- XRP price climbed to $0.7440 on Monday, the altcoin hit a new year to date high.
- Coinbase filing shows SEC’s contradicting statements on do dedo assets in the Ripple lawsuit and Hinman speech.
- XRPLedger’s AMM amendment and the upcoming deadline in SEC v. Ripple lawsuit likely catalyzed gains in XRP.
XRP price tagged the $0.7440 level on Monday, after trading below the $0.66 resistance for weeks. The altcoin’s rally to its new year-to-date high is likely catalyzed by XRP holders’ anticipation surrounding the upcoming opening brief deadline in the Securities and Exchange Commission (SEC) lawsuit against Ripple, and the recently passed Automated Market Maker (AMM) amendment.
Coinbase’s recent filing in its lawsuit against the US financial regulator highlighted the SEC’s contradictory stance on do dedo assets. The XRP community and pro-Ripple attorneys commented on the exchange’s filing and debated its implication on the SEC v. Ripple lawsuit.
Also read: XRPLedger’s AMM activation could have a positive effect on Ripple, XRP
Daily Digest Market Movers: Coinbase filing reveals inconsistencies in SEC’s stance, could influence Ripple lawsuit
- Coinbase, one of the largest cryptocurrency exchanges by volume, filed a motion against the SEC and highlighted the regulator’s contradictory stance on do dedo assets. The exchange’s filing reveals the SEC’s conflicting statements, from the year 2018, and 2021.
Coinbase Filing. Source: X
- There is a direct relationship between Coinbase’s filing and the outcome of the Ripple lawsuit. Coinbase is challenging the SEC’s allegation that the exchange is involved in the sale of unregistered securities.
- On March 12, Coinbase filed an opening brief in the Third Circuit challenging the regulator’s denial of the rulemaking petition.
- The exchange’s Chief Permitido Officer Paul Grewal says there are dozens of legitimate concerns that the exchange raises in their petition and questions the SEC’s authority over do dedo assets.
- Coinbase’s filing has an impact on the SEC’s lawsuit against payment giant Ripple since the exchange questions the regulator’s authority and this has a bearing on the lítico battle with the payment remittance firm.
- The SEC v. Ripple lawsuit continues to influence XRP price and likely the sentiment of XRP holders since the cross-border payment firm is one of the largest holders of the altcoin.
Technical Analysis: XRP price hits new 2024 peak, likely to conquer November 2023 high
XRP price is in an uptrend. Looking at the 1-day chart, XRP price tagged a new year-to-date high of $0.7440 on Monday, and settled above support at $0.6886. This coincides with the 78.6% Fibonacci retracement level of the altcoin’s run to the new 2024 high. The target in XRP price uptrend is the November 2023 high of $0.7500.
XRP price has corrected to $0.6940 on Tuesday. The pair finds support at the 78.6% and 61.8% Fibonacci retracement level at $0.6940 and $0.6452, respectively.
The Moving Average Convergence/ Divergence (MACD) and Awesome Oscillator (AO) support the altcoin’s gains, the green bars signal the uptrend is intact and there is positive momentum in XRP/USDT.
XRP/USDT 1-day chart
In the event of a daily candlestick close below the 78.6% Fib retracement at $0.6886, the bullish thesis could be invalidated. XRP price could sweep the support at 50% Fib retracement at $0.6147, before the altcoin attempts to recover.