XRP Bulls Target $0.50 on Increased SEC Chair Gensler Scrutiny

XRP increased on Saturday by 0.13%. XRP finished the day at $0.4736, partially correcting its 0.38% loss from the previous day. Significantly, for the second time in three sessions, XRP failed to reach the $0.48 handle.

XRP experienced a negative start to the day, dropping to an early low of $0.4647. In order to avoid the First Major Support Level (S1) at $0.4543, XRP increased to a high of $0.4758 in the early afternoon. However, XRP slipped back to conclude the day at $0.4736 after failing to pass the First Major Resistance Level (R1) at $0.4872.

Ripple Chatter v. SEC Highlight the SEC's campaign against cryptocurrency

There were no noteworthy court decisions from the ongoing SEC v. Ripple lawsuit, thus it was a calm Saturday session. Due to a paucity of case-related activity, market appetite was influenced by the cryptocurrency news wires.

John Deaton, an attorney for Amicus Curiae, made headlines once more on Saturday. Deaton tweeted in response to a Wolf of All Streets tweet about the recently launched EDX Markets, "Judge Torres' ruling gets potentially more important as each day goes by. If it's negative for XRP (note that I mentioned XRP and not Ripple), things will stay the same and the anti-crypto campaign led by Gensler, Warren, and Brad Sherman will gain political momentum. However, if it's good for XRP, it's also good news for other tokens.

Investors are still wary despite the fact that the SEC v. Ripple case's conclusion will have broad implications. The revelation that Citigroup (C) is evaluating its custody agreement with Metaco is yet another illustration of Wall Street's anti-crypto position, which is supported by SEC Chair Gensler and the US government.

Patrick McHenry, chair of the Financial Services Committee, though, offered assistance on Saturday. Chairman McHenry quoted the SEC's remarks regarding the most recent BTC ETF filings and said, "If these claims are accurate, Gary Gensler has a lot of explaining to do. An ETF would offer regular investors a product that is SEC-regulated. Chair Gensler can only oppose if he wants to completely banish cryptocurrency from the US.

The SEC Chair is back in the spotlight thanks to US politicians. 

Patrick McHenry (NC-10) of the House Financial Services Committee, Jim Jordan (OH-4) of the House Judiciary Committee, and James Comer (KY-01) of the House Oversight and Accountability Committee wrote to Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), this week.

The Chairmen criticize Chair Gensler's insufficient response to an earlier inquiry into the problem and express grave concerns about Gensler's probable violation of federal record keeping laws.