Ripple’s native cryptocurrency, XRP, has been showing strong momentum in recent weeks, with a 4.40 percent gain over the last week and currently trading above $0.52. This bullish movement comes in the wake of Ripple’s Chief Legal Officer, Stuart Alderoty, sharing banners on social media that suggest the US Supreme Court’s intention to curb the power of federal agencies.
One banner shared by Alderoty read, “Unelected bureaucrats – get back in your lane,” while another stated, “Supreme Court in New Term Looks at Curbing Power of Federal Agencies.” These banners indicate a potential shift in the regulatory landscape for cryptocurrencies and the possibility of reduced power for regulatory bodies like the US Securities and Exchange Commission (SEC).
The US Supreme Court is reportedly planning to reexamine the Chevron Deference Doctrine, a legal principle that grants deference to federal agencies’ interpretation of statutes. This doctrine has been criticized by some for giving too much power and discretion to unelected bureaucrats. If the Supreme Court were to limit the Chevron Deference Doctrine, it could empower judges to have more control over the interpretation of laws, potentially bringing more legal clarity and predictability to the cryptocurrency industry.
In terms of price action, XRP is currently trading above the 200-day Exponential Moving Average (EMA) but below the 50-day EMA. This configuration suggests mixed short-term and long-term prospects for the cryptocurrency. A breakout above the 50-day EMA would indicate a possible reversal of the near-term bearish trend and could provide momentum for further price appreciation. On the other hand, if XRP falls below the 200-day EMA, it could open the door for bears to test the $0.5042 support level and potentially push the price below $0.48.
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Investor sentiment in the XRP market is expected to be influenced by comments from US lawmakers, SEC activities, and updates on ongoing SEC cases involving Coinbase and Ripple. These developments could have a significant impact on XRP’s price and market outlook in the coming months.
Some market analysts are optimistic about XRP’s future, particularly in light of Ripple’s recent legal victory against the SEC. Some experts believe that XRP has the potential to reach a new all-time high, especially as Ripple prepares for its IPO launch. Linda P. Jones, an expert in Wall Street matters, suggests that the legal clarity provided by the SEC case and Ripple’s substantial XRP reserves held in escrow could contribute to a post-IPO valuation that mirrors or even surpasses Coinbase’s success.
It is worth noting that while Ripple’s departure from Fortress Trust in September may be seen as a positive factor for XRP’s price, Ripple will continue to be a supportive investor in Fortress Trust. This strategic decision may be driven by the substantial legal expenses incurred during the SEC case, totaling $200 million. Recent price gains in XRP could be influenced by this development and concerns raised during a hearing featuring SEC Commissioner Gary Gensler.
In conclusion, Ripple’s XRP is currently experiencing positive momentum with a 4.40 percent gain over the last week. The US Supreme Court’s potential move to curb the power of federal agencies could have significant implications for the cryptocurrency industry. XRP’s price action remains mixed, with a breakout above the 50-day EMA signaling a possible trend reversal and further price appreciation. Market sentiment will likely be influenced by regulatory developments and updates on ongoing SEC cases. Despite some challenges, market analysts remain optimistic about XRP’s future, with the potential for a new all-time high and a successful IPO launch for Ripple.
