XRP News Today: Appeal Speculation Pushes XRP Higher – Will the Rally Last?

XRP Surges Amid Speculation on SEC Appeal – What Comes Next?

On Monday, September 16, XRP advanced by 2.60%, partially recovering from a 4.04% slide on Sunday to close at $0.5870. Significantly, XRP outperformed the broader crypto market, which declined by 1.36%, dropping the total market cap to $1.987 trillion.

SEC Silence Fuels XRP Demand

The SEC has remained silent on whether it plans to appeal rulings from the SEC vs. Ripple case. Ripple and the SEC have 60 days from the final judgment to file appeals. The focus remained on the SEC as last week’s filing in the Binance case retook center stage. In the filing, the agency said it would no longer classify the cryptos in the Binance case as crypto asset securities.

Investors interpreted the SEC’s stance on crypto classifications as a reduced chance of an appeal in the Ripple case.

Ripple Chief Legal Officer Stuart Alderoty fueled speculation about the chances of an appeal, saying:

“Ripple’s case is over, but the ‘fair notice’ defense is still alive for others. The SEC cites the 2017 DAO report as industry notice that ‘crypto asset securities’ are subject to US securities laws. Seven years later, the SEC apologizes to a federal judge—surely a person of at least ‘ordinary intelligence’—for the confusion it invited by using the inherently unclear term.”

Hopes of an end to SEC plans to appeal sent XRP to a Monday high of $0.5917. However, it remained well below the July 13, 2023, high of $0.9527. The July 13, 2023, rally came in response to the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that Programmatic Sales of XRP do not satisfy the third prong of the Howey Test.

Could the SEC’s silence mean an end to the XRP saga, or is a surprise appeal looming?

Despite hopes of the SEC holding back from an appeal, XRP price action suggests uncertainty about whether the SEC will appeal.

Legal Experts Weigh in on Binance Filing

XRP investor JackTheRippler remarked on the significance of the Binance filing, stating,

“The SEC dropped the Binance lawsuit, so it doesn’t make sense to appeal the XRP ruling.”

Former SEC lawyer Marc Fagel dismissed this theory, saying,

“No, they did not drop the Binance lawsuit. Please stop just randomly making things up!”

The brief exchange highlighted the confusion within the crypto community about the implications of last week’s SEC filing. The filing stated,

“The SEC’s allegations with respect to the Ten Crypto Assets at issue in secondary markets are that their promotions and economic realities have not changed in any meaningful way under Howey, such that they continue to be offered and sold as investment contracts.”

This suggests that the SEC is not arguing whether the cryptos in question are securities or commodities but that they are securities in secondary market sales, possibly leaving an appeal against the Programmatic Sales of XRP ruling on the table.

XRP Price Trends and SEC Appeal Plans

Price trends could hinge on whether the SEC decides to appeal the rulings in the Ripple case. If the SEC appeals, XRP may drop below $0.40. Conversely, XRP could target $1.00 if the SEC does not file an appeal notice, mirroring the market’s response to the Programmatic Sales of XRP ruling.

Investors should closely monitor appeal-related news, which could significantly impact XRP price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remains above the 50-day and 200-day EMAs, affirming bullish price signals.

A return to the September 14 high of $0.5994 and the $0.60 level would support a move toward the $0.6527 resistance level. Furthermore, a break above the $0.6527 resistance level could bring the $0.70 level into play.

SEC activity and SEC vs. crypto case-related news require consideration.

Conversely, a drop below the $0.5739 support level may indicate a fall toward the 50-day and 200-day EMAs. A fall through the EMAs would signal a bullish trend reversal and a possible drop to the $0.50 level.

With a 14-day RSI reading of 56.32, XRP could return to the $0.65 level before entering overbought territory.