XRP News Today: Crypto.com Sues SEC, XRP ETF Filing Boosts Market Sentiment

XRP Outperforms the Broader Crypto Market

On Tuesday, October 8, XRP advanced by 0.47%, partially recovering Monday’s 0.94% loss to close at $0.5309. XRP outperformed the broader crypto market, which slipped by 0.06% to a total market cap of $2.117 trillion.

New XRP-spot ETF Filing

On Tuesday, Ripple CEO Brad Garlinghouse shared the news of a new XRP-spot ETF filing with the SEC. Bloomberg Intelligence Senior Analyst Eric Balchunas posted the XRP-spot ETF filing on X (formerly Twitter), stating,

“New filing just dropped for Canary XRP ETF, the second filing, joining Bitwise.”

Balchunas added,

“Not familiar with this issuer, looks like a first timer. Based out of Nashville TN. Only crypto-related ETF person I know there is Steven McClurg.”

Steven McClurg is the founder and CEO of Canary Funds, which provides institutional crypto and digital asset trading and investment management via hedge funds and trusts.

The filing follows Bitwise’s application for an XRP-spot ETF in September and comes after the SEC’s Notice of Appeal.

The launch of an XRP-spot ETF market may drive XRP toward $0.75. In November 2023, XRP reacted to the false reports of BlackRock (BLK) filing an XRP-spot ETF application, rallying from $0.6614 to a high of $0.7503. However, BlackRock later denied the reports, leading to a drop below $0.60.

Will the SEC Approve XRP-spot ETFs?

The SEC filed its Notice of Appeal on October 2, with the agency likely to challenge the Programmatic Sales of XRP ruling. Considering XRP’s reaction to the recent ETF filings, investors likely expect the SEC to delay approvals until after the appeal concludes.

Nevertheless, the latest filing highlights the increasing confidence in XRP and investors’ hopes that the SEC will fail to overturn the Programmatic Sales ruling.

Crypto.com Challenges the SEC

While the SEC presses ahead with its appeal against rulings in the Ripple case, Crypto.com made the headlines on Tuesday. Pro-crypto lawyer James ‘MetaLawMan’ Murphy shared the news of the Crypto.com claim, stating,

“Today Crypto.com preemptively sued the SEC in Texas in response to an SEC Wells Notice. The Wells Notice simply reiterates claims the SEC has made against other crypto markets like Coinbase and Binance. Rather than rolling over, Crypto.com is following the Ripple playbook and responding to SEC threats with offensive tactics.”

According to the court filing,

“Foris DAX Inc. (“Crypto.com) seeks declaratory and injunction relief to prevent the Securities and Exchange Commission (“SEC”) from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.”

Crypto.com received the Wells Notice on Tuesday, October 8, highlighting the SEC’s intent to continue to regulate the US digital asset space through enforcement. The agency’s move comes despite US Vice President Kamala Harris’s recent support for digital assets.

XRP Price Trends: What’s Next?

XRP may remain under pressure as investors await the SEC and Ripple’s court filings.

Ongoing speculation about the SEC’s appeal and the court filings will impact XRP demand. If the SEC appeals the Programmatic Sales ruling, XRP could drop toward $0.50. Conversely, if the SEC withdraws its appeal, XRP could rally toward $1.00, mirroring price action following the Programmatic Sales ruling.

Outlook

Investors should closely monitor appeal-related news, which may affect price trends. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

XRP hovers below the 50-day and 200-day EMAs, sending bearish price signals.

A breakout from $0.5350 could give the bulls a run at the $0.55 level and the 200-day EMA. Furthermore, a break above the 200-day EMA may signal a move toward the 50-day EMA and the $0.5739 resistance level.

Geopolitics, Ripple-related news, SEC activity, and SEC vs. crypto case-related updates require consideration.

Conversely, a fall through the $0.50 level may bring the trend lines into play.

With a 14-day RSI reading of 39.77, XRP could drop to $0.50 before entering oversold territory.