XRP News: Ripple Publishes the Quarterly XRP Markets Report

Key Insights:

• XRP gained 1.42% on Wednesday and ended the session at $0.6085.
• SEC Chair Gary Gensler comes under more fire after a second US court called the SEC arbitrary and capricious.
• The Ripple Quarterly Report showcased the ongoing Ripple battle against the SEC.

The Wednesday Overview

On Wednesday, XRP rose by 1.42%. After a 3.79% rally on Tuesday, XRP ended the day at $0.6085. Notably, XRP extended the winning streak to five sessions.

Ripple CEO Talks XRP Market Reports

On Wednesday, Ripple CEO Brad Garlinghouse shared the Q3 XRP Market Report, saying,

“As shared in Q2, our XRP Markets Reports now look a bit different than before. On the plus side, our markets team gives new insight into XRP/L activity they track including daily spot & DEX trading volume (3x growth QoQ!).”

According to the report,

• The crypto market focused more on crypto-related news and less on broader macro asset news.
• BTC correlation with the S&P 500 fell to historic lows.
• Protocol hacks, rug pulls, and scams dominated, with almost $686 million lost in Q3.
• US exchanges benefited from listing XRP after the Programmatic Sales ruling.
• BTC/ETH-spot ETF approvals could dictate market trends in Q4 2023 and Q1 2024.
• Trading volume on the XRP Ledger’s DEX increased by more than 3x in Q3.
• There was no settlement involved in the SEC dismissing the charges against Brad Garlinghouse and co-founder Chris Larsen.
• The case will now move straight into the remedies stage vis-à-vis the pending institutional sales charges.

On Wednesday, there were no SEC v Ripple case-related updates to influence the buyer appetite for XRP. The lack of activity left the crypto community to discuss recent SEC activity.

SEC Chair Gary Gensler Remains in the Spotlight

After the Halloween messages, SEC Chair Gary Gensler faced yet more scrutiny on Wednesday.

Ripple Chief Legal Officer Stuart Alderoty responded to a Coinbase Chief Legal Officer Paul Grewal tweet about the SEC, saying,

“Another day and another Court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?”

Paul Grewal wrote,

“Before it was the DC Cir. in Grayscale. Now it’s the 5th Cir. in a challenge to its stock buyback disclosure rule. Again and again, federal courts of appeal hold that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act. The third branch remains our last, best hope.”

Amicus Curiae attorney and CryptoLaw US founder John E. Deaton had this to say,

“How many Court decisions, crushing the credibility of the SEC is it going to take before the Commissioners decide to act as leaders and not political operatives? A federal district court has stated the SEC lacks faithful allegiance to the law. Separate Appellate Courts have found the SEC to be arbitrary and capricious. In the meantime, the Financial Committee merely threatens Gary Gensler with issuing a subpoena but never follows through. The Financial Committee fails to issue a subpoena while hundreds of American entrepreneurs are receiving them from Gary.”

XRP Price Action

Daily Chart

XRP held above the 50-day and 200-day EMAs, affirming bullish price signals.

An XRP break above the Tuesday high of $0.6217 would support a move to the $0.6354 resistance level.

Ongoing scrutiny of the SEC, lawmaker reaction to concerns about the SEC Chair, and ongoing SEC cases against Ripple and Coinbase will be focal points.

An XRP fall through the $0.5835 support level and the trend line would give the bears a run at the $0.5470 support level.

The 77.37 14-day RSI reading shows XRP in overbought territory. At the current levels, XRP needs broad-based crypto market support to counter a likely pickup in selling pressure.

4-Hourly Chart

In the 4-hourly Chart, XRP remains above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An XRP move through $0.62 would give the bulls a run at the $0.6354 resistance level.

However, a break below the $0.5835 support level would bring the trend line into view and the 50-day EMA into play.

The 4-hourly RSI, with a reading of 67.04, indicates an XRP move to $0.62 before entering overbought territory.