XRP News Today: XRP Faces Price Resistance as SEC Chair Hints at Further Crypto Action

XRP Trails the Broader Market on Appeal Uncertainty

On Wednesday, September 18, XRP advanced by 0.17%, partially reversing a 0.39% loss from the previous day to close at $0.5857. Despite the gain, XRP underperformed the broader crypto market, which rose by 2.08% to a total market cap of $2.082 trillion.

The broader crypto market responded positively to the Fed cutting interest rates by 50 basis points while signaling a soft US economic landing.

SEC Chair Gensler Signals Continued Crypto Scrutiny

On Wednesday, September 18, SEC Chair Gary Gensler reinforced his stance on crypto regulation in a CNBC interview. Chair Gensler emphasized the need to protect retail investors, stating,

“This is a field that’s rife with fraudsters and scammers and grifters, and it just has been. There’s nothing incompatible about the field with the basic protections that are in the securities laws. I mean, if you store something on an accounting ledger or record ledger called the blockchain, investors still need to have basic protections. […] So I would say that there’s a lot of clarity that’s called the US securities laws that have worked for 90 years.”

Notably, Gensler’s comments suggested the agency remains committed to regulating the digital asset space through enforcement.

Congress to Hear SEC Testimony on Regulatory Practices

The timing of the Gensler interview coincided with the US House Committee on Financial Services announcing a full committee hearing on September 24, entitled Oversight of the Securities and Exchange Commission. Notably, all five SEC Commissioners will testify before the Committee for the first time since 2019.

Since the announcement, the Financial Services GOP highlighted recent cases where the SEC faced legal pushback for reckless agenda and abuse of power. These included SEC cases against Debt Box, Grayscale, and Ripple.

US lawmaker scrutiny of SEC Chair Gensler and the SEC’s oversight of the digital asset space can be positive for crypto price trends. However, the SEC’s intent to continue targeting the crypto space suggests a possible appeal against rulings from the SEC vs. Ripple case. The SEC has until October 7 to file an appeal.

XRP Price Trends and SEC Appeal Plans

Price trends remain dependent upon whether the SEC appeals rulings from 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 informed on the latest legal developments to capitalize on XRP’s potential price movements.

XRP Price Action

Daily Chart

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

A return to the $0.60 level could support a move toward the $0.6527 resistance level. Furthermore, a break above the $0.6527 resistance level may give the bulls a run at the $0.70 level.

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

Conversely, a drop below the $0.5739 support level may give the bears a run at the 50-day and 200-day EMAs. A break below the EMAs would signal a bullish trend reversal and indicate a possible fall toward the $0.50 level.

With a 14-day RSI reading of 57.44, XRP could return to the $0.65 level before entering overbought territory.