XRP News Today: Ripple Benefits from SEC’s ETF Decision; Eyes on Coinbase Appeal (2024)

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The Friday Overview

On Friday (May 24), XRPadvanced by 1.38%. Following a 0.49% gain on Thursday (May 23), XRP closed the session at $0.5361.

There were no SEC vs. Ripple case-related updates for investors to consider. However, the SEC approving the first 19b-4 application for an ETH-spot ETF drove buyer demand for XRP and the broader market.

Coinbase (COIN) Chief Legal Officer Paul Grewal responded to the SEC approving the 19b-4 filing, saying,

“This week, this day, has been a rollercoaster unlike any other I’ve seen. ETH is effectively deemed a Commodity as we’ve always known it to be. I’m proud to be on team Coinbase, the trusted partner and custodian for many of the issuers who had 19b-4’s approved tonight.”

The timing of the SEC decision to approve 19b-4 applications could prove favorable for Coinbase.

On Friday (May 24), Paul Grewal shared an update from the ongoing SEC v Coinbase case, saying,

“We just filed our reply in our request to file an interlocutory appeal with the 2nd Circuit. Unlike the SEC, coinbase’s position remains the same: To push for clarity for our industry and the 52 million Americans who own crypto, and against the SEC’s overreach beyond the authority it’s been given from Congress.”

Grewal added,

“The core question we’re asking to appeal is whether the SEC may regulate as “investment contracts” digital asset transactions that don’t involve anything contractual. And we’re not the only ones who think this question deserves an interlocutory appeal. The SEC itself, in its request for the same relief in the Ripple case, acknowledged that this question has “industry-wide significance,” and noted that there are “substantial grounds for difference of opinion.”

Coinbase filed the Motion for Interlocutory Appeal in April, responding to the court denying, in large part, the Coinbase Motion to Dismiss (MTD).

If Judge Katherine Failla grants the Motion for Interlocutory appeal, the SEC could suffer a significant crypto loss that may end the regulation by enforcement environment that plagues the US crypto space.

Furthermore, the approval and launch of ETH-spot ETFs and a Coinbase victory could end SEC plans to appeal against the Programmatic Sales of XRP ruling. Moreover, a Coinbase win could pave the way to an XRP-spot ETF market.

XRP Price Action

Daily Chart

XRP remained below the 50-day and 200-day EMAs, affirming the bearish price signals.

An XRP break above the 50-day EMA would support a move toward the 200-day EMA. A breakout from the 200-day EMA could give the bulls a run at the $0.5739 resistance level.

Crypto-spot ETF chatter, SEC activity, and SEC vs. crypto case-related updates need consideration.

Conversely, an XRP break below the trend lines could signal a drop to the $0.48 handle.

The 14-day RSI reading, 54.09, indicates an XRP rise to the $0.5739 resistance level before entering overbought territory.

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