XRP News Today: Will Trump’s SEC Pick Propel XRP Beyond $1.81?

XRP Hits $1.62 for the First Time Since May 2021

On Saturday, November 23, XRP slipped by 0.17%, following Friday’s 18.04% surge, closing at $1.4706. Significantly, XRP climbed to a session high of $1.6299, its highest level since May 2021.

Despite the milestone, profit-taking weighed on XRP, leaving it in negative territory for the session. Meanwhile, the broader crypto market gained 0.40%, taking the market cap to $3.270 trillion.

Market expectations of the SEC withdrawing its appeal against rulings in the Ripple case and speculation about a pro-crypto overhaul at the agency sent XRP to the $1.62 level.

SEC and the Appeal Against Ruling in the Ripple Case

This week, SEC Chair Gary Gensler and Commissioner Jaime Lizarraga announced their resignations from the agency. Significantly, both will depart the SEC on January 20, 2025, just days after the SEC’s appeal-related opening brief deadline on January 15, 2025. Gensler’s departure opens the door to a Trump-appointed pro-crypto SEC Chair, potentially signaling a shift in regulatory policy.

The SEC filed its Civil Appeal Pre-Argument Statement (Form C), challenging the Programmatic Sales of XRP ruling and the final judgment, while targeting Ripple founder Chris Larsen and CEO Brad Garlinghouse.

An appeal withdrawal would be significant for XRP and the broader crypto market. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test. Setting the ruling as a precedent could also weaken the SEC’s legal challenges against Coinbase (COIN) and Binance.

Crypto Market Awaits Trump’s SEC Chair Pick

President-elect Donald Trump’s pick for SEC Chair could be pivotal to the SEC’s plans to challenge rulings in the Ripple case.

Two potential picks include Paul Atkins and Brad Bondi. Former SEC Office of Internet Enforcement Chief John Reed Stark recently gave insights into the two candidates and stances regarding ongoing lawsuits against crypto firms.

Notably, Stark expects Brad Bondi to immediately halt the agency’s legal challenges against crypto firms by settling or dismissing the cases. Stark holds a similar view of Atkins, believing he would change the direction of the agency’s crypto enforcement efforts.

Trump’s pick for SEC Chair and the SEC’s stance on the Ripple appeal could be the next XRP price driver in the coming months.

On November 21, Fox Business journalist Eleanor Terrett reported Paul Atkins as the frontrunner for the agency’s top spot.

Outlook

Investors should focus on the SEC Chair nominee and comments relating to the SEC’s appeal against rulings in the Ripple case. A crypto-friendly SEC Chair, aligned with Trump’s crypto goals, could drive demand for XRP and the broader crypto market. The next crucial XRP level is $1.81, provided it breaks above Saturday’s high of $1.6299.

XRP Price Action

Daily Chart

XRP remains well above the 50-day and 200-day EMAs, affirming the bullish price signals.

A return to $1.50 could support a move toward Saturday’s high of $1.6299. Furthermore, a break above $1.6299 may enable the bulls to target the May 2021 high of $1.8171.

SEC Chair-related news and Ripple case-related updates require consideration.

Conversely, a break below $1.40 may bring the $1.20 level into play. A fall through $1.20 may signal a drop toward $1. Speculation about an SEC Chair likely to pursue the agency’s appeal against Ripple could adversely impact XRP demand.

With a 14-day RSI reading of 90.11, XRP sits in overbought territory. Selling pressure could intensify at Saturday’s high of $1.6299. Despite sitting in overbought territory, XRP could move higher on speculation about SEC plans to withdraw its appeal.