XRP News Today: Supreme Court Ruling Challenges SEC Authority

Can the pro-crypto US lawmakers change the narrative and end the SEC era of regulation through enforcement?

SEC vs. Ripple: Let Sleeping Dogs Lie

On Friday, June 28, XRP declined by 0.95%. Partially reversing a 1.21% gain from Thursday, June 27, XRP ended the session at $0.4709.

There were no SEC v Ripple case-related updates to influence near-term XRP price trends.

Investors awaited the court ruling on the penalty for Ripple breaching US securities laws. Ripple expects a ruling to come in the coming months, leaving the XRP community in limbo.

However, things could work out favorably for XRP and the broader crypto market. The longer it takes to pass judgment, the longer the SEC must wait to appeal against the Programmatic Sales of XRP ruling.

The timing of an SEC appeal could be crucial for XRP and the broader crypto market as the race to the White House heats up.

A greater crypto political voice on Capitol Hill and a Republican Party victory could be a boon for XRP and the crypto market. SEC Chair Gary Gensler could see his remaining tenure cut short, with stalled crypto legislation likely to make headway to provide much-needed investor protection while fostering innovation.

Furthermore, the SEC could face political pressure to end its anti-crypto campaign if the Democrats are trailing in the polls.

On Friday, Kraken co-founder and chairman Jesse Powell announced a $1 million personal donation to the Donald Trump campaign. Powell highlighted Senator Elizabeth Warren, SEC Chair Gensler, and the Biden administration as anti-crypto, weakening the US competitive edge in innovation.

As investors consider the likely penalty for breaching US securities laws, the SEC faced more backlash from the courts.

SEC Faces Backlash from the US Supreme Court

On Friday, Ripple Chief Legal Officer reacted to another SEC loss in the US courts, saying,

“Gary Gensler thinks the SEC is a “cop on the beat,” created to freely police anything it wants. Today, reversing “Chevron,” the Sup Ct made clear that the opinions of zealous bureaucrats deserve no special deference and their authority is constrained by Congress and Courts.”

The Ripple Chief Legal Officer referred to the US Supreme Court overturning a 1984 precedent that further curbs federal agency authority.

US Senator Cynthia Lummis reacted to the Supreme Court ruling, saying,

“For far too long, the Chevron doctrine has allowed DC bureaucrats to go unchecked. Today’s SCOTUS ruling restores decision-making powers back into the hands of lawmakers who answer to the American people, not unelected Biden bureaucrats.”

The Supreme Court ruling reinforced previous comments from Ripple CEO Brad Garlinghouse about an SEC appeal reaching the Supreme Court. In January, Garlinghouse had this to say about the SEC appeal against the Programmatic Sales of XRP ruling reaching the Supreme Court,

“The current Supreme Court, we’d love to see the Vegas odds on how that would go. They have not been friendly to regulators.”

In conclusion, an end to the anti-crypto stance on Capitol Hill and a crypto-friendly US regulator could fuel an XRP move toward its all-time high of $3.5505. However, the outcome of an SEC appeal against the Programmatic Sales of XRP ruling could be critical.

XRP Price Action

Daily Chart

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

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

SEC vs. crypto case-related chatter requires 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 38.57, XRP may fall to the $0.45 level before entering oversold territory.