XRP News Today: Will SEC Appeal Strategy Send XRP Price Above $1.00?

XRP Holds Above $0.55 Amid SEC Appeal Speculation

On Saturday, November 9, XRP advanced by 0.92%, reversing a 0.40% loss from the previous session, closing at $0.5593. Significantly, XRP closed above the crucial $0.55 level for the third consecutive day as speculation about the SEC appeal intensified. However, XRP underperformed the broader crypto market, which increased by 1.79%, lifting the total market cap to $2.583 trillion.

SEC Appeal Strategy Under Scrutiny

The SEC’s plans to appeal rulings in the Ripple case faced increasing scrutiny. Former SEC Office of Internet Enforcement Chief John Reed Stark remarked on the SEC’s anti-crypto stance, stating,

“FYI, stick a fork in the SEC, it’s done.”

Stark commented on X (formerly Twitter), sharing a spaces interview that discussed why the SEC’s war on crypto might be over.

Ripple Chief Legal Officer Stuart Alderoty reacted to Stark’s post, stating,

“John, a staunch SEC supporter, has the class to say, ‘The people have spoken.’ Gensler and his anti-crypto minions should voluntarily stand down, or as John explains, the SEC’s new Chair (when appointed) will use the agency’s internal mechanisms to remove them. Either way, it’s over.

Impact of Trump’s Victory on the SEC’s Future and XRP

On November 5, Trump won the US presidential election, driving buyer demand for XRP and the broader crypto market. On the campaign trail, Trump pledged to fire SEC Chair Gary Gensler on day one in office. Inauguration Day, on January 20, 2025, is just days after the court’s deadline for the SEC to submit its appeal-related opening brief.

Despite Trump’s victory, uncertainty lingers regarding the SEC’s appeal strategy. If the SEC proceeds with its appeal, XRP could face selling pressure over fears of the agency successfully winning on appeal. Conversely, XRP may potentially surge toward $1.00 if the SEC withdraws its appeal, mirroring the July 2023 rally in response to the favorable Programmatic Sales of XRP ruling.

Programmatic Sales of XRP: A Critical Legal Precedent

In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. The crypto market reacted to the ruling, with exchanges relisting XRP, fueling demand.

Demand may surge further if the SEC withdraws its appeal as fears of US exchanges delisting XRP recede. Conversely, US exchanges would likely delist XRP if the SEC wins on appeal and the courts deem XRP a security, potentially dragging XRP below $0.40.

Outlook

SEC communications regarding its appeal strategy will play a pivotal role in near-term XRP price trends. Follow our updates to stay ahead of XRP price shifts.

XRP Price Action

Daily Chart

XRP sits above the 50-day and 200-day EMAs, sending bullish price signals. A breakout from the $0.5739 resistance level could signal a move toward the crucial $0.60 mark. Furthermore, a return to $0.60 may enable the bulls to target the September 29 high of $0.6655.

Ripple case-related news and SEC vs. crypto case-related updates require consideration.

Conversely, a drop below the $0.55 level may indicate a fall toward the 200-day and 50-day EMAs. A fall through the 50-day EMA would bring $0.50 into play.

With a 14-day RSI reading of 66.22, XRP could climb to $0.60 before entering overbought territory.