XRP News Today: Post-Ruling Blues – What’s Next for Ripple Amid SEC Uncertainty?

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Published: Aug 21, 2024, 01:30 GMT+00:00

Key Points:

Investor sentiment soured on Tuesday as crypto pundits like Raoul Pal and Max Prime cast doubt on XRP's future prospects.
Ripple's legal uncertainties continue to weigh on XRP, with a potential SEC appeal looming large over the market.
XRP's path to $1.00 hinges on the SEC's decision to appeal Ripple's case, and possible US XRP-spot ETF approval.

XRP Dips Below $0.60

On Tuesday, August 20, XRP declined by 0.87%, partially reversing a 6.32% rally from the previous day, to close at $0.5941. XRP revisited $0.6150 for the first time in eleven sessions. The broader crypto market also faced losses, with the total market cap falling by 0.55% to $2.050 trillion.

Post-Court Ruling Blues

Crypto pundit Raoul Pal criticized XRP on Tuesday, possibly influencing XRP demand.

Raoul Pal warned crypto investors to avoid older coins, including XRP and ADA. Good Morning Crypto shared the Pal interview, saying,

“Raoul Pal’s statements about avoiding older coins like XRP & ADA suggest a belief that these projects may have lost their innovative edge or that their narratives are no longer compelling in the context of newer developments in the blockchain space.”

Raoul Pal was not alone in targeting XRP, with crypto pundit Max Prime recently calling XRP the biggest scam in crypto. Notably, Prime said,

“They win the lawsuit against the SEC (paid very small fine) and XRP doesn’t move.”

Is the XRP Breakout on Ice?

On August 7, XRP rose to a high of $0.6434 as investors reacted to the final judgment in the SEC vs. Ripple case. However, it has since retreated due to uncertainty about whether the SEC will appeal.

Ripple and the SEC have 60 days from the final judgment date to file an appeal. Recent price trends suggest that the crypto market expects an SEC appeal.

Ripple Chief Legal Officer Stuart Alderoty highlighted the likelihood of an SEC appeal in an interview with CryptoLaw, saying,

“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.”

XRP Price Trends

XRP could target the July 2023 high of $0.9327 if the SEC confirms it will not appeal rulings from the Ripple case. Conversely, an SEC appeal could push XRP down through $0.40.

For a to move toward $1.00, investors may also consider the possibility of a US XRP-spot ETF market and Ripple’s RL USD stablecoin.

XRPUSD Reaction to Court Rulings

Investors should remain vigilant with appeal-related news 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

XRP Weekly Chart sends bullish price signals.

XRPUSD 210824 Weekly Chart

Daily Chart

XRP sat well above the 50-day and 200-day EMAs, affirming bullish price signals.

A breakout from $0.60 would support a return to the August 7 high of $0.6434. Furthermore, a break above the August 7 high could give the bulls a run at the $0.6609 resistance level.

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

Conversely, a drop below the $0.5739 support level could bring the 50-day and 200-day EMAs into play.

With a 14-day RSI reading of 55.73, XRP may climb to the $0.6609 resistance level before entering overbought territory.

Daily Chart affirms the bullish price signals.

XRPUSD 210824 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.