XRP News Today: SEC Appeal Looms as Elon Musk and Crypto Politics Drive XRP Action

XRP Briefly Revisits $0.56 Amid US Political Developments

On Monday, October 21, XRP fell 0.53%, following a 0.58% decline from the previous session to close at $0.5451.

XRP outperformed the broader market despite ongoing uncertainty about the SEC’s strategy to challenge rulings in the Ripple case. The total crypto market cap fell 2.22%, pulling the market cap down to $2.282 trillion.

Elon Musk Backs John E. Deaton’s Senate Run

On Monday, October 21, the XRP community got an unexpected boost as Elon Musk publicly endorsed John E. Deaton for the Senate. The Candidate for the Massachusetts Senate and amicus curiae lawyer played a crucial role in the SEC vs. Ripple case, representing 75,000 XRP holders. Deaton’s contributions to the case led to the Programmatic Sales of XRP ruling.

Coinbase (COIN) CEO Brian Armstrong voiced his support for Deaton, saying,

“Agreed – Massachusetts residents should vote for John E. Deaton. Crypto holders in MA should realize Senator Elizabeth Warren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America. Luckily they did not succeed as we and others fought back”

Tesla (TSLA) CEO Elon Musk shared Armstrong’s post on X (formerly Twitter), saying,

“Yes.”

Deaton vs. Warren: Senate Battle Intensifies

Deaton is battling against anti-crypto Senator Warren for the Massachusetts Senate seat. In a recent debate, Deaton discussed the Ripple case and Chris Larsen’s recent XRP donation to US Vice President Kalama Harris’s election campaign.

Ripple co-founder Chris Larsen commented on Brian Armstrong’s post, remarking,

“It’s time for the Democrats to have a new approach to tech innovation, including crypto. I believe Kamala Harris will ensure that American technology dominates the world, which is why I’m donating $10M in XRP in support of her.”

Ripple CEO Brad Garlinghouse voiced support for Chris Larsen, emphasizing the importance of bipartisan support for pro-crypto policies, saying,

“It’s not about party lines; it’s about championing policies that drive blockchain and crypto innovation.”

US Presidential Election and the SEC Appeal: What’s at Stake for XRP?

The outcome of the US Presidential Election could be pivotal for Ripple and XRP. In July, Donald Trump vowed to fire SEC Chair Gary Gensler on day 1 in office. The SEC could drop its appeal against Ripple if Donald Trump wins the election and fires Gary Gensler.

Appellate timelines in the Ripple case allow the SEC to drop the appeal before it files an appeal-related opening brief. The SEC must file its appeal-related opening brief by January 2025, if the agency files for a 30-day extension.

While Kamala Harris has voiced support for innovation and the US digital space, investors may consider Trump a stronger crypto advocate.

According to betting site Polymarket, the chances of Trump winning the election increased to 64.1% on October 22, up from 55.1% on October 15. However, the national polls have Harris leading by 1.8 points.

There has been speculation that several crypto whales have placed large bets on Trump to win, skewing the odds. Nevertheless, prominent figures view the betting sites as a better gauge of the likely outcome. Elon Musk recently voiced his preference for Polymarket’s odds over the national polls, stating,

“Trump now leading Kamala by 3% in betting markets. More accurate than polls, as actual money is on the line.”

XRP Price Outlook: Impact of the SEC Appeal and the Presidential Election

While investors await the SEC’s appeal-related opening brief, the US Presidential Election could take center stage.

A shift in the national polls or betting odds in favor of Trump could boost XRP demand. XRP could break out from $0.60 to target the July 2023 high of $0.9327 in hopes of the SEC dropping the appeal. Conversely, expectations of a Harris win could drag XRP below $0.50, with future price action dependent on the outcome of the appeals process.

Outlook

Investors should track SEC appeal-related developments, which could significantly influence XRP price trends, and US Presidential Election news. Stay informed with our latest news and analysis to better manage your exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP remains below the 50-day and 200-day EMAs, confirming bearish price trends.

A break above the 200-day and 50-day EMAs could support a move toward the $0.5739 resistance level. Furthermore, a breakout from the $0.5739 resistance level may bring the $0.6609 resistance level into play.

US Presidential Election news, Ripple case-related news, and SEC vs. crypto case-related updates require consideration.

Conversely, a drop below the $0.50 level could allow the bears to test the trend lines.

With a 14-day RSI reading of 46.89, XRP may fall below $0.50 before entering oversold territory.