US lawmakers, including Senator Cynthia Lummis, have called on the US government to take action against cryptocurrency exchange Binance and stablecoin issuer Tether for allegedly facilitating funding for Hamas and engaging in illicit activities. However, Senator Lummis and Representative French Hill emphasized that not all crypto intermediaries should be regarded as suspect, and the focus should be on bad actors. Additionally, they urged the Department of Justice to address illicit activities carried out through cryptocurrencies. In related news, the Securities and Exchange Commission (SEC) is scheduled for oral arguments in its case against Ripple on January 17, potentially relieving pressure on ongoing discussions between the SEC and Ripple. Positive updates in the SEC v Ripple case and news regarding a crypto-spot exchange-traded fund (ETF) could support a breakout session for XRP. However, a drop below the support level would bring the exponential moving averages (EMAs) into view. The current 14-day relative strength index reading indicates a potential break above the trend line. In the 4-hourly chart, XRP remains bullish, indicating a possible move towards the resistance level. Conversely, a break below the support level could lead to a move towards the 50-day EMA.
AI Sentiment: Negative