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Within the Court filing, the SEC acknowledged that XRP is a non-security, saying,
“The SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value.”
Responding to a Fox News journalist and producer Eleanor Terrett tweet that highlighted the SEC language, Amicus Curiae attorney John E Deaton shared his views on the SEC acknowledgment, saying,
“I have to say there is no doubt 75k Ripple holders are a major reason the SEC is conceding this. We fought to have the judge actually write that the token itself is not the security. In fact, it was the first section in our argument in the brief.”
Ripple must respond to the SEC filing by September 1, with the SEC having until September 8 to address any Ripple response.
The Monday Session
We expect the SEC v Ripple case and SEC moves to appeal the Judge Torres ruling on Programmatic Sales to remain the focal point. While Ripple has until September 1 to respond to the SEC filing, an early response would move the dial.
However, SEC activity and US lawmaker commentary will also need consideration. Investors are turning to Capitol Hill for Patrick McHenry, Senator Cynthia Lummis, and others to push through legislation to deliver a US crypto regulatory framework and end the SEC ‘regulation by enforcement’ grip on the US digital asset space.
SEC v Coinbase (COIN) and SEC v Binance-related news will influence investor sentiment.
XRP Price Action
This morning, XRP was flat at $0.5389.
Daily Chart
The Daily Chart showed XRP/USD sitting below the $0.5750 – $0.5900 resistance band. The bullish weekend supported an XRP move through the 200-day EMA. However, XRP remained below the 50-day EMA, sending bearish near-term but bullish longer-term price signals.
Looking at the 14-Daily RSI, 34.14 reflects bearish sentiment. The RSI aligns with the 50-day EMA supporting a fall through the $0.4920 – $0.4780 support band to retarget sub-$0.47. However, an XRP hold above the 200-day EMA would give the bulls a run at the $0.5750 – $0.5900 resistance band and the 50-day EMA.
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