XRP News Today: SEC Reappointment Drama Looms Over SEC Appeal Plans

XRP Down This Week but Holds Strong Above $2: What’s Next?

On Saturday, December 14, XRP declined by 0.97%, partially reversing a 3.60% rally from Friday, closing at $2.3985. XRP underperformed the broader market, which dropped by 0.78%, taking the total market cap to $3.530 trillion.

This article examines key factors influencing XRP, including SEC developments, regulatory changes, and the potential impact of XRP-spot ETFs on price trends.

SEC Commissioner Crenshaw Reappointment Vote Tests XRP Demand

SEC Commissioner Caroline Crenshaw’s reappointment vote is set for Wednesday, December 18, according to Fox Business. Congress adjourns for the year on Friday, December 20, meaning that if Crenshaw’s renomination fails, Trump could nominate a new Commissioner.

Commissioner Crenshaw’s renomination has drawn significant interest. Crenshaw is one of three Democrat Commissioners at the SEC and voted against BTC-spot ETFs. Her reappointment would ensure one Democrat remains after Chair Gary Gensler and Commissioner Jaime Lizarraga depart in January.

The Crenshaw Vote and the SEC Appeal

The SEC must file its appeal-related opening brief in the Ripple case by January 15. Crenshaw’s reappointment would mean three Democrats could vote to file its opening brief. XRP could face selling pressure if the SEC pursues the appeal. However, investors remain optimistic the agency will eventually withdraw the appeal.

Investors expect incoming SEC Chair Paul Atkins to reverse course on the agency’s crypto-enforcement efforts.

A withdrawal would be significant for XRP and the US digital asset space. It would cement the Programmatic Sales of XRP ruling as a crucial legal precedent.

In July 2023, Judge Analisa Torres ruled that Programmatic Sales of XRP did not satisfy the third prong of the Howey Test.

XRP Price Outlook: Key Catalysts and Risks

XRP price trends hinge on the SEC’s plans to appeal.

If the SEC withdraws its appeal, the agency could approve pending XRP-spot ETF applications, driving XRP demand. Under this scenario, XRP could break above the December 3 peak of $2.9070, targeting the all-time high of $3.5505.

Conversely, XRP could drop below $2, if the agency files the opening brief and rejects the ETF applications.

XRP Price Action

Daily Chart

XRP sits well above the 50-day and 200-day EMAs, confirming bullish price trends.

A breakout from $2.50 could enable the bulls to target the December 3 high of $2.9070. Furthermore, a break above $2.9070 could signal a move to $3, potentially bringing January 2018’s all-time high of $3.5505 into play.

SEC-related activity and Ripple case-related news require consideration.

Conversely, a break below $2.35 may indicate a drop toward the $1.9299 support level. A fall through the $1.9299 support level could bring the $1.3461 support level into play. Speculation over the SEC’s appeal against Ripple rulings may trigger a sell-off.

With a 14-day RSI reading of 64.50, XRP could climb to $2.9070 before entering overbought territory (RSI above 70).

Conclusion

SEC developments, including the Crenshaw vote and the appeal decision, will influence price trends in the near term. A positive outcome for Ripple could catalyze a significant rally, while adverse decisions may lead to heightened selling pressure.

For a deeper dive into XRP’s potential price movements, click here for our latest analysis.