XRP Price Prediction: Trading at $0.51 Amid SEC vs. Ripple Case Updates

XRP price (Ripple) is currently trading at $0.51675, up 0.16% on the day. On the technical front, there was no significant change to the SEC vs. Ripple case on Thursday, May 16. Investors are looking forward to filings from the SEC, Ripple, and third parties challenging the omnibus letter motions.

XRP Price Chart - Source: Tradingview
According to the court schedule, these briefs must be filed by Monday, May 20, marking an important date in the ongoing litigation.

Key Points:

  • Ripple, SEC, and third parties must file opposing briefs by May 20.
  • Court rulings on the omnibus letter motions will follow, determining Ripple’s penalties for alleged securities law violations.
Investors should also watch for potential SEC appeals against the Programmatic Sale of XRP ruling. This case underscores the need for a clear regulatory framework for digital assets in the US.

US Senate Passes Crypto-Friendly Vote; Regulatory Framework Still Needed

Ripple’s Chief Legal Officer, Stuart Alderoty, commented positively on a recent Capitol Hill vote, stating that both Democrats and Republicans agree that SEC Chairman Gary Gensler’s actions on crypto overreach will not be tolerated.
The US Senate passed the Congressional Review Act (CRA) repealing SAB 121. SAB 121 would have required companies, including banks, to include client-owned crypto assets on their balance sheets.
Senator Cynthia Lummis praised the vote as a victory for financial innovation and a clear rejection of the Biden administration and Gensler’s treatment of crypto. This marks the first time Congress has passed standalone crypto legislation, signaling a step towards more comprehensive regulations.

Key Points:

  • Senate repeals SAB 121, easing crypto asset reporting requirements for companies.
  • Two bills are presented in Congress: one supporting innovation, the other imposing stricter regulations.

Despite this positive vote, a comprehensive regulatory framework for digital assets is still needed. Senator Elizabeth Warren introduced the Digital Asset Anti-Money Laundering Act to enhance CFT and AML measures, while Senators Cynthia Lummis and Kirsten Gillibrand proposed the Responsible Financial Innovation Act to balance consumer protection and innovation.

Both bills are pending, with the upcoming US Presidential Election likely to influence their outcomes.

XRP Price Prediction

XRP is trading at $0.51675, up 0.16% for the day. The 4-hour chart shows a pivot point at $0.5122, which serves as a crucial support level. Immediate resistance is at $0.5233, followed by $0.5396 and $0.5676. On the downside, immediate support is at $0.4967, with further support at $0.4784 and $0.4544.

XRP Price Chart - Source: Tradingview

Technical indicators suggest a balanced outlook, with the Relative Strength Index (RSI) at 57, indicating moderate momentum. The 50-day Exponential Moving Average (EMA) is at $0.5127, reinforcing the current price level.
Overall, XRP remains bullish above the $0.5122 pivot point. A break below this level could trigger a sharp selling trend.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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