In the latest market developments, Ripple’s XRP is currently trading at $0.6025, marking a 4% decrease on Saturday. Amidst the ongoing legal battle between Ripple and the SEC, where Ripple’s General Counsel suggests the SEC is losing ground, the XRP price faces a significant dip.
Concurrently, the cryptocurrency market observes Fidelity’s move to file for a Spot Ethereum ETF, following in the footsteps of industry giant BlackRock. This shift in the digital asset landscape raises questions about XRP’s potential for a rebound in the face of regulatory and market shifts.
Ripple’s Legal Triumph: SEC Struggles in Ongoing Lawsuit
Stuart Alderoty, Ripple’s Chief Legal Officer, has openly criticized SEC Chair Gary Gensler and the Commission for their recent courtroom defeats. Alderoty’s tweet highlighted the SEC’s loss in the Govil case and other setbacks, suggesting a waning impact of their legal actions.
He pointed to Grayscale’s August court victory where a federal judge termed the SEC’s actions “arbitrary and capricious.” Ripple scored a significant win in July when a judge ruled XRP was not a security by itself.
Further, in October, charges against Ripple executives Brad Garlinghouse and Chris Larsen were dropped, following the SEC’s refusal to pursue an interlocutory appeal.
The SEC is losing in court; being criticized by Judges for shady behavior; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage. Gensler – admitting no fault – has become the insulate Col. Jessep. pic.twitter.com/vqjPPcifr8
— Stuart Alderoty (@s_alderoty) November 16, 2023
The SEC sued Ripple in December 2020, alleging the company had raised over $1.3 billion through an unregistered digital asset securities offering.
John Deaton, founder of CryptoLaw, believes Ripple’s penalties might be reduced based on the Supreme Court’s Morrison ruling, which doesn’t apply to sales outside the U.S.
These legal victories could boost market confidence in XRP, potentially reflecting in its value. Despite this, XRP’s current downturn is largely attributed to the broader negative market sentiment.
Fidelity’s Ethereum ETF Bid: Joining BlackRock in Crypto ETF Race
Fidelity, a prominent financial institution, has filed with the SEC to launch a spot Ethereum ETF, paralleling BlackRock’s efforts and intensifying competition in the cryptocurrency investment sector in the US. This move follows Fidelity’s earlier application for a Bitcoin ETF in June and represents a strategic expansion into Ethereum-based products.
The filing, submitted by CBOE BZX on November 17, proposes a rule change for listing and trading Fidelity’s Ethereum ETF. Notably, BlackRock also filed for its Ethereum ETF on November 15, echoing its simultaneous Bitcoin ETF application.
Fidelity Follows BlackRock’s Lead, Files For Spot Ethereum ETF $ETH
Fidelity has decided to join rival BlackRock and double down on crypto, filing for a spot Ethereum exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).https://t.co/OQsdXzexgm
— Crypto Daily™ (@cryptodailyuk) November 18, 2023
The market has responded positively to these developments, heightening expectations for easier access to cryptocurrencies via ETFs. This sentiment has sparked a surge in various digital currencies, though XRP has not benefited from this trend, seemingly constrained by prevailing seller dominance.
Let’s dive into the data and technical indicators to uncover the XRP price prediction.
XRP Price Prediction
In the intricate landscape of digital currency trading, XRP currently finds itself at a decisive juncture. As of November 18, XRP is navigating the complex currents of the market, reflected in its intricate 4-hour chart dynamics. The pivot point for the cryptocurrency is identified at $0.6203, a key level that could define its imminent trajectory.
Facing immediate resistance at $0.6539, XRP eyes further barriers at $0.6888 and $0.7252. These levels are critical to watch, as surmounting them could signal a shift towards a bullish trend. On the downside, support is seen at $0.5867, with additional safeguards at $0.5611 and $0.5159, essential for arresting any potential declines.
The Relative Strength Index (RSI) currently stands at 41, indicating a bearish sentiment without straying into oversold territory. This suggests that XRP is under moderate selling pressure, yet not to the extent of triggering a market turnaround.
Moreover, the 50-Day Exponential Moving Average (EMA) is observed at $0.6340. XRP’s current price movement below this level suggests a bearish market trend in the short term.
Chart analysis shows a downward channel that constrains XRP’s upward potential, making it challenging for the currency to breach the pivot point of $0.6203. The overall market trend for XRP is cautiously bearish, particularly if it remains below the crucial $0.6200 mark.
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