XRP News Today: Will Ripple’s BRICS Ties Impact the SEC’s Appeal Decision?

XRP Drifts Below $0.60

On Friday, August 30, XRP gained 0.96%, partially reversing a 1.35% loss from the previous day, closing at $0.5676. XRP outperformed compared to the broader crypto market trend, which fell by 0.29% to a total market cap of $2.037 trillion.

Ripple’s Strategy for Small Business Payments

On Friday, Ripple rolled out a whitepaper titled, ‘How Local Banks Can Win the Race to Support Small Business Payments.’

The whitepaper showcased Ripple Payments. Aimed at smaller banks, this solution promises faster settlement times and reduced costs, providing an edge in the global payments market.

Ripple highlighted an opportunity for smaller banks, saying,

“While the B2B payment market is expected to reach $174.2 trillion by 2030, there is no certainty about which financial providers will capitalize on this growth opportunity. Large financial providers have left the door wide open for local banks to capture the market by offering modern payment options. By integrating with Ripple Payments, local banks can offer superior cross-border payments to the SMEs that desperately need them, attracting new business and accelerating their own growth in the process.”

The whitepaper aligned with Ripple’s global expansion plans. Increased adoption of Ripple Payments and other products could boost XRP adoption and value.

SEC vs. Ripple Final Judgment Opened the Door to XRP Adoption

On August 7, Judge Analisa Torres issued the final judgment, ordering Ripple to pay $125 million in penalties and comply with US securities laws. The SEC wanted $2 billion and an injunction prohibiting XRP sales to institutional investors, An injunction could have severely impacted Ripple’s US expansion plans.

Since the final judgment, speculation has intensified about the United Arab Emirates (UAE) and other nations replacing the US dollar (petrodollar) with XRP in oil trades. Ripple is also widely associated with BRICS (Brazil, Russia, India, China, and South Africa), which aims to reduce US dollar reliance in international trade and finance.

In March 2024, BRICS News posted:

“BRICS announces creation of independent payment system based on cryptocurrency and blockchain.”

According to the announcement, the new BRICS payment system will offer an alternative to the US dollar. The crypto community reacted to the news, linking Ripple to the payment system.

Ripple’s association with BRICS and its products, competing with the US banks, could influence the SEC’s decision on whether to appeal. Russia’s involvement in BRICS may complicate Ripple’s position with the US government, particularly if Ripple is collaborating with the five nations.

US Securities and Exchange Commission Targets Cryptos

On Friday, the US Securities and Exchange Commission (SEC) retargeted the US digital asset space on X, posting.

“Scammers often use innovations and emerging technologies like crypto to perpetrate investment scams. Learn about five ways fraudsters may lure victims into scams involving crypto asset securities.”

The SEC posted the anti-crypto warning after issuing a Wells Notice to OpenSea, the Non-Fungible Token (NFT) marketplace. Thee agency alleged that NFTs on its marketplace are securities.

Pro-crypto lawyer Fred Rispoli responded to the SEC’s crypto warning, stating,

“I have requested this post be Community Note-reviewed as the OP has scammed hundreds of thousands of investors into purchasing crypto given the agency’s all clear only to be rugged by the agency at a later date.”

The SEC’s renewed scrutiny of the crypto space coincides with the rising tension in the US political landscape as the primaries approach.

US Primaries: A Battle for Crypto’s Future

The upcoming Massachusetts primary on September 3, featuring CryptoLaw founder John E. Deaton against Senator Elizabeth Warren, could have significant implications for the crypto market.

Deaton commented on news of Custodia Bank layoffs and Senator Warren’s position regarding innovation, stating,

“Below is an example of what happens when you have the OPPOSITE of a pro-innovation regulatory environment. My opponent, Senator Warren, sits on the Banking Committee and is largely responsible for the current anti-innovation culture within our government.”

Senator Warren, US Banks, and Cryptos

In December 2023, Deaton targeted Senator Warren and JPMorgan CEO Jamie Dimon’s close ties, stating,

“Let’s see: Jamie Dimon tells Senator Warren everything she wants to hear regarding her war on Bitcoin and crypto right at the same time she introduces her bill to effectively ban Bitcoin & Crypto in the United States. Isn’t that convenient timing on Warren’s part?”

In December 2023, Senator Warren invited CEOs of the largest US banks to a Banking Committee Hearing. The Senator targeted the crypto space, saying,

“When it comes to banking policy, I don’t usually agree with the CEOs of multi-billion-dollar banks. But enforcing anti-money laundering rules against crypto to protect national security is common sense & critical. It’s time for Congress to act.”

JPMorgan CEO Jamie Dimon responded with an anti-crypto tirade, famously saying,

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

A victory for Deaton could shift the regulatory environment, potentially reducing Senator Warren’s influence and weakening Gary Gensler’s war against crypto.

XRP Price Trends and SEC Appeal Plans

In the near term, price trends depend on the SEC ‘s plans to appeal rulings from the Ripple case. XRP could drop below $0.40 if the SEC appeals. Conversely, if the SEC decides against challenging court rulings, XRP could return to $1.00, similar to the surge following the Programmatic Sales of XRP ruling.

The uncertainty surrounding the SEC’s plans remains a key factor for XRP investors.

Investors should remain vigilant. Appeal-related news will likely influence 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 above the 50-day and 200-day EMAs, sending bullish price signals.

A break above the $0.5739 resistance level would support a move toward $0.60. Furthermore, a breakout from the $0.60 could bring the August 7 high of $0.6434 into play.

SEC vs. crypto case-related chatter and SEC activity require consideration.

Conversely, an XRP break below the 50-day EMA could signal a fall to the 200-day EMA. Furthermore, a fall through the 200-day EMA would affirm a bullish trend reversal and a possible drop below $0.50.

With a 14-day RSI reading of 46.70, XRP could fall to $0.50 before entering oversold territory.