XRP News Today: Trump’s Meme Coin Launch Fuels Optimism for Ripple’s Appeal

XRP Dips as Trump’s Inauguration Looms

On Saturday, January 18, XRP dipped by 0.81%, partially reversing Friday’s 1.50% gain to close at $3.2668. A choppy session saw the token slide to a session low of $3.0580 before recovering. The broader crypto market also ended the session in negative territory, with the total crypto market cap falling 0.32% to $3.56 trillion.

The pullback came as investors await Trump’s inauguration on Monday, January 20.

Trump Launches MemeCoin Backing His Pro-Crypto Agenda

On Friday, January 17, President-elect Donald Trump announced the launch of his meme coin, saying,

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW.”

Trump launched the meme coin following SEC Chair Gary Gensler’s departure  from the SEC and the agency’s appeal against rulings in the Ripple case. The president-elect appeared to have no issues in promoting his newly launched token.

Pro-crypto lawyer Bill Morgan related Trump’s crypto launch with Ripple’s potential appeal, stating,

“The Ripple appeal of Judge Torres’ finding against Ripple’s defense that there must be a contract or post-sale obligations is looking good. After all the President of the USA thinks a token with no post-sale obligations to buyers can be issued and promoted without being registered with the SEC. Ripple’s programmatic sales of XRP had no post-sale obligations. Perhaps Ripple will continue its cross-appeal.”

In October 2024, Ripple filed a cross-appeal, challenging Judge Analisa Torres’ Final Judgment. Judge Torres ordered Ripple to pay a $125,035.150 penalty. The penalty fell well short of the SEC’s bid for a $1,100,000,000 disgorgement. Significantly, Judge Torres based the penalty on a first-tier civil violation, with no allegations of fraud, deceit, manipulation, or evidence of recklessness.

Will the SEC Withdraw the Appeal Against the Summary Judgment?

Judge Torres’ final judgment could be crucial in the SEC deciding whether to withdraw its appeal in the Ripple case.

This week, reports of the SEC potentially dismissing or pausing non-fraud crypto-related cases fueled market optimism. The lack of fraud in the Ripple case could enable the SEC to withdraw its appeal or pause the case until Trump-nominated SEC Chair Paul Atkins takes the helm.

The outlook looks bright for Ripple and its lengthy legal battle with the SEC. Legal experts expect Atkins to reverse course on the SEC’s crypto-enforcement efforts. Former SEC Office of Internet Enforcement Chief John Reed Stark previously commented on Atkins’ crypto stance, saying,

“Paul favors free markets and hates over-regulation – which should be a net-positive for the cryptoverse.”

XRP Price Trends: SEC Appeal in Focus

The SEC vs. Ripple case remains the key driver for XRP’s price trajectory. Reports of the SEC planning to pursue its appeal could drag XRP toward $2.00. XRP could face a bigger retreat if the SEC wins at the Second Circuit.

Conversely, XRP could break above its 2018 record high of $3.5505 if the agency withdraws its appeal. Additionally, a withdrawal could open the door to a US XRP-spot ETF market, potentially driving XRP demand.

XRP Price Action

Daily Chart

Despite Saturday’s loss, XRP remains well above the 50-day and 200-day Exponential Moving Averages (EMA), sending bullish price signals.

A breakout from the January 16 high of $3.3999 could signal a move toward the 2018 all-time high of $3.5505. Furthermore, a break above $3.5505 may enable the bulls to target the $4 level next.

SEC-related activity and Ripple case-related news require consideration.

Conversely, a drop below $3 could suggest a retreat toward the $2.5 level. A fall through $2.5 may enable the bears to target the $2, a likely crucial psychological support level if the SEC pursues its appeal.

With a 14-day Relative Strength Index (RSI) reading of 73.94, XRP sits in overbought territory (RSI above 70). Selling pressure could intensify at the January 16 high of $3.3999.

Market Outlook: Regulatory Uncertainty Looms

XRP’s future hinges on regulatory and macroeconomic developments. The SEC’s decision on its Ripple appeal will influence market sentiment, while broader shifts in crypto regulations and monetary policy will further influence price action.

For additional analysis on the SEC’s appeal strategy and XRP’s market implications, view our insights here.