XRP News Today: XRP Breaks Key Level at $0.65 on Ripple Updates

XRP Breaks Above Key $0.65 Level

On Sunday, September 29, XRP jumped by 4.29%, following a 4.41% rally from the previous session, closing at $0.6415. Significantly, XRP outperformed the broader market, which dropped by 0.28%, taking the market cap to $2.254 trillion.

Ripple Takes Crypto to the US Federal Reserve

On Sunday, investors reacted to news that Ripple co-founder Chris Larsen and CEO Brad Garlinghouse attending the Federal Reserve Bank of Philadelphia’s annual fintech conference.

According to the Fed Bank of Philadelphia website, the conference will take place between October 22-23, 2024. The conference will focus on shifts within the fintech space, with talking points including,

• Real-world asset tokenization;
• Tokenized deposits;
• Banking-as-a-service; and
• The potential role of fintech in shaping the future of finance.

Their attendance highlights the increasing acceptance of Ripple and XRP since the Programmatic Sales ruling and the final judgment in the SEC v Ripple case.

Mastercard and Ripple Collaboration

On Sunday, news emerged that the Mastercard (MA) CEO announced XRP will not replace SWIFT but facilitate cheaper and faster transactions using Ripple’s blockchain tech.

The announcement is significant for XRP, which is benefiting from increasing global adoption since the Programmatic Sales ruling and the final judgment. The Mastercard-Ripple partnership could see a significant increase in XRP adoption while also putting digital assets on the mainstream map.

SEC vs. Ripple: Will the SEC Appeal?

Positive news relating to Ripple and XRP muted speculation about an SEC appeal against rulings in the Ripple case. While Ripple makes further inroads into the mainstream arena, uncertainty remains about SEC plans to appeal.

The SEC and Ripple must file appeals by October 7, within 60 days of the August 7 final judgment. XRP’s outlook could significantly improve if the SEC decides not to appeal.

Is an XRP-spot ETF Market on the Horizon?

Beyond collaborations with companies, including Mastercard, ETF issuers may submit applications for US XRP-spot ETFs in the future.

In November 2023, news hit the crypto wires of BlackRock (BLK) filing an XRP-spot ETF application with the SEC. XRP rallied from $0.6410 to a session high of $0.7503 as investors reacted to the news. However, the news was fake, leading to a reversal. Nevertheless, the price action highlighted the possible market response to the launch of an XRP-spot ETF market.

XRP Price Trends Remain Hinged on SEC Plans

Price trends remain dependent upon whether the SEC appeals rulings from the Ripple case. If the SEC appeals the Programmatic Sales of XRP ruling, XRP could drop toward $0.40. Conversely, if the SEC does not file an appeal, XRP could target $1.00, mirroring the market’s response to the Programmatic Sales of XRP ruling.

Keep track of SEC actions, which could be pivotal in dictating price movements.

XRP Price Action

Daily Chart

XRP holds comfortably above the 50-day and 200-day EMAs, confirming bullish price trends.

A break above the $0.6609 resistance level and the September 28 high of $0.6655 could support a move toward the $0.70 level. Furthermore, a return to $0.70 may bring the $0.7467 resistance level into play.

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

Conversely, a fall through $0.60 could bring the 50-day EMA and the $0.5739 support level into play. A drop below the 50-day EMA may signal a fall toward the 200-day EMA.

With a 14-day RSI reading of 70.50, XRP sits in overbought territory. Selling pressure could intensify at the Sunday high of $0.6655.