XRP News Today: Market Sell-off Pushes XRP to $0.50, SEC Appeal Speculation Grows

XRP Touches $0.50 in Broad-based Market Sell-down

On Friday, September 6, XRP slid by 4.40%, following a 2.42% loss from the previous session, closing at $0.5211. XRP tracked the broader crypto market, which declined by 3.69% to a total market cap of $1.862 trillion.

US Jobs Report Sinks XRP

On Friday, the US Jobs Report impacted XRP demand. The US unemployment rate fell from 4.3% in July to 4.2% in August, while nonfarm payrolls rose by 142k in August, up from 89k in July.

The August report dampened investor bets on a 50-basis point September Fed rate, sending XRP to a session low of $0.5027.

According to the CME FedWatch Tool, the probability of a 50-basis point Fed rate cut fell from 40.0% on Thursday, September 5, to 30.0% on Friday, September 6.

What the Experts Say About the Jobs Report

Wall Street Journal Chief Economics Correspondent Nick Timiraos reacted to the US Jobs Report, stating,

“The August jobs report wasn’t bad enough to seal a 50 bps rate cut as the Fed’s next move but wasn’t good enough to lead officials to rule it out on Friday.”

Notable, XRP saw heavier losses compared to the broader crypto market.

Ripple Co-Founder Endorses Kamala Harris for President

On Friday, news of Ripple co-founder Chris Larsen endorsing Kamala Harris for President also caused a stir. Eighty-eight existing and former top executives, including Larsen, reportedly signed a letter supporting the US Vice President. They stated,

“Her election is the best way to support the continued strength, security, and reliability of our democracy and economy. With Kamala Harris in the White House, the business community can be confident that it will have a President who wants American industries to thrive.”

The crypto community had mixed reactions to Larsen’s Support for Harris.

Pro-crypto lawyer Bill Morgan remarked,

“He is entitled to his opinion and his vote. It’s a democracy. Personally, from an XRP perspective, it’s irrelevant.”

However, a poll showed that 92% of the crypto community disagreed with the endorsement. A Harris victory could mean that SEC Chair Gary Gensler remains in office until the end of his term.

XRP Price Trends Amid SEC Appeal Speculation

While US political developments drew investor interest on Friday, uncertainty about SEC plans to appeal rulings in the Ripple case remains an XRP headwind. This week, pro-crypto lawyer Fred Rispoli saw an increased chance of an SEC appeal, saying,

“IMO 60/40 in favor of appeal.”

Price trends will likely depend on an SEC appeal against 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 sat below the 50-day and 200-day EMAs, affirming bearish price signals.

A break above the 200-day EMA could give the bulls a run at the 50-day EMA and the $0.5739 resistance level. Furthermore, a breakout from the $0.5739 resistance level could signal a move toward $0.60.

SEC activity, SEC vs. crypto case-related updates require consideration.

Conversely, a fall through the $0.50 level may give the bears a run at the top trend line.

With a 14-day RSI reading of 36.28, XRP could drop to $0.50 before entering oversold territory.