XRP News Today: SEC’s Silence Fuels Ripple Rally Amid Political Uncertainty

XRP Revisits $0.60 for the First Time in Nine Sessions

On Monday, August 19, XRP rallied 6.32%, reversing a 0.49% loss from Sunday, August 18, to close at $0.5993. XRP revisited $0.60 for the first time in nine sessions. The broader crypto market also saw gains, with the total market cap rising by 1.71% to $2.062 trillion.

SEC Silence Fuels Investor Optimism

There were no updates from the SEC or Ripple regarding plans to appeal against rulings in the SEC vs. Ripple case. Judge Torres delivered the final judgment on August 7, and while both parties have yet to announce an appeal, there remains speculation about the SEC’s next move.

The lack of comments likely raised hopes of the SEC moving on from the Ripple case.

Ripple Chief Legal Officer Stuart Aldetory recently asserted that the SEC cannot overturn the Programmatic Sales of XRP ruling and XRP’s status as a non-security. His assertion contrasts with the legal community’s view that the SEC might still appeal the Programmatic Sales ruling but not the final judgment.

Democrats Shun Crypto

Looking beyond the SEC vs. Ripple case, US politics came into focus on Monday.

Thinking Crypto Podcast founder Tony Edward reacted to news of Kamala Harris considering SEC Chair Gensler as Treasury Secretary, saying,

“And there it is – Kamala Harris will reward Gary Gensler for unlawfully attacking the crypto industry by giving him the Treasury job. The little bit of hope I had for Democrats to right the ship has gone. She will not do a 180 from Elizabeth Warrant and Gary Gensler. Rather, she will reward them.”

Moreover, the Democrats released their party platform on Monday, which did not mention anything related to cryptocurrencies. Fox Business journalist Eleanor Terret remarked on the platform, stating,

“The Dems have officially released their party platform on Day 1 of the DNC. No mention of blockchain technology, Bitcoin, digital assets, or anything related to crypto.”

The omission, along with Harris’s plans to appoint Gensler as Treasury Secretary, could signal a firm anti-crypto stance by the Democrats, potentially shifting the pro-crypto vote to Trump.

US Presidential Election Polls Put Trump Ahead

The latest US Presidential Election polls showed Donald Trump leading Kamala Harris by 2 points. It was a reversal of fortune for Kamala Harris, losing a substantial 31-point lead from before unveiling her economic plan.

With the Democrats seemingly unwilling to hit the reset button, the US Election could significantly affect the US digital asset space.

XRP Price Trends

If the SEC accepts the Ripple case rulings, XRP could target the July 2023 high of $0.9327. Increasing voter support for the pro-crypto Republicans could push XRP through $1.00. XRP-spot ETF applications may bring XRP’s all-time high of $3.5505 into play (January 2018).

Investors should remain alert, with appeal-related news likely to affect XRP price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovered comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A return to the August 7 high of $0.6434 would support a move toward the $0.6609 resistance level. Furthermore, a breakout from the $0.6609 resistance level could give the bulls a run at $0.70.

SEC vs. crypto case-related updates, SEC activity, and US politics require consideration.

Conversely, a break below the $0.5739 support level could signal a fall toward the 50-day and 200-day EMAs.

With a 14-day RSI reading of 57.80, XRP could move to the $0.6609 resistance level before entering overbought territory.