XRP News Today: Can XRP Hold $0.50 as Election and SEC Appeal Collide?

XRP Faces Sub-$0.50 Risk as SEC Ramps Up US Presidential Election Looms

On Saturday, November 2, XRP declined by 0.55%, reversing a 0.61% gain from the previous session, closing at $0.5102. XRP underperformed the broader crypto market, which dropped by 0.36% to a total market cap of $2.275 trillion. Concerns about the upcoming US Presidential Election dampened XRP demand.

US Presidential Election Looms Over Crypto Market

The US Presidential Election on November 5 could be a game-changer for XRP and the broader crypto market.

A Trump victory could significantly change the SEC’s regulatory approach. Trump vowed to fire SEC Chair Gary Gensler on day one in office. A Trump administration may force the SEC to also withdraw its appeal against rulings in the Ripple case.

In October, the SEC requested the deadline for the appeal-related opening brief be extended until January 15, 2025, just days before Inauguration Day. A decision to withdraw its appeal could drive XRP toward $1, mirroring XRP’s reaction 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.

Election Polls and Betting Odds Add Uncertainty

The latest election polls show Kamala Harris leading Trump by 1 point, down from 1.2% on October 31. Betting markets paint a different picture. According to the betting site Polymarket, Trump has a 54.2% chance of winning. However, the odds narrowed sharply in recent days. On October 30, Trump had a 66.9% chance of winning.

The Polymarket numbers could fuel uncertainty about the election, potentially weighing on XRP demand.

Ripple Quarterly Report Fuels Debate

On Friday, November 1, Ripple released its Q3 2024 Markets Report. While highlighting that XRP’s status as not a security remains intact, it also stated that SEC activity and the Ripple case are ongoing headwinds.

Pro-crypto lawyer Bill Morgan reacted to the report, stating,

“Great summary of the importance of the Torres decision that XRP is not a security.”

Morgan shared an excerpt from the quarterly report that highlighted the significance of Judge Torres’s Programmatic Sales ruling, which stated,

“XRP and BTC are still the only two tokens with regulatory clarity in the US. Since the ruling, every US exchange that delisted XRP has relisted it, and global exchanges have made progress on the conflation issue between Ripple and XRP, correctly listing XRP on their platforms.”

The delisting and relisting of XRP in the US, in response to the SEC case and the Programmatic Sales ruling, highlights the possible impact of the SEC successfully appealing Judge Torres’s ruling. US exchanges could delist XRP, impacting access to the token and the prospects of XRP-spot ETFs, detrimental to its price trends.

Outlook

Investors should stay vigilant and closely monitor the SEC’s appeal strategy and the US Presidential Election polls. The outcome of the US Presidential Election will likely have a material impact on the SEC’s appeal strategy and XRP demand.

XRP Price Action

Daily Chart

XRP remains well below the 50-day and 200-day EMAs, confirming the bearish price trends.

A return to $0.5350 could signal a move toward the 200-day and 50-day EMAs. Furthermore, a break above the EMAs may allow the bulls to target the $0.5739 resistance level.

Investors should consider Ripple case-related news, SEC activities, and US Presidential Election polls.

Conversely, a drop below the $0.50 level could bring the trend lines into play.

With a 14-day RSI reading of 37.45, XRP could drop to the top trend line before entering oversold territory.