Chart

This article was originally posted on FX Empire

More From FXEMPIRE:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.