XRP News Today: SEC vs. Ripple Settlement Hope Boosts Buyer Demand

The Monday Overview

On Monday (June 17), XRP rallied 3.19%. Reversing a 0.27% decline from Sunday (June 16), XRP closed the session at $0.5048. Significantly, XRP held onto the $0.50 handle for the first time since June 6.

SEC vs. Ripple: Settlement Hopes Drive Buyer Demand for XRP

There were no SEC vs. Ripple case-related updates for investors to consider on Monday. However, investor hopes of a settlement drove buyer demand for XRP. XRP bucked the broader crypto market trend, with the total crypto market cap declining by 1.64% to $2.346 trillion.

Investors continued to respond to the SEC reply to the Ripple Notice of Supplementary Authority.

The SEC court filing did not include a settlement offer. Nevertheless, the calculation of a $102.6 million penalty floor for breaching US securities laws was significantly lower than the SEC push for an almost $2 billion penalty and an injunction.

Ripple expects a court verdict in the coming months.

US Politics Remains Center Stage

Significantly, the recent filings relating to the Terraform Labs settlement coincided with an increased focus on the US Presidential Election.

Coinbase (COIN) and Ripple are among the crypto firms donating to Fairshake PAC. In May, Ripple CEO Brad Garlinghouse announced a $25 million contribution to Fairshake PAC that supports candidates committed to securing the United States as the home to innovators building the next generation of the internet.

On Monday, Ripple CEO Brad Garlinghouse highlighted the significance of US elections to the crypto market, saying,

“You’ll hear this a lot more in the next few months in the US – candidates will only gain votes for being pro-crypto, and absolutely lose them for being anti-crypto. There’s no downside to advocating for clear rules of the road for one of the US’ fastest-growing industries.”

The Ripple CEO made the comments in response to a NY Times article titled ‘How Crypto Money Is Poised to Influence the Election.’

Last week, US Republican Party front-runner and former President Donald Trump continued supporting cryptos, saying,

“We will ensure that the future of crypto and the future of bitcoin will be made in America. We’re going to keep it right here, and a lot of it’s going to be done right here in Florida.”

The crypto community sees a Republican Party victory as a positive outcome for the US digital asset space. Significantly, a Republican Party victory could end the SEC reign of regulation through enforcement and pave the way for a regulatory framework that supports innovation while protecting consumers.

In June, Coinbase contributed $25 million to Fairshake PAC.

XRP Price Action

Daily Chart

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

An XRP break above the top trend line would support a move to the 50-day EMA. A breakout from the 50-day EMA could give the bulls a run at the 200-day EMA.

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

Conversely, an XRP break below the bottom trend line could signal a fall to the $0.48 handle.

The 14-day RSI reading of 49.19 suggests an XRP fall to the $0.45 handle before entering oversold territory.