XRP increased by 1.25% to $2.0862 on April 19, following a four-day decline. Legal issues in Oregon may hinder crypto trading as the SEC’s case against Coinbase resurfaces. Pro-crypto advocates are concerned about potential overreach by state regulators, which could affect XRP’s future. The price trajectory of XRP depends on critical legal developments and broader market conditions, amidst concerns over regulatory fragmentation in the US.
On April 19, XRP experienced a 1.25% rise, recovering from a prior 0.23% decline, closing at $2.0862. This marks the end of a four-day losing streak, with XRP outperforming the crypto market, which saw an overall increase of 0.95%, elevating the total market capitalisation to $2.65 trillion.
The legal landscape for cryptocurrencies intensified as the SEC v Coinbase case was reignited by the State of Oregon’s renewed stance against the crypto exchange. Coinbase’s Chief Legal Officer, Paul Grewal, informed stakeholders that Oregon Attorney General Dan Rayfield is pursuing measures that could restrict crypto trading for residents.
In response to Oregon’s actions, legal expert James ‘MetaLawMan’ Murphy expressed concerns over Rayfield’s motivations, highlighting a lack of awareness regarding previous victories against anti-crypto sentiment. He encouraged Oregonians to actively communicate with Rayfield about the implications of his actions.
Grewal further detailed the complaint from the Oregon AG on April 20, criticising its omissions and potential biases. Key points include the exclusion of significant court rulings and allegations against the SEC Chairman, suggesting an agenda that undermines the integrity of the legal process.
This Oregon complaint emerges amidst the critical SEC v Ripple case, with markets now anxiously awaiting a court motion affecting XRP sales and institutional investments. Resolution of the current legal disputes could provide Ripple with the necessary clarity for expansion and increased XRP adoption.
However, Oregon’s filing points to a fragmented regulatory environment in the US, with Democrat-led states possibly pressing an anti-crypto agenda, putting further pressure on the sector as mid-term elections approach. Such developments could impact Ripple’s future trajectory once legal proceedings conclude.
The immediate future of XRP depends on various factors, particularly its price movements relative to key technical indicators. Currently trading below the 50-day Exponential Moving Average (EMA) but above the 200-day EMA suggests bearish sentiment in the short term, despite long-term support remaining intact.
If XRP surpasses the 50-day EMA, it may aim for a peak of $2.5925 on March 19; a decisive break above this could lead to testing the January 16 peak of $3.3999. Conversely, a drop beneath $2 and the 200-day EMA could open the door for bearish targets around the $1.9299 support level.
XRP’s performance is further influenced by broader market dynamics and macroeconomic conditions. Despite a previous surge to $3.3999 driven by favourable news on SEC appeals and pro-crypto sentiment, recent trade tensions and economic uncertainty have dampened investor enthusiasm. Continued vigilance is essential as legal strategies and potential ETF approvals will notably influence XRP’s next movement.
