XRP News Today: Ripple’s Core Ruling Faces Uncertainty as SEC Appeal Speculation Continues

XRP Drops Below $0.56 Amid Market Uncertainty

On Tuesday, September 3, XRP declined by 1.94%, partially reversing a 3.17% gain from the previous session, closing at $0.5571. XRP outperformed the broader crypto market trend, which fell by 2.98% to a total market cap of $1.972 trillion.

Risk Aversion Weighs on XRP and the Crypto Markets

XRP and the broader crypto market faced intense selling pressure on Tuesday as investors turned cautious ahead of crucial US economic data releases.

Service sector PMI and labor market data will give investors fresh insights into the US economy. Upbeat service sector activity and steady labor market conditions could boost demand for riskier assets, including XRP. Investors hope for a soft US economic landing and a 25-basis point September Fed rate cut.

SEC Appeal Speculation Lingers Over XRP

XRP experienced a relatively modest loss compared to the broader crypto market, likely due to speculation that the SEC won’t appeal rulings in the SEC v Ripple case.

The SEC has remained silent since the final judgment on August 7 and has 60 days from the final judgment date to file an appeal. Recent court criticisms of the SEC’s classification of crypto as asset securities could influence the SEC decision. An SEC appeal would highlight the agency’s view of crypto assets, starkly contrasting to other regions.

Pro-crypto lawyer James Murphy, also known as MetaLawMan, remarked on regulatory disparities between the US and other countries, stating,

“Congratulations to Qatar & all the other countries that have established regulatory frameworks for digital assets. We don’t have one of those here in the USA. But, we do have a 1946 Supreme Court case about orange groves and a guy who invented the term “digital asset security.”

Ripple CEO Comments on Appeal Prospects

On Tuesday, the XRP and pro-crypto legal community debated the chances of the SEC successfully appealing rulings in the Ripple case.

Speaking at Korea Blockchain Week (KBW2024), Ripple CEO Brad Garlinghouse allayed fears of a possible SEC appeal, reportedly saying,

“Regardless of whether they choose to appeal, we do not see any credible path for the SEC to challenge the core ruling, which is that XRP is not, in and of itself, a security.”

However, the Ripple CEO was also uncertain whether the SEC would appeal.

Pro-crypto lawyer James Murphy, known as MetaLawMan, highlighted regulatory disparities between the US and other countries, stating,

“The core ruling to which he refers is that the XRP token itself is not a security. There is no credible path. Judge Orwell in SEC v Payward Inc (Kraken case) went as far as to say that the SEC could not even argue that the tokens in question in that case were themselves securities.”

XRP Price Trends and SEC Appeal Plans

Price trends depend on whether the SEC decides to appeal the Ripple case rulings. XRP may drop below $0.40 if the SEC appeals. Conversely, if the SEC does not appeal, XRP could climb toward $1.00, 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 EMA while remaining above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.

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

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

Conversely, an XRP drop below the 200-day EMA may indicate a fall toward the $0.50 level. A fall through $0.50 could bring the top trend line into play.

With a 14-day RSI reading of 45.93, XRP may drop to $0.50 before entering oversold territory.