XRP News Today: XRP Climbs 2% as SEC Filing Fuels Appeal Speculation

XRP Approaches $0.60 Amid Appeal Uncertainty

On Friday, September 13, XRP advanced by 1.99%, following a 5.04% rally from the previous day, closing at $0.5737. Significantly, XRP underperformed compared to the broader crypto market, which advanced by 3.25% to a total market cap of $2.068 trillion. Uncertainty about SEC plans to appeal rulings in the Ripple case remained a headwind.

SEC vs. Crypto: Is Ripple Case Over?

On Friday, Ripple Chief Legal Officer Stuart Alderoty declared an end to the SEC vs. Ripple case, stating,

“Ripple’s case is over, but the ‘fair notice’ defense is still alive for others. The SEC cites the 2017 DAO report as industry notice that ‘crypto asset securities’ are subject to US securities laws. Seven years later, the SEC apologizes to a federal judge—surely a person of at least ‘ordinary intelligence’—for the confusion it invited by using the inherently unclear term.”

Alderoty reacted to developments in the ongoing SEC vs. Binance case. On September 13, the SEC asked permission from the court to amend the Binance complaint, clarifying its position on crypto asset securities. In footnote 6, the SEC stated,

Uncertainty Surrounds SEC Appeal on XRP Ruling

The SEC’s filing on crypto as securities does not appear to clarify whether the SEC will cease to view secondary sales of crypto assets as the sale of securities.

Considering the market reaction to the SEC’s filing in the Binance case, investors remain uncertain about the agency’s plans to appeal the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

On July 13, 2023, XRP surged from $0.4696 to $0.9327 in response to the ruling before falling below the $0.50 level on speculation of an SEC appeal. In contrast, XRP climbed to a September 13, 2024 high of $0.5755.

XRP Price Trends Amid SEC Appeal Speculation

Price trends remain hinged on the SEC’s plans to appeal 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 above the 50-day and 200-day EMAs, affirming bullish price signals.

A break above the September 12 high of $0.5897 would support a move toward $0.60. Furthermore, a return to $0.60 could bring the August high of $0.6434 into play.

SEC activity and updates related to SEC vs. crypto cases require consideration.

Conversely, a drop below the $0.5739 support level could give the bears a run at the 50-day and 200-day EMAs. A fall through the EMAs would signal a bullish trend reversal, possibly bringing the $0.50 level into play.

With a 14-day RSI reading of 55.50, XRP could break above the $0.60 level before entering overbought territory.