XRP News Today: On-Chain Data Signals Bullish Trends Amid SEC Uncertainty

XRP Surges 10% as SEC Appeal Deadline Looms: What’s Next?

On Saturday, January 11, XRP jumped 10.08%, following a 3% gain on January 10, closing at $2.5770. The token significantly outperformed the broader crypto market, which advanced by 0.58% to a total market cap of $3.25 trillion.

This article explores the impact of SEC vs. Ripple case-related news, regulatory shifts, and XRP-spot ETFs developments on price trends.

SEC Appeal Deadline Looms: Will SEC Chair Gensler Leave Quietly?

The ongoing SEC vs. Ripple case continues to captivate the crypto market as a crucial court deadline approaches. The SEC has a January 15 deadline to file its appeal-related opening brief challenging rulings in the Ripple case.

In October, the SEC filed its Notice of Appeal, revealing its plans to appeal the Summary Judgment and Final Judgment. An appeal against the Summary Judgment has fueled XRP price volatility since the July 2023 ruling. Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Recent SEC activity suggests that the agency will proceed with the appeal despite Trump’s election victory and imminent leadership change.

In December 2024, Chair Gensler promoted three experienced crypto enforcement lawyers to senior executive positions, running the SEC’s trial and crypto units.

Chair Gensler may have tasked the three lawyers to proceed with the appeal ahead of former SEC Commissioner Paul Atkins taking the helm. Chair Gensler is set to leave on January 20, coinciding with the inauguration of President Trump.

Despite the prospects of an appeal, investors remain cautiously optimistic about the outlook for the case. Legal experts expect Atkins to reverse course on the SEC’s crypto-enforcement efforts. Former SEC Office of Internet Enforcement Chief John Reed Stark previously commented on Atkins’ crypto stance, saying,

“Paul favors free markets and hates over-regulation – which should be a net-positive for the cryptoverse.”

On-Chain Data Underscores Market Sentiment

Pro-crypto lawyer Bill Morgan shared XRP wallet analysis on January 11, highlighting significant XRP accumulation over the last two months. Crypto analyst, known as Dom, commented on trends for wallets holding over 1M XRP, saying,

“In just 2 months, we saw the same growth in wallets that we saw in the prior THREE YEARS.”

Wallets holding more than 100, 1,000, and 10,000 XRP also trended higher. These trends contrasted with wallets holding over 0.1 BTC, which reportedly dropped by 130k since October 2024.

XRP Price Trends: Ripple’s Legal Battle Dictate Market Sentiment

Ripple’s legal battle remains a pivotal factor for XRP’s price trajectory. A January 15 appeal filing could trigger a drop below $2, with heightened speculation about Ripple losing at the Second Circuit, potentially pushing prices to $0.50. Crypto exchanges may delist XRP to avoid regulatory entanglements, further pressuring prices.

On the other hand, XRP could break above its 2018 record high of $3.5505 if the agency withdraws its appeal. A withdrawal could pave the way to a US XRP-spot ETF market, potentially driving XRP demand.

XRP Price Action

Daily Chart

Following Saturday’s breakout, XRP sits comfortably above the 50-day and 200-day Exponential Moving Averages (EMA), sending bullish price signals.

A breakout from Saturday’s high of $2.6023 could signal a move toward the December 3 high of $2.9070. Furthermore, a break above $2.9070 may enable the bulls to target the $3 level next, potentially supporting a run to $3.5505.

SEC-related activity and Ripple case-related news require consideration.

Conversely, a drop below $2 could suggest a retreat toward the $1.9299 support level. A fall through the $1.9299 support level may enable the bears to target the $1.3461 support level.

With a 14-day Relative Strength Index (RSI) reading of 60.84, XRP could return to the December 3 high of $2.9070 before entering overbought territory (RSI above 70).

Market Outlook: XRP at a Crossroads

XRP’s future depends on regulatory and macroeconomic factors. The SEC’s next move will set the tone for Ripple’s future and the token’s price direction. Broader shifts in monetary policy and crypto regulations will also play a crucial role in shaping investor sentiment.

Explore our expert insights here for more on the SEC’s appeal strategy and its implications for XRP’s future.