-
The US SEC has dropped all legal actions against Coinbase OpenSea and Robinhood.
-
Industry representatives have met with SEC officials to discuss spot ETF approvals, enforcement methods and other issues.
-
The price of XRP has fallen by 8% over the past few days, but investors should expect a rebound once XRP ETF approval is granted.
The long-running fight between Ripple and the United States Securities and Exchange Commission has been crucial for XRP’s market movements. XRP’s market movement is heavily dependent on the outcome of the lawsuit and approval of a US spot XRP ETF.
The SEC is close to dismissing the lawsuit against Coinbase, an American exchange. This is similar to SEC’s recent decision against OpenSea – a leading NFT market.
SEC Enforcement Approach “Changing
The SEC also closed its investigation of Robinhood Crypto, a change in approach to enforcement that is notable.
While Kraken and Uniswap are still facing potential lawsuits, there is a general trend that suggests the SEC could be easing up on its aggressive regulatory stance towards major crypto firms.
Related toXRP Edges out Ethereum in Coinbase Trading Revenue for the First Time Ever
SEC’s shifting stance may benefit Ripple
This could have a significant impact on Ripple’s legal case, especially since the SEC is currently in talks with major industry players like the Crypto Council for Innovation (CCI), Zero Hash and Paradigm Operations.
During the meeting the members of the industry asked the SEC for a change in its requirements when it came to the approval spot crypto ETFs within the US.
Related Ripple CEO Applauds SEC Dropping Coinbase Case: Time for XRP To Shine?
The crypto task force, led by SEC Commissioner Hester Pettice, is pushing for clearer regulation rather than aggressive litigation. This could put Ripple in a better position to move forward and increase the chances of an XRP spot ETF being approved.
Brazilian regulators approved the first exchange-traded spot XRP, setting a precedent for regulators worldwide.
XRP Price Analysis – Trading near Oversold levels
At the time this article was written, XRP was trading at $2.28. This is down over 8% from the previous 24 hours.
According to the chart below provided by TradingView, the Relative Strength Index for the XRP Price Action is 35.95. This means that XRP has reached oversold territory. If the RSI falls below 30, traders may expect a rebound.
After a bearish crossover, the Moving Average Convergence Divergence indicator (MACD) has turned bearish. The MACD line (blue), which dropped below the signal line orange, has now turned bearish. The MACD histogram is now bearish.
Support & Resistance Zones Crucial for XRP
The $2 price level is the nearest support. If XRP fails at this level, the price may test $1.80 as a support zone.
A breakout above the resistance level of $2.5 would mean a bullish reversal in the third largest digital asset.
This site is for entertainment only. Click here to read more
