XRP News Today: Market Volatility Drives XRP Lower Amid SEC Appeal Concerns

XRP Slides Below $0.58 on Fed Rate Path Uncertainty

On Monday, August 26, XRP slid by 2.20% following a 2.02% decline from the previous day, closing at $0.5874. XRP joined the broader crypto market’s downturn, with the total market cap falling by 2.33% to $2.156 trillion.

US Economic Data Reduces Odds of Aggressive Fed Rate Cuts

On Monday, US durable goods orders and Dallas Fed Manufacturing Index data eased bets on a 50-basis point Fed rate cut. A 9.9% surge in durable goods orders in July and a larger-than-expected rise in the Dallas Fed Manufacturing Index suggested a resilient economy, challenging bets on multiple 2024 Fed rate cuts.

While the US economic calendar influenced XRP price action, SEC activity, and SEC vs. crypto case-related news remained the focal points for investors.

SEC Silent on Appeal Plans

On Monday, uncertainty about SEC plans to appeal rulings from the SEC vs. Ripple case continued to impact XRP demand.

Will the SEC file an appeal?

The agency has been largely silent since the final judgment on August 7, leaving investors in suspense. On Thursday, August 29, the SEC will hold its next closed meeting. While the SEC may discuss its position regarding an appeal, the agency could wait until the last minute to file any appeals, leaving XRP in limbo.

Ripple Chief Legal Officer Stuart Alderoty recently remarked,

“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.”

Meanwhile, pro-crypto lawyer Fred Rispoli estimated a 50-50 chance of an SEC appeal, saying,

“The SEC would want to appeal the secondary market issue, […] That’s the one thing that is driving whether they should appeal or not, is, we got to get that off the books for the secondary market because that’s critical to how we do this, how we run our enforcement actions.”

Ripple and the SEC have a 60-day window from the final judgment date to file appeals.

XRP Price Outlook Hinges on SEC Developments

XRP’s price trend hinges on SEC vs. Ripple case-related news. XRP could drop below $0.40 if the SEC decides to appeal rulings. Conversely, XRP could move toward $1.00 if the SEC announces it will not challenge rulings from the case. On July 13, 2023, XRP surged from $0.4696 to a high of $0.9327 in response to the Programmatic Sales of XRP ruling.

Investors should remain vigilant as appeal-related news will likely influence 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 above the 50-day and 200-day EMAs, sending bullish price signals.

A return to $0.6000 could give the bulls a run at the Saturday high of $0.6312. A breakout from $0.6312 may signal a move toward the August 7 high of $0.6434 and the $0.6609 resistance level.

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

Conversely, a break below the $0.5739 support level could signal a fall toward the 50-day EMA. A fall through the 50-day EMA would bring the 200-day EMA into play and signal a possible bullish trend reversal.

With a 14-day RSI reading of 51.90, XRP could move to the $0.6609 resistance level before entering overbought territory.