Ripple’s Chief Legal Officer, Stuart Alderoty, shared banners on social media suggesting the US Supreme Court’s intention to curb the power of federal agencies.
XRP’s price action currently places it above the 200-day EMA while below the 50-day EMA, signaling mixed short-term and long-term prospects.

Ripple’s native cryptocurrency XRP is making strong moves gaining 4.40 percent over the last week and now trading above $0.52. On October 1, Ripple’s chief Legal officer Stuart Alderoty shared a banner stating “Unelected bureaucrats – get back in your lane”.

He further shared a banner that stated “Supreme Court in New Term Looks at Curbing Power of Federal Agencies”.

Unelected bureaucrats – get back in your lane pic.twitter.com/Jkl8w4fS5r

— Stuart Alderoty (@s_alderoty) October 1, 2023

The title of a Wall Street Journal article from Saturday boldly states the imminent intentions of the US Supreme Court. Allegedly, the court plans to reexamine the Chevron Deference Doctrine, which originates from a 1984 case involving Chevron and the Natural Resources Defense Council (NRDC).

According to the NRDC, abolishing the Chevron Deference Doctrine could potentially lead to legal chaos. It would empower judges to choose their preferred interpretation of a statute.

The XRP Price Action

XRP currently resides above the 200-day EMA while remaining below the 50-day EMA. This configuration sends mixed signals, with bearish indications in the short term but bullish prospects for the longer term.

A crucial pivot would be a breakout above the 50-day EMA, signifying a possible reversal of the near-term bearish trend and providing momentum toward the trend line. Investor sentiment in the XRP market is expected to be influenced by commentary from US lawmakers, SEC activities, and updates on ongoing SEC cases involving Coinbase (COIN) and Ripple.

However, if XRP descends below the 200-day EMA, it could open the door for bears to test the $0.5042 support level, with a breach of this level potentially leading to levels below $0.48.

The 14-Daily RSI reading, currently at 55.39, suggests a potential breakout from the 50-day EMA, which could drive the price toward the trend line before entering overbought territory.

XRP Price to Surge to New All-Time High?

Ever since Ripple secured a win against the US SEC, several market analysts have been giving ambitious price targets for XRP. A few of them also believe that XRP can easily hit a new all-time high as Ripple gears up for its IPO launch.

Linda P. Jones, an expert in Wall Street matters, has provided insights into the potential for Ripple’s stock value to experience a significant increase after its IPO, reminiscent of Coinbase’s successful IPO. Jones suggests that “The significant legal clarity and the extensive XRP reserves held in escrow may drive Ripple’s post-IPO valuation to mirror or even surpass Coinbase’s impressive performance.”

Although some view Ripple’s planned departure from Fortress Trust in September as a positive factor for XRP’s price, it’s important to note that Ripple will remain a supportive investor in Fortress Trust. This strategic choice could be attributed to the substantial legal expenses associated with the SEC case, amounting to $200 million, which has prompted Ripple to reconsider resource allocation. Recent price gains in XRP might be partly influenced by this development, as well as concerns raised during a hearing featuring SEC Commissioner Gary Gensler.

---

Filed under: Bitcoin - @ October 2, 2023 3:15 pm