Over the weekend, there were no new updates regarding the legal battle between the SEC and Ripple, leaving investors in the dark. This lack of news put the ongoing SEC versus Coinbase (COIN) case into the spotlight.
On Friday, Coinbase took a legal route to push the SEC for a response to their rulemaking petition from 2022. They filed a mandamus, which essentially asks the SEC to provide a response to their petition within 30 days.
The rulemaking petition is essentially a request for the SEC to clarify its stance on digital assets and determine which products it considers to be securities. It’s worth noting that the SEC had filed charges against Coinbase in June 2023, even though they had not responded to the rulemaking petition from 2022.
The SEC’s allegations against Coinbase are related to the claim that Coinbase is operating as an unregistered securities exchange, broker, and clearing agency. Additionally, they charged Coinbase for offering and selling securities without proper registration in connection with their staking-as-a-service program.
The mandamus filing is happening as the cryptocurrency market eagerly awaits a court ruling on Coinbase’s motion to dismiss (MTD). This ruling is seen as crucial for the U.S. cryptocurrency market and the ongoing SEC versus Ripple case.
John E. Deaton, the founder of CryptoLaw US and an amicus curiae attorney, has shared his perspective on the Coinbase MTD. He believes that the fate of the SEC’s case against Ripple hinges on the outcome of the Coinbase MTD ruling.
Deaton explained that the SEC might be compelled to settle in the face of an adverse ruling, as pursuing an appeal that could potentially reach the Supreme Court might risk undermining not only the SEC’s authority but also that of other federal agencies.
XRP Price Actions
XRP, a cryptocurrency, is currently experiencing a bearish trend as it’s trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), which are important indicators for price trends. What’s particularly noteworthy is that the 50-day EMA has crossed below the 200-day EMA, a sign that suggests selling pressure in the market.
If XRP were to rebound and reach the price of $0.4850, it could signal a potential move towards the support level at $0.4700. The cryptocurrency’s price movement is highly sensitive to news related to the legal battles between the SEC and Ripple, as well as the ongoing Coinbase case, and any regulatory discussions in the crypto space.
On the other hand, if XRP manages to surpass the $0.50 mark, it could open the door to breaking through the resistance level at $0.5042, which would involve the EMAs in the price dynamics.
The 14-day Relative Strength Index (RSI) is currently at 39.80, indicating that XRP might face a drop below the $0.4700 support level before potentially entering a situation where it’s considered oversold, which can impact market dynamics.
On the 4-hour chart for XRP, we can see that it’s currently trading below both the 50-day and 200-day Exponential Moving Averages (EMAs), which is a strong signal of a bearish trend.
If XRP manages to break above the 50-day EMA, it could potentially reach the resistance level at $0.5042 and even touch the 200-day EMA.
Conversely, if XRP’s price drops below $0.48, it might signal a move towards the support level at $0.47.
Looking at the 4-hour Relative Strength Index (RSI), which has a reading of 49.25, it suggests that XRP could experience a drop below the $0.4700 support level before reaching a point where it’s considered oversold, which could influence market dynamics.
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