The Saturday Overview
On Saturday, XRP rallied 7.20%. Following a 2.47% gain on Friday, XRP ended the session at $0.6450. Significantly, XRP extended its winning streak to three sessions and revisited the $0.65 handle for the first time since December 28, 2023.
XRP Ledger Version 2.1.0 and Global Expansion
Crypto investors respond favorably to network updates. On Saturday, Ripple Chief Technology Officer, David Schwartz, announced an XRPL upgrade, saying,
“Hey, XRPL validators and node operators! It’s time to upgrade to 2.1.0!”
Schwartz also shared a link to a blog that provided details about XRP Ledger version 2.1.0. According to the blog, the upgrade includes bug fixes, improvements, and amendments. Operators of an XRP Ledger server must upgrade by March 5 to ensure uninterrupted service.
The latest upgrade coincides with the final stage of the SEC v Ripple case. The upgrades also reflect confidence in continuing expansion plans after the case. Since the July 2023 Programmatic Sales of XRP ruling, Ripple has strengthened its position within the digital asset space.
In September 2023, SBI Holdings (Strategic Business Innovator Group) announced plans to use XRP and Ripple’s remittance platform in Vietnam, the Philippines, and Indonesia.
Ripple also gained traction in Dubai. In November, the Dubai Financial Services Authority (DFSA) added XRP to the list of tokens that companies within the Dubai International Financial Centre (DIFC) can use for virtual asset services.
Significantly, Ripple is also at the forefront of central bank digital asset (CBDC) development in partnership with governments around the globe.
With Ripple looking to cement a position in the US, the conclusion to the case could be a boon for Ripple and XRP. In February 2024, Ripple Senior Director of Product Marketing – Payments alerted the crypto market of Ripple’s renewed interest in the US, saying,
“Building: 90% of our business is outside the United States. After being relatively quiet for the past 3 years in the US for Ripple Payments, we’re geared up to announce new product updates powered by our money transmitter licenses (MTLs) that cover the majority of US states.”
SEC v Ripple: Penalties and Appeals
Product development remains a focal point for investors. However, the SEC v Ripple case could have more impact. The immediate focus will be on the penalty for failing to register XRP as a security in sales to US institutional investors.
The SEC and Ripple must file remedy-related briefs by March 22 and April 22, respectively. The SEC must file its reply brief by May 6, after which time Judge Analisa Torres will decide on the penalty for breaching Section 5 of the US Securities Act.
While the size of the penalty will draw interest, SEC plans to appeal against the Programmatic Sales of XRP ruling remain the focal point. However, SEC plans to appeal against the Programmatic Sales of XRP ruling could be at risk.
Recent activity in the US courts and an ongoing investigation into conflicts of interest within the SEC have allayed concerns about an appeal.
XRP Price Action
XRPUSD 030324 Weekly Chart
Daily Chart
XRP hovered well above the 50-day and 200-day EMAs, sending bullish price signals. Significantly, the 50-day EMA converged on the 200-day EMA, another bullish signal.
An XRP breakout from the $0.6354 resistance level would give the bulls a run at the $0.7047 resistance level.
SEC v crypto-related chatter and SEC activity need consideration.
However, a drop below the $0.6250 handle would bring the $0.5835 support level into play.
The 14-day RSI reading, 70.51, shows XRP in overbought territory. XRP may face intense selling pressure at the $0.6354 resistance level.
XRPUSD 030324 Daily Chart
4-Hourly Chart
On the 4-hourly, XRP remained well above the 50-day and 200-day EMAs, confirming the bullish price trends.
An XRP break above the $0.6354 resistance level would support a move toward the $0.7047 resistance level.
However, a fall through the $0.62 handle would give the bears a run at the $0.5835 support level.
The 4-hourly RSI, with a reading of 63.48, suggests an XRP return to the $0.65 handle before entering overbought territory.
XRPUSD 030324 4-Hourly Chart
This article was originally posted on FX Empire
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