Friday's summary
On Friday, XRP increased by 0.02%. Following a 1.67% gain on Thursday, XRP ended the day at $0.6214.
Moves against Kraken and Binance: just the beginning
On Friday, XRP was in the hands of cryptocurrency news outlets. there was not SEC case against Ripple-Related news to influence buyers' demand.
However, a flurry of regulatory activity before Thanksgiving left investors cautious. The SEC case against Kraken and the Binance sanction suggest a new wave of regulation through enforcement. On Friday, the CFTC joined the SEC and the US Department of Justice in a targeted approach to the US digital asset space.
CFTC Commissioner Christy Goldsmith Romero made headlines and said:
โThere are no pirate ships in American markets. [โฆ] โAccess to American customers is a privilege, not a right.โ
CFTC Commissioner Caroline Pham also issued a warning, saying:
"It should be abundantly clear that the CFTC will not relent in its pursuit of non-U.S. entities."
Earlier this week, Commissioner Pham shared his statement on the CFTC filing its first case against a crypto compliance officer. The statement highlighted previous SEC individual liability cases and quoted SEC Commissioner Hester Peirce as saying:
"The SEC's determinations about whether a compliance officer should be charged have consequences, not only for the individual compliance officer but, more generally, for the profession."
Discussing the charges against Binance's Chief Compliance Officer, Pham added:
โI believe the alleged facts involving egregious personal conduct demonstrate that the accused employee was compliant in name only. I also believe these positions emphasize the critical need to have a robust compliance program that is adequately resourced and staffed with the necessary character, knowledge, and experience. I support sending this strong message to the crypto asset sector. [โฆ]. โ
The CFTC's warnings expose the cryptocurrency market to more regulatory shocks from law enforcement.
XRP Price Action
daily chart
XRP stayed above 50 and 200 days It's notsending bullish price signals.
A move of XRP through the $0.6354 resistance level would give the bulls a run towards $0.65.
Regulatory talks and news related to SEC v Ripple remain the focus of Saturday.
However, a drop below the trend line and the 50-day EMA would put the $0.5835 support level into play. Buying pressure may intensify at $0.5950. The 50-day EMA converges with the trend line.
The 14-day RSI reading of 51.44 suggests a move for XRP through the $0.6354 resistance level before entering oversold territory.
4 hour chart
On the 4-hour chart, XRP held above the 50- and 200-day EMAs, affirming bullish price signals.
A move of XRP above the $0.6354 resistance level would put the $0.65 level into play.
However, an XRP drop through the 50-day EMA would give the bears a run towards the 200-day EMA and the trend line.
The 4-hour RSI, reading 55.14, suggests a move for XRP to the resistance level of $0.6354 before entering overbought territory.
