XRP News Today: Price Hovers Near $0.60 Amid SEC Appeal Uncertainty

XRP Hovers Around $0.60

On Thursday, August 22, XRP declined by 0.37%, partially reversing a 1.14% gain from the previous day, to close at $0.5981. XRP mirrored the broader crypto market, which fell by 0.48% to a total market cap of $2.097 trillion.

SEC Appeal – Will They or Won’t They?

Uncertainty about SEC plans to appeal rulings from the SEC vs. Ripple case left XRP below $0.60 on Thursday.

The SEC has remained largely silent since Judge Analisa Torres delivered the final judgment on August 7.

While the $125 million penalty was significantly higher than Ripple’s request for $10 million, it fell well short of the SEC’s push for a $2 billion penalty. More significantly, the Judge did not grant the SEC’s request for an injunction prohibiting XRP sales to institutional investors. An injunction would likely have affected Ripple’s US expansion plans.

XRP could be in limbo until early October, as the SEC has 60 days from the final judgment date to file an appeal.

Ripple Chief Legal Officer Stuart Alderoty talked about the likelihood of an SEC appeal in the wake of the final judgment, 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’s recent trends suggest investors have a similar view on whether the SEC will appeal. Investors face uncertainty about whether they will file an appeal and which rulings they will appeal against.

Inspector General Office Investigation in Possible Crypto Conflicts of Interest

The SEC’s decision on whether to appeal could hinge on an ongoing investigation into possible crypto conflict of interest within the agency.

In February 2024, Empower Oversight announced that an Office of Inspector General (OIG) investigation was in its final stages. The investigation focuses on former SEC Director William Hinman, a key figure in the Ripple case.

Empower Oversight referred the conflicts of interest to the OIG, alleging that SEC officials acted biasedly against XRP and Ripple Labs. In 2018, Hinman said bitcoin (BTC) and ethereum (ETH) were not securities, impacting XRP. Additionally,

Empower Oversight claimed Hinman received millions of dollars from his former employer, law firm Simpson Thacher, while working at the SEC. Hinman returned to Simspon Thacher after leaving the SEC.

Significantly, Simpson Thacher was part of a group that promoted Enterprise Ethereum.

SEC documents produced during the Ripple case revealed that Hinman continued to meet with Simpson Thacher employees despite warnings from the SEC’s ethics division.

If the OIG uncovers evidence of misconduct or conflicts of interest, the SEC may decide to end any plans to appeal. The agency’s six attempts to withhold Hinman-related documents highlight the sensitivity of the matter.

XRP Price Trends

XRP could move toward the July 2023 high of $0.9327 if the OIG findings impact the SEC’s plans to appeal. Conversely, XRP could sink toward $0.40 if the SEC files an appeal, leaving XRP in limbo.

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

Daily Chart

XRP remained comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

A return to $0.60 could signal a move toward the August 7 high of $0.6434. Furthermore, a breakout from the August 7 high 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 $0.5739 support level could bring the 50-day and 200-day EMAs into play.

With a 14-day RSI reading of 56.06, XRP could move to the $0.6609 resistance level before entering overbought territory.