XRP News Today: Ripple’s Court Move Fuels Appeal Speculation as XRP Hovers at $0.56

XRP Hovers Below $0.56 Amid Appeal Uncertainty

On Wednesday, September 4, XRP gained 0.27%, partially recovering from a 1.94% drop in the previous session to close at $0.5587. XRP trailed the broader crypto market trend, which advanced by 0.82% to a total market cap of $1.988 trillion.

SEC vs. Ripple: Is an Appeal Coming?

On Wednesday, September 4, Ripple filed a letter with the court, requesting a stay of the monetary portion of the Court’s Judgment issued on August 7, 2024.

According to the letter to Judge Analisa Torres, the SEC consented to the request, requiring Ripple to place 111% of the Judgment amount ($125 million) with its counsel. The stay will last until 30 days after the 60-day appeal window from the final judgment date of August 7. Post-judgment interest will accrue in the SEC’s favor.

The filing suggests the possibility of an appeal against SEC v Ripple case rulings.

Pro-crypto lawyer Fred Rispoli remarked on the court filing, stating,

“To those freaking out over possible SEC vs. Ripple appeal: Don’t. There won’t be a ruling until 2026. SEC suing exchanges and alleging multiple tokens as securities has lessened the sting dramatically. If Ripple and/or XRP don’t make it now, it’s not because of the SEC’s case.”

Significantly, the filing came shortly after Ripple CEO Brad Garlinghouse had allayed fears of a possible SEC appeal. Speaking at Korea Blockchain Week (KBW2024), Garlinghouse said,

“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.”

XRP Price Trends Amid SEC Appeal Plans

Price trends will likely hinge on whether the SEC appeals the Ripple case rulings. XRP may drop below $0.40 if the SEC appeals. If the SEC does not appeal, XRP could move 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 hovered below the 50-day EMA while holding above the 200-day EMA, affirming bearish near-term but bullish longer-term price signals.

A breakout from the 50-day EMA could give the bulls a run at the $0.5739 resistance level. Furthermore, a break above the $0.5739 resistance level could signal a return to $0.60.

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

Conversely, an XRP break below the 200-day EMA could signal a drop toward the $0.50 level. A fall through $0.50 may give the bears a run at the top trend line.

With a 14-day RSI reading of 45.64, XRP could fall to $0.50 before entering oversold territory.