XRP News Today: Settlement Rumors Swirl as Investors Await SEC’s Closed Meeting

XRP Retreats Pending SEC Closed Meeting News

On Tuesday, July 23, XRP declined by 1.66%. Reversing a 1.76% gain from Monday, July 22, XRP ended the session at $0.5983. XRP tracked the broader market into negative territory, with the total crypto market cap falling 1.50% to $2.351 trillion.

SEC vs. Ripple Settlement Speculation Intensifies

Speculation about a settlement in the Ripple case intensified on Tuesday. Investors believe the SEC will discuss settlement terms in the closed meeting on July 25.

In July 2023, Judge Analisa Torres ruled that Ripple violated US securities laws by selling unregistered XRP to institutional investors. Judge Torres also ruled that Programmatic Sales of XRP do not satisfy the third prong of the Howey Test.

A settlement would end uncertainty about the penalty Ripple must pay for violating US securities laws. Additionally, a settlement would end SEC plans to appeal against the Programmatic Sales of XRP ruling, setting a precedent for the US digital asset space.

US Court Rulings and XRP Price Trends

On July 13, 2023, XRP surged from a low of $0.4696 to a session high of $0.9327. Investors reacted to the Programmatic Sales of XRP ruling. However, fears of an SEC appeal sent XRP back below $0.60 in August. An official end to the Ripple case could support an XRP return to $1.00.

Crypto Goes Bipartisan

On Tuesday, Pro-crypto lawyer MetaLawMan shared a post from the Crypto Show’s Mario Nawfal about Kamala Harris planning to speak at the Bitcoin Conference.

The Crypto Show’s Mario Nawfal commented on the Fox News report, stating,

“Kamala Harris will join Trump at the upcoming Bitcoin conference, according to Fox News. This raises the question: is supporting Bitcoin becoming a cross-party stance? Harris’s participation could signal a significant shift in the political landscape toward digital assets.”

MetaLawMan commented on the news, saying,

“A Crypto pivot? Ignore what they say—watch what they do. This is really easy. Do they:

1. Acknowledge & revoke Operation Chokepoint 2.0.
2. Fire Gensler & appoint a crypto industry veteran.
3. Drop cases against Ripple, Coinbase, Kraken, Binance, Consensys, etc.
4. Sign bill repealing SAB 121.
5. Grant Custodiabank a Fed master account.”

A bipartisan stance on crypto and pressure on the SEC to drop its crypto-related cases would boost crypto demand.

The crypto vote has become a talking point in recent months. In May, Donald Trump targeted crypto voters, saying,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

In 2023, Coinbase (COIN) started the #StandWithCrypto Campaign to raise crypto awareness on Capitol Hill. At the time, 52 million Americans owned crypto. The number may have risen since the US BTC-spot ETF market launch. With Biden stepping down and Harris stepping in, the Democrats have an ideal platform to pivot from its anti-crypto stance.

Investors should remain alert as speculation about a settlement intensifies. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP sat well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A breakout from $0.60 would support a move toward the $0.65 handle. A return to the $0.65 handle could bring the $0.6609 resistance level into play.

SEC vs. Ripple case-related news and US politics require consideration.

Conversely, an XRP break below the $0.5739 supported level could signal a drop toward the 200-day EMA.

With a 14-day RSI reading of 65.29, XRP could rise to the July 17 high of $0.6378 before entering overbought territory.