Key Insights:
- XRP enjoys a bullish week, marking a four-day winning streak on Friday to end at $0.5006.
- John E. Deaton, CryptoLaw founder, emphasizes the significance of the SEC v Coinbase.
- The SEC motion for interlocutory appeal keeps Ripple and investors on tenterhooks.
The Friday XRP Overview
On Friday, XRP rose by 2.29%. Following a 1.24% gain on Thursday, XRP ended the day at $0.5006. XRP extended its winning streak to four sessions.
Blackrock and XRP Rumors Give XRP Community Much-Needed Distraction
The SEC, Ripple, and investors await a court ruling on the SEC’s motion for interlocutory appeal. While the SEC is not contesting the court ruling on XRP and Programmatic Sales, the SEC wants to categorize XRP as a security under certain conditions.
While a ruling could arrive any time, XRP has enjoyed a positive run this week. However, not all news appears to be reliable.
On Friday, reports of Blackrock (BLK) planning on a move to offer XRP investment products did the rounds. However, there were no comments from Blackrock to qualify the story and no apparent source of the news. Interestingly, AI contributed to one article covering the story.
While fake news grabbed the crypto news headlines on Friday, the ongoing SEC v Coinbase (COIN) case continued affecting investor sentiment.
CryptoLaw Founder John E. Deaton Reasserts SEC v Coinbase Significance
On Friday, CryptoLaw founder and Amicus Curiae attorney John E. Deaton responded to updates on Democrat Senator Elizabeth Warren’s anti-crypto bill, saying,
“This administration, because of Elizabeth Warren and Gary Gensler, are NOT pivoting from their anti-crypto agenda. Judge Failla granting Coinbase’s MTD is the only thing I see causing a pivot, and not a pivot by choice but by circumstance.”
Deaton concluded,
“I do not believe one bit the Solicitor General will authorize an appeal that could reach the Supreme Court related to the Major Questions Doctrine. Such a ruling by the Supreme Court could severely limit all other federal agencies across the board.”
Investors await the Judge Failla ruling on the Coinbase motion to dismiss (MTD).
By way of background, the SEC alleges Coinbase operates as an unregistered securities broker, clearing agent, and exchange.
XRP Price Action
Daily Chart
XRP stayed below the 50-day and 200-day EMAs, reaffirming bearish price signals. Despite the four-day winning streak, XRP remains in the hands of court rulings from the Coinbase and Ripple cases. Favorable rulings would support an XRP break above the $0.5042 resistance level to target the 200-day EMA and the trend line.
Selling pressure will heighten at $0.5210, with the 200-day EMA confluent with the trend line.
However, a lack of Judge Torres and Judge Failla rulings would leave case-related chatter and the crypto news wires to move the dial.
The 41.66 14-Daily RSI reading indicates an XRP slide to sub-$0.48 before entering oversold territory.
4-Hourly Chart
XRP holds above the 50-day EMA while sitting below the 200-day EMA. The EMAs send bullish near-term but bearish longer-term price signals.
A break above the $0.5042 resistance level would support an XRP move toward the 200-day EMA and trend line. However, XRP will face increased selling pressure at the 200-day EMA, which is confluent with the trend line.
A break below the 50-day EMA would bring sub-$0.48 into play.
The 14-4 Hourly RSI 59.98 reading signals an XRP break above the $0.5042 resistance level before entering overbought territory.
