XRP News: The Ripple Effect: How SEC Lawsuits and Appeals Impact XRP’s Fate

Key Insights:

• XRP partially reversed Sunday’s gains, ending Monday at $0.5247 amid a bearish undertone.
• The SEC’s silence on the Ripple lawsuit was evident; there were no court activities on Monday.
• Binance’s suspension of EUR via SEPA had investors cautious, further impacting the crypto market.

Monday’s Overview

On Monday, XRP slid by 2.63%. Partially reversing a 3.60% gain from Sunday, XRP ended the day at $0.5247. Despite the bearish session, XRP avoided sub-$0.50 for the third consecutive session.

SEC and Lawmaker Silence Leaves XRP on the Back Foot

It was a quiet Monday session, with no Court activity in the SEC v Ripple case or SEC appeal-related filings to move the dial.

The lack of activity left investors to lock in weekend profits, with news of Binance ceasing EUR withdrawals via SEPA another bearish news item for investors to digest. On Monday, Binance Customer Support responded to a user, saying,

“We regret to inform you that we have temporarily suspended EUR withdrawals and deposits via SEPA. Unfortunately, our provider can no longer support these transactions. We understand the inconvenience this has caused, and we’re actively working to resolve this as soon as possible.”

Away from the news wires, several headwinds likely contributed to the Monday pullback, including central bank monetary policy, BTC-Spot ETF uncertainty, and ongoing SEC battles against Coinbase (COIN) and Binance.

Beyond the SEC v Ripple case, the outcomes of the SEC cases against Coinbase and Binance are also likely to affect the US digital asset space.

While the Judge Torres ruling on Programmatic Sales still stands, an SEC win against Coinbase could mute the influence of the Ripple win on investor sentiment.

The Tuesday Session

The SEC v Ripple case and appeal process will remain the area of interest today. After the SEC filing on Friday, investors await the Ripple response, which the defense team has to file by September 1.

An early filing would draw interest, though it is unlikely that Ripple would file any opposition to the SEC motion early.

Uncertainty surrounding a Court ruling on the SEC motion after consideration of Ripple objections and the outcome of an SEC appeal would influence XRP price movements. While the SEC acknowledged that the underlying assets are nothing but computer code with no inherent value, the outcome of an SEC appeal targeting the Programmatic Sales ruling will deliver XRP price action.

Beyond the SEC v Ripple case, SEC v Coinbase (COIN) and SEC v Binance, and Binance-related news will continue to impact investor sentiment.

XRP Price Action

Daily Chart

The Daily Chart showed XRP/USD sitting above the 0.4920 – $0.4780 support band. The bearish Monday session left XRP below the 50-day and 200-day EMAs, sending bearish near-term but bullish longer-term price signals.

Looking at the 14-Daily RSI, 31.68 reflects bearish sentiment. The RSI aligns with the EMAs supporting a fall through the $0.4920 – $0.4780 support band to retarget sub-$0.47. However, an XRP move through the 200-day EMA would give the bulls a run at the $0.5750 – $0.5900 resistance band and the 50-day EMA.

4-Hourly Chart

Looking at the 4-Hourly Chart, XRP holds above the $0.4920 – $0.4780 support band. However, XRP remains below the 50-day and 200-day EMAs, reaffirming the bearish near-term price signals.

The 43.22 14-4H RSI reflects bearish sentiment, with selling pressure outweighing buying pressure. Significantly, the RSI aligns with the EMAs, signaling a fall through the $0.4920 – $0.4780 support band to give the bears a run at sub-$0.47. However, a breakout from the 50-day EMA would support a move through the $0.5750 – $0.5900 resistance band.