XRP News Today: Will US Election Impact XRP? Key Political Moves and SEC Speculation

XRP Revisits $0.53 as the Crypto Market Stabilizes

On Sunday, September 8, XRP advanced by 0.88%, following a 0.77% gain on Saturday, closing at $0.5297. XRP underperformed compared with the broader crypto market, which rose by 1.35% to a total market cap of $1.904 trillion.

US Politics and the XRP Community

US politics was a talking point throughout the weekend after Ripple co-founder Chris Larsen endorsed Kamala Harris for president.

On Sunday, September 8, Fox Business journalist Eleanor Terrett shared a letter from Senator Chuck Schumer, stating,

“Senator Schumer sent a letter to his Senate colleagues where he mentioned priorities for passing bipartisan legislation in the remaining months of Congress. Cryptocurrency legislation was not mentioned, but artificial intelligence was.”

The lack of support for the US digital asset space raised concerns, as a Kamala Harris victory could leave the industry vulnerable to SEC Chair Gary Gensler’s regulation

Pro-crypto lawyer James ‘MetaLawMan’ Murphy commented on Terret’s post on X (formerly Twitter), saying,

“In a surprise to absolutely no one, it turns out Senator Schumer is not interested in passing any crypto legislation this year (or any year?). Ignore what they say, Watch what they do. We won’t get fooled again.”

Senator Schumer’s letter comes at a pivotal time for the US digital asset space, with CryptoLaw US founder John E. Deaton battling Senator Elizabeth Warren for Massachusetts.

John E. Deaton vs. Senator Elizabeth Warren

Last week, amicus curiae attorney John E. Deaton won the Republican Party primary, setting up a head-to-head battle with anti-crypto Senator Warren for the Massachusetts Senate seat.

John E. Deaton played a pivotal figure in the SEC vs. Ripple case, representing 75,000 XRP holders, culminating in the Programmatic Sales of XRP ruling. In contrast, Senator Warren has taken an anti-crypto stance, advocating SEC Chair Gary Gensler and the SEC’s regulation through enforcement approach toward the US digital asset space.

In 2023, Senator Warren introduced the Digital Asset Anti-Money Laundering Act, which proposes banking-style anti-money laundering (AML) and countering the finance of terrorism (CFT) frameworks for the digital asset space. Notably, Senator Roger Marshall admitted the American Bankers Association helped draft the Act, highlighting the Democratic Party’s stance toward the US digital asset space.

Unless there is a Democratic Party reset on cryptocurrencies, the outcome of the US Presidential Election could prove pivotal for XRP and the broader crypto market.

The outcome of the US Presidential Election could dictate legislation for the US digital asset space. While the crypto community sees a Kamala Harris victory as a doomsday event, a Donald Trump victory could boost demand for XRP and the crypto market.

In May, Donald Trump targeted the crypto voting pool that may decide the outcome of the US Presidential Election. Trump stated,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

XRP Price Trends Amid SEC Appeal Speculation

While the US Presidential Election will remain a focal point, uncertainty about SEC plans to appeal against rulings in the Ripple case remains an XRP headwind.

Last week, pro-crypto lawyer Fred Rispoli raised the chances of an SEC appeal, saying,

“IMO 60/40 in favor of appeal.”

Price trends will likely depend on an SEC appeal against 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 signal a move toward the 50-day EMA and the $0.5739 resistance level. Furthermore, a break above the $0.5739 resistance level could bring $0.60 into play.

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

Conversely, a drop below the $0.50 level could signal a fall toward the top trend line.

With a 14-day RSI reading of 40.20, XRP may drop to $0.50 before entering oversold territory.