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The main contract for the container shipping index (European route) rose more than 3.00% intraday, currently trading at 1834.7 points.On November 11, Politico reported that U.S. senators rejected an amendment proposed by Rand Paul that aimed to remove a clause he argued would "destroy the booming industrial hemp industry"—a clause included in the agreement to end the government shutdown. The amendment was rejected by a vote of 76 to 24. Only Texas Senator Ted Cruz and Paul himself, along with 22 Democratic senators, supported pushing the amendment forward. The clause severely restricted marijuana products with intoxicating effects that had been legalized since the passage of the 2018 Farm Bill. The Senates rejection of the amendment paves the way for Congress to finally pass an appropriations package, bringing Congress one step closer to ending the government shutdown. In an interview, Paul stated that he proposed the amendment not to "delay the process," but to protect the industrial hemp industry that has flourished in Kentucky since 2018.On Tuesday, November 11, the Hang Seng Index opened 99.03 points higher, or 0.37%, at 26,748.09; the Hang Seng Tech Index opened 46.46 points higher, or 0.79%, at 5,962.02; the H-share Index opened 41.47 points higher, or 0.44%, at 9,484.71; and the Red Chip Index opened 6.91 points higher, or 0.16%, at 4,274.62.Hong Kong stocks opened higher, with the Hang Seng Index up 0.37% and the Hang Seng Tech Index up 0.79%. New consumption, innovative drugs and gold stocks led the gains, with XPeng Motors (09868.HK) surging over 9%.Samsung Electronics shares rose up to 5% in South Korea.

XRP Bulls Look for a Path to $0.40 on Pending SEC v Ripple Rulings

Cory Russell

Jan 12, 2023 15:24

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Wednesday saw an increase in XRP of 6.33%. Tuesday saw a rise of 0.46% for XRP, who closed the day at $0.37291. Significantly, XRP extended the winning run to four sessions by finishing the day at $0.37 for the first time since December 15.


XRP saw a negative start to the day, dropping to an early low of $0.34800. The price of XRP increased to a late high of $0.37834, avoiding the First Major Support Level (S1) at $0.3443. The Major Resistance Levels were broken by XRP before a short decline through R3 ($0.3718) to below $0.37. But after a strong session, XRP crossed back above R3 and finished the day at $0.37291.

The SEC v. Ripple Case: Investor Attitude Delivers $0.37

Investors were left to consider the most recent court filings since there were no updates from the ongoing SEC v. Ripple lawsuit to affect them.


The parties submitted their objections to the omnibus motions to seal on Monday. Notably, the Defendants kept concentrating on the records pertaining to the William Hinman speech, putting the possibility of a settlement on the table.


The SEC is steadfast in its effort to keep the substance of the records linked to the William Hinman speech out of the public eye, and these materials remain crucial to the case.


Investors are eagerly awaiting the outcome of the Summary Judgment Reply papers and the document redactions relating to the William Hinman address. There are still two court dates, but the rulings might be made at any moment.


Daubert Motions must be filed by the parties on January 13 and opposition to non-party motions to seal must be filed by both parties and non-parties on January 18, which was the original deadline.


While there will be interest in the files, the decisions on the redactions relating to the Hinman speech and the Summary Judgment Reply brief might be crucial. A settlement can result from a decision that the SEC cannot safeguard the information included in the records relating to the Hinman speech.


Investors should keep an eye on the SEC v. Ripple case developments today, as they might significantly influence the result, even though the overall crypto market will offer direction. However, XRP would be in the hands of the larger crypto market if there were no SEC v. Ripple news.


Initial unemployment claims and the US CPI Report will be of importance later today. A hotter-than-expected CPI Report and a decline in initial applications for unemployment benefits to below 200k would put the buyer's appetite to the test.

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