XRP News Today: SEC vs. Ripple Case Update, US Politics, and Market Impact

XRP joined the broader crypto market cap in negative territory on Wednesday, June 26. However, the ongoing SEC vs. Ripple case and threats of an SEC appeal against the Programmatic Sales of XRP ruling continued to grip the markets.

XRP Resumes Downward Trend as Court Ruling Looms

On Wednesday, June 26, XRP fell by 1.20%. Reversing a 0.44% gain from Tuesday, June 25, XRP ended the session at $0.4697.

There were no updates from the SEC v Ripple case to influence buyer demand for XRP. Nevertheless, a looming court ruling on the penalty Ripple must pay for breaching US securities laws remained a market focal point.

After the court ruling, investors expect the SEC to appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

Shortly after the ruling, the SEC filed a Motion for Interlocutory Appeal. The SEC filed the motion, asking permission to appeal against the Programmatic Sales of XRP ruling. Judge Torres rejected the Motion for Interlocutory Appeal in October, forcing the SEC to wait until after the final verdict to file any appeals.

Barring brief bouts of optimism toward the likely outcome of an appeal, XRP remains chained below the $0.60 handle.

However, the US elections could alter the SEC stance against crypto firms, with the Republicans pushing for the crypto vote.

Super PAC Fairshake Makes Its Presence Known

In recent weeks, crypto firms, including Ripple and Coinbase (COIN), donated to super PAC Fairshake. Ripple and Coinbase donated $25 million each. According to the Fairshake website, it aims to support candidates committed to securing the United States as the home to innovators building the next generation of the internet.

On Wednesday, Fox Business journalist Eleanor Terrett shared updates from a US primary, saying,

“Jamaal Bowman, a crypto critic who voted against the FIT 21 bill, has just lost in New York’s 16th District Democratic primary to Westchester County Executive George Latimer. Pro-crypto super PAC Fairshake was behind a $2M ad spend opposing Bowman last week.”

The news highlighted the influence of Fairshake on US politics.

Fairshake spokesperson Josh Vlasto reacted to the result, stating,

“Jamaal Bowman fought against setting clear rules of the road for the crypto and blockchain industry, and tonight he’s looking for a new job. The crypto and blockchain community will continue to support candidates who believe in innovation and job creation, and reach across the aisle to get things done.”

A shift toward a crypto-friendly Capitol Hill could be a boon for XRP and the broader crypto market. Moreover, a Republican Party victory in the US Presidential Election could cut short SEC Chair Gary Gensler’s tenor as the SEC Chair, which could end the regulation through enforcement era plaguing the crypto market.

With a potential Trump victory and Gensler’s potential departure, could XRP reach its all-time high of $3.3509?

XRP Price Action

Daily Chart

XRP remained well below the 50-day and 200-day EMAs, affirming the bearish price signals.

An XRP move above the trend lines could give the bulls a run at the 50-day EMA. A break above the 50-day EMA could bring the 200-day EMA and the $0.55 handle into play.

SEC activity and SEC vs. crypto case-related news require investor attention.

Conversely, an XRP drop below the $0.4650 handle could bring the $0.45 handle into play.

With a 14-day RSI reading of 35.46, XRP could fall to the $0.45 level before entering oversold territory.