XRP News Today: XRP Faces Pressure as Appeal Risk Clouds Price Outlook

XRP Falters Despite Broader Market Gains

On Friday, September 27, XRP declined by 0.29%, partially reversing a 1.22% gain from the previous session, closing at $0.5891. Significantly, XRP continued to underperform the broader market, which advanced by 1.39%, bringing the total market cap to $2.263 trillion.

SEC vs. Ripple: Growing Speculation Regarding an SEC Appeal

On Friday, the crypto community continued speculating about the SEC possibly appealing rulings in the SEC v Ripple case. Pro-crypto lawyers responded to comments from a former SEC lawyer, who predicted an SEC appeal targeting 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.

Attorney Fred Rispoli commented on the likelihood of an SEC appeal, stating,

“I’m 60/40 rn (right now) in favor of seeing an SEC notice of appeal, but the stakes are really high for the SEC. Letting it slide (no appeal) means that “programmatic sales” is a one-off loss that literally only applies to Ripple’s secondary sales and is a distinguishable SDNY loss for the SEC.”

Rispoli emphasized the significance of the Programmatic Sales of XRP ruling, adding,

“Appealing and getting Ripple affirmed is a huge gift to all litigants in the 2nd Cir fighting the SEC (all of NY and SEC’s favorite) to argue all secondary sales are not investment contracts.”

Fred Rispoli raised the odds of an SEC appeal from 50:50 after Ripple filed a stay on the $125 million penalty. Ripple requested the stay remain effective for 30 days after the 60-day appeal window.

Notably, Rispoli also highlighted the risk of the SEC overturning the ruling, saying,

“The reality of SEC’s chances of winning on an appeal though mainly comes down to the three randomly selected justices that would hear it. If SEC drew 3 SEC-biased judges (rare but possible), it could win.”

XRP Price Trends: Will the SEC Appeal Impact Market Sentiment?

Price trends depend on 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.

Investors should closely monitor appeal-related news, which could significantly impact XRP price trends. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

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

A break above $0.60 would support a move to the post-final judgment high of $0.6434. Furthermore, a return to $0.6434 could give the bulls a run at $0.70.

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

Conversely, a break below the $0.5739 support level and the 50-day EMA could bring the 200-day EMA into play. However, buying pressure could increase at the $0.5739 support level. The 50-day EMA is confluent with the support level.

With a 14-day RSI reading of 55.75, XRP may return to the $0.65 level before entering overbought territory.