© Reuters.
Crypto asset XRP closed at $0.6155 on Saturday, marking a gain of 0.51% following a previous rise of 1.09%. This positive trend for cryptocurrency is associated with the global adoption of XRP and the successes of , particularly influenced by the Programmatic Sales court ruling.
The ongoing SEC v Ripple case remains a pivotal factor, with both parties expected to propose a briefing schedule related to the remaining charges on institutional sales of XRP by November 9. Despite the lack of new developments on Saturday, demand for XRP was bolstered by the decision of the Dubai Financial Services Authority (DFSA) to permit Dubai International Financial Centre (DIFC) firms to utilize XRP in virtual asset services.
Brad Garlinghouse, CEO of Ripple, lauded Dubai’s pro-innovation regulators following the DFSA approval. He reaffirmed Ripple’s commitment to regions with clear crypto regulations, underlining this stance with the decision to host RippleSwell in Dubai.
In related news, Japan’s SBI has announced plans to adopt XRP and Ripple’s remittance product in Indonesia, the Philippines, and Vietnam. This move further highlights the growing acceptance and integration of XRP into global financial systems.
John E. Deaton, founder of CryptoLaw US, clarified that there are currently no ongoing settlement talks between Ripple and the SEC. He also confirmed that Ripple has no plans for an IPO before June 2024. Deaton warned that any delay in progressing toward a briefing schedule could negatively impact investor sentiment.
He also pointed out potential discussion points for the case including documents related to former SEC official William Hinman’s speech and the absence of legislation assigning SEC authoritative powers over cryptocurrencies.
While acknowledging the recent gains in XRP price, Deaton criticized the SEC for its focus on legitimate companies like LBRY, Ripple, and Dragonchains instead of fraudulent crypto players. The 14-day RSI reading showed XRP in overbought territory, suggesting potential selling pressure in the absence of an XRP-related catalyst. However, the 4-hourly RSI reading hinted at a possible visit to the resistance level of $0.6354 before entering overbought territory.
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