XRP News Today: US Politics and SEC Appeal Speculation Pressuring Ripple Prices

XRP Ends Four-Day Winning Streak

On Wednesday, September 11, XRP declined by 1.02%, reversing a 0.20% gain from the previous day to close at $0.5355. However, XRP saw heavier losses than the broader crypto market, which declined by 0.73% to a total market cap of $1.974 trillion.

US Political Impact on XRP Price Trends

On Tuesday, September 10, Democrat Vice President Kamala Harris and Republican front-runner Donald Trump faced off in a Presidential Debate. There were no references to crypto during the debate, disappointing the crypto market.

Trump, who has been wooing the crypto vote since May, remained silent on the topic, even after his earlier statements, including: “If you like crypto in any form… if you’re in favor of crypto, you better vote Trump.”

XRP reacted to the debate, falling to a session low of $0.5235 as polls indicated that Harris outperformed Trump. CNN conducted a poll, asking voters,

“Regardless of which candidate you support, who do you think (did/is likely to do) the better job in the presidential debate?”

Before the debate, voters were evenly split on who would be likely to do a better job in the debate. However, 63% of voters believed Harris did a better job after the debate.

Crypto Community vs. Senator Elizabeth Warren

While the Presidential Debate took center stage, the crypto community also focused on Senator Elizabeth Warren. On Wednesday, Gemini co-founder Tyler Winklevoss reacted to a campaign email from Senator Warren, stating,

“Elizabeth Warren’s latest campaign email couldn’t be more dishonest. She claims the crypto industry’s upset because she “called for fair regulations,” when she’s been waging an unlawful war against it and the 50m Americans who own crypto. Vote for John E Deaton to end the madness.”

In the campaign email, Senator Warren wrote,

“We just discovered that conservative, crypto-funded groups are starting to place six-figure ads against me – spreading misinformation to voters to prop up my Republican opponent. Some of the funders behind these ads are crypto investors like the Winklevoss brothers – Yes those guys from The Social Network – because they’re upset that I’ve called for fair regulations around the industry that protect working people.”

Senator Warren referenced the Digital Asset Anti-Money Laundering Act, which proposes banking-style anti-money laundering and countering the financing of terrorism (CFT) frameworks for the digital asset space.

In December 2023, Senator Roger Marshall admitted that he and Senator Warren drafted the bill with the help of the American Bankers Association. In the same month, Senator Warren invited CEOs from the largest US banks to attend a Banking Committee hearing on Capitol Hill, where JPMorgan CEO Jamie Dimon famously said,

“If I was the government, I would close it down.”

Senator Warren is up against CryptoLawUS founder John E Deaton for the Massachusetts Senate. In contrast to Senator Warren, Deaton represented 75,000 XRP holders in the SEC vs. Ripple case, contributing to the Programmatic Sales of XRP ruling.

XRP Price Trends Amid SEC Appeal Speculation

As investors consider US political developments, the lingering threat of an SEC appeal in the Ripple case remains an XRP headwind.

Price trends are likely to depend on whether the SEC appeals rulings in the Ripple case. If the SEC appeals, XRP may drop below $0.40. Conversely, XRP could target $1.00 if the SEC does not file an appeal notice, mirroring the market’s response to the Programmatic Sales of XRP ruling.

Investors should closely monitor appeal-related news, which could significantly impact 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 remained below the 50-day and 200-day EMAs, confirming bearish price trends.

A breakout from the 200-day EMA could give the bulls a run at the 50-day EMA. Furthermore, a break above the 50-day EMA would signal a bearish trend reversal, supporting a move toward the $0.5739 resistance level.

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

Conversely, a drop below the $0.50 level could indicate a fall to the top trend line.

With a 14-day RSI reading of 42.60, XRP may drop below $0.50 before entering oversold territory.