Ahead of Tuesday’s session, the market was worried about FTX crashing and the spread narrowing. Monday’s news that Binance has launched a recycling fund provided price support. Crucially, the shift in sentiment has allowed investors to refocus on US economic indicators and the ongoing SEC v Ripple case.
Amicus Brief Filings and US Economic Indicators provide support for XRP
The Amicus Brief filings generated interest after the trial dominant To extend the deadline for many counterparties to November 18.
The Crypto Innovation Council, Reaper Financial, Veri DAO, Six XRP Holders, Paradigm Operations, Blockchain Association, and Coinbase provided Amicus briefings.
For XRP holders, the court’s decision to allow deposits after the previous November 11 deadline was positive for XRP. The move suggests that Amicus briefs could carry more weight in court, tipping the scales in favor of the defendants.
On Tuesday, US economic indicators also provided support for the price of XRP. Mild wholesale inflation lifted bets on the Federal Reserve in December, giving the Nasdaq Composite a boost for crypto.
However, risk aversion hit global financial markets this morning. News of a Russian missile attack on Poland and an emergency call at the G-20 summit tested buyers’ appetites.
News updates from the G20, US economic indicators, and SEC v Ripple news should be considered today. Investors should also watch for reports of other cryptocurrency exchanges announcing withdrawal freezes. Although the Binance Recycle Fund is a pillow, details about the fund are limited so far.