XRP News Today: SEC vs. Ripple Case Gains Spotlight Amid US Election Race

XRP Avoids Sub-$0.50 as Market Awaits Court Filings

On Sunday, October 6, XRP advanced by 0.74%, recovering from a 0.88% loss from the previous session to close at $0.5334. Despite the gain, XRP underperformed the broader crypto market, which gained 1.32%, bringing the total market cap to $2.138 trillion.

SEC vs. Ripple: The Appeal and the US Presidential Election

The SEC’s Notice of Appeal continued to draw scrutiny over the weekend. Notably, the Notice of Appeal filing came as the US Presidential Election race entered its final stretch. While a Trump victory could result in significant changes, it remains unclear whether Chair Gensler’s removal would automatically end the Ripple case.

Trump pledged to fire Gensler on Day 1, fueling speculation within the XRP community that the SEC could withdraw its appeal if Gensler were fired.

JacktheRippler, a member of the XRP community, posted on X,

“Donald Trump says: “On day one, I will fire Gary Gensler and appoint a new SEC Chairman! If Trump wins the election this year, then the SEC v. RIPPLE will be automatically over.”

Pro-crypto lawyer Fred Rispoli recently outlined the possible timelines for the SEC’s appeal in the Ripple case. Notably, Rispoli expects the SEC to seek a 30-day extension and file its appeal brief in January 2025. If Ripple cross-appeals, it must also file its opening brief by January 2025.

However, it is uncertain whether Chair Gensler’s removal would automatically mean an end to the Ripple saga. The SEC‘s decision to appeal likely resulted from a vote by the five Commissioners. If Chair Gensler was the deciding vote for an appeal and the incoming Commissioner is pro-crypto, the Commissioners could vote to voluntarily dismiss the case before its appeal brief.

SEC vs. Ripple Appeal: Projected Times

Fred Rispoli’s timelines for the appeal process are as follows:

1. SEC brief likely due 12/2/24. SEC likely to seek permissible 30 day extension, so will be due shortly after 1/1/25.
2. Ripple will cross-appeal. Its opening brief will be due around the same time.
3. The opposition briefs will be due around 2/2/25. Ripple will likely take its extension, taking that to 3/2/25.
4. Reply briefs will be due end of March 2025.
5. An oral argument will be scheduled for some time September – October 2025.
6. A ruling will be handed down from the 2nd Cir in January 2026 at the earliest, likely March or April though.

XRP Price Trends: What’s Next?

Investors await the SEC’s filing, which would provide insights into its appeal strategy. Price trends remain hinged on speculation about the SEC’s appeal strategy and the court filings.

If the SEC appeals the Programmatic Sales of XRP ruling, XRP could drop toward $0.40. Conversely, if the SEC withdraws its appeal, XRP could rally toward $1.00, mirroring price action following the Programmatic Sales ruling.

Outlook

Investors should closely monitor appeal-related news, which may significantly impact XRP price trends. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

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

A breakout from $0.5350 could support a move toward the 200-day EMA. Furthermore, a break above the 200-day EMA may bring the 50-day EMA and the $0.5739 resistance level into play.

Geopolitics, Ripple-related news, SEC activity, and SEC vs. crypto case-related updates require consideration.

Conversely, a fall through October 3’s low of $0.5075 may signal a drop below $0.50. A break below $0.50 could bring the trend lines into play.

With a 14-day RSI reading of 40.00, XRP could drop to $0.50 before entering oversold territory.