- XRP increased by 1.35% on Saturday, ending the session at $0.6212.
- Amicus Curiae attorney John E. Deaton sent Patrick McHenry a message about the status of the SEC Chair subpoena.
- Investor bets on the SEC approving a batch of BTC-spot ETF applications in January supported XRP and the broader market.
The Saturday Overview
On Saturday, XRP rose by 1.35%. Following a 1.07% gain on Friday, XRP ended the session at $0.6212.
XRP Community Reacts to the Latest Court Slaying of the SEC
“Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court.” SEC v Debt Box, 11/30/23. ALMOST EVERY SINGLE COURT THAT HAS DEALT WITH THE SEC IN THE LAST 3 YEARS HAS CALLED THEM OUT FOR LYING.”
Deaton also sent a message to Patrick McHenry, asking, where is the subpoena?
Patrick McHenry is the chair of the US House Committee on Financial Services. In October, the Committee Chair threatened the SEC Chair with a subpoena, saying,
“SEC Chair Gary Gensler refuses to schedule a Commission vote to provide Congress with requested documents. Should Gensler continue to stonewall, Republicans will have no choice but to issue the first subpoena to the SEC from my Committee to compel their production.”
There were no SEC v Ripple case-related updates to influence investor sentiment toward XRP. Remedies-related discovery began in November and will conclude on or before February 12, 2024. The final phase of the case will dictate the Ripple penalty for the sales of XRP to US institutional investors.
In November, the court issued a briefing schedule. On conclusion of the remedies-related discovery, the SEC must file its remedies-related brief by March 13, 2024. Ripple must file its brief by April 12, 2024, with the SEC having to file a reply brief by April 19, 2024.
While the court briefing schedule suggests an end to the case in H1 2024, the SEC and Ripple could settle at any time. Investors expect the SEC to move swiftly through the final stage of the case to bring forward the appeal process.
SEC Appeal on the Horizon
Upon conclusion of the SEC v Ripple case, investors expect the SEC to appeal the Programmatic Sales ruling. In October, the court denied the SEC motion for interlocutory appeal. An interlocutory appeal would have proceeded before the remaining stages of the SEC v Ripple case.
After the court ruling, the SEC dropped the charges against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse.
By dropping the charges, the SEC could progress the case and bring forward the timing of an appeal.
Investor bets on the SEC approving a batch of BTC-spot ETF applications contributed to the Saturday gains. However, expectations of an SEC appeal against the Programmatic Sales ruling continue to leave XRP short of the $0.70 handle.
XRP Price Action
XRP held above the 50-day and 200-day EMAs, affirming bullish price signals.
An XRP break above the $0.6354 resistance level would support a move to the $0.65 handle.
SEC v Ripple case-related chatter, BTC-spot ETF-related news, and SEC activity remain focal points.
However, a drop below the trend line and 50-day EMA would give the bears a run at the $0.5835 support level.
The 14-day RSI reading of 51.22 suggests an XRP break above the $0.6354 resistance level before entering overbought territory.
On the 4-hourly, XRP remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.
An XRP move through the $0.6354 resistance level would give the bulls a run at the $0.65 handle.
However, an XRP break below the 50-day EMA would bring the 200-day EMA and the trend line into play.
The 4-hourly RSI, with a reading of 60.69, suggests an XRP break above the $0.6374 resistance level before entering overbought territory.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Natural Gas and Oil Analysis: Bearish Trends Amid Market Uncertainty
- AUD/USD Forecast – Australian Dollar Turns Around
- Eurozone December Investor Confidence -16.8, Short of -15.0 Forecast
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.