FXEmpire.com -
Key Insights:
- XRP gained 0.51% on Saturday, ending the session at $0.6155.
- Increasing adoption of XRP and Ripple successes continue to support buyer demand.
- SEC v Ripple case-related updates remain a focal point as the November 9 deadline approaches.
The Saturday Overview
On Saturday, XRP gained 0.51%. Following a 1.09% rise on Friday, XRP ended the day at $0.6155.
XRP Adoption and Bets on a Favorable SEC v Ripple Settlement Deliver Support
There were no updates in the ongoing SEC v Ripple case that could influence investor sentiment on Saturday. The lack of court activity left investors to further respond to the increased global interest in Ripple and XRP. Interest in Ripple and XRP has increased significantly following the Programmatic Sales court ruling.
News of the Dubai Financial Services Authority (DFSA) allowing firms in the Dubai International Financial Centre (DIFC) to use XRP in virtual asset services fueled buyer demand for XRP.
Ripple CEO Brad Garlinghouse shared his views on the DFSA approval, saying,
“Dubai’s regulators have consistently demonstrated their pro-innovation approach, with this announcement as the latest example. Ripple will continue doubling down in regions where there is regulatory clarity for crypto – a key reason we’re hosting #RippleSwell in Dubai this year.”
In September, Japan’s SBI announced intentions to use XRP and the Ripple remittance product in Indonesia, the Philippines, and Vietnam.
In addition to the growing use of Ripple products and XRP adoption, the SEC v Ripple case is the central focus.
Crypto Community Awaits Updates on Progress Toward a Briefing Schedule
Hopes of a settlement in the SEC v Ripple case contributed to the recent XRP gains. In October, the SEC dropped the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Significantly, the SEC called for both parties to work toward a briefing schedule with remedies to the remaining charge. The remaining charges relate to the institutional sales of XRP.
On October 24, the court ordered the SEC and Ripple to propose a briefing schedule on related charges by November 9, 2023. If the two parties fail to agree to a briefing schedule, the court will order a contested briefing schedule.
However, there have been no updates since the October 24 court order.
CryptoLaw US founder and amicus Curiae attorney John E. Deaton had this to say,
“2 unpopular opinions: 1) there are NO current or ongoing settlement talks between Ripple and the SEC, and Ripple has ZERO plans of issuing an IPO before June 2024. Disclosure: I have ZERO insider information.”
Investors may consider a lack of progress toward a briefing schedule as a negative outcome. However, a court-ordered briefing schedule will ensure progress toward a settlement. The Hinman speech-related documents and the lack of legislation assigning the SEC authoritative powers over cryptos could feature in discussions.
Deaton spoke about the SEC on Saturday, saying,
“And if the SEC would’ve focused on the scammers and the fraudsters, instead of meeting with them, conspiring to grant a regulatory advantage, and instead of trying to bankrupt or cripple the LBRY, Ripple, and Dragonchains of this world, I’d be their biggest cheerleader.”
Deaton referenced Hinman’s support for ETH, the LBRY shutdown, Sam-Bankman-Fried, and frequent SEC Chair Gensler speeches calling crypto players hucksters and fraudsters.
XRP Price Action
Daily Chart
XRP held above the 50-day and 200-day EMAs.
An XRP break above the Sunday high of $0.6301 would give the bulls a run at the $0.6354 resistance level and $0.64.
XRP adoption and SEC v Ripple case-related updates remain the focal points.
If XRP falls below $0.61, it could support a move towards the $0.5835 support level and the trend line.
The 14-day RSI reading of 78.73 indicates that XRP is in overbought territory. XRP could face increasing selling pressure without an XRP-related catalyst.
4-Hourly Chart
In the 4-hourly Chart, XRP sits above the 50-day and 200-day EMAs, sending bullish price signals.
An XRP return to $0.63 would support a move to the $0.6354 resistance level.
However, a drop below $0.61 would give the bears a run at the 50-day EMA and the $0.5835 support level.
The 4-hourly RSI, with a reading of 64.46, suggests an XRP visit to the $0.6354 resistance level before entering overbought territory.
This article was originally posted on FX Empire
More From FXEMPIRE:
- NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back On Profit-Taking
- Crude Oil Price Forecast – Crude Oil Markets Hanging Around Major Support
- Is Bitcoin Reaching a Local Top Soon?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
