XRP News Today: Eight Sessions Below $0.60 as SEC Appeal Uncertainty Weighs on Prices

XRP Short of $0.60 for Eight Sessions

On Sunday, August 18, XRP declined by 0.49%, reversing a 0.37% gain from Saturday, August 17, to close at $0.5637. Significantly, XRP remained below $0.60 for eight consecutive sessions. The broader crypto market cap fell by 1.18% to a total market cap of $2.027 trillion.

XRP in Limbo Amid Appeal Suspense

Uncertainty about SEC plans to appeal against rulings in the SEC vs. Ripple case continued to impact XRP demand.

Since August 7, XRP has trended lower despite Ripple claiming victory after Judge Torres issued the final judgment. Judge Torres ordered Ripple to pay $125 million for violating section 5 of the US Securities Act, substantially less than the SEC’s demand for $2 billion.

Additionally, the court ordered Ripple to comply with US securities laws going forward. The SEC sought an injunction prohibiting Ripple from selling XRP to US institutional investors, possibly to derail Ripple’s plans to target the US market.

The $125 million penalty and injunction ruling may not justify the almost four years in the courts and the SEC’s legal expenses. However, a successful appeal could substantially increase the penalty and include an injunction prohibiting XRP sales to institutional investors.

Odds of an SEC Victory in the Appellate Courts

Ripple Chief Legal Officer Stuart Alderoty recently discussed the final judgment and the likelihood of an appeal in an interview, stating,

“If the SEC were a rational actor, they should just move on from this case. But we all know that, when it comes to crypto, the SEC has proven itself not to be rational. […] So, I wouldn’t be surprised if the SEC does appeal.”

Alderoty believes the SEC will appeal despite the odds stacked in Ripple’s favor. Ripple’s CLO highlighted that appellate courts uphold lower court decisions 90% of the time.

The SEC has not revealed whether it plans to appeal rulings from the Ripple case, leaving XRP in limbo.

An appeal could also delay Ripple’s plans to launch the Ripple USD (RL USD) stablecoin and may impact the timeline for an XRP-spot ETF application.

Ripple and the SEC have until early October to file any appeals. The deadline is 60 days from the final judgment.

XRP Price Trends

The uncertainty about SEC plans regarding the Ripple case may continue to limit XRP’s upside. However, official notification from the SEC that it will not appeal rulings could rally XRP toward $1.00. Conversely, an appeal may pull XRP toward $0.40.

Investors should remain vigilant, with appeal updates likely to affect 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 remained above the 50-day and 200-day EMAs, affirming bullish price signals.

A break above the $0.5739 resistance level would support a return to $0.60. Furthermore, a return to $0.60 could give the bulls a run at the $0.6609 resistance level.

SEC vs. crypto case-related news requires consideration.

Conversely, a drop below the 50-day and 200-day EMAs could bring the $0.50 handle into play.

With a 14-day RSI reading of 49.71, XRP could drop to $0.50 before entering oversold territory.