XRP News Today: XRP Falters Below $0.60 as Trump News and SEC Appeal Uncertainty Weigh

XRP Move Toward $0.60 Falters

On Sunday, September 15, XRP slid by 4.04%, reversing a 3.92% gain from the previous day, closing at $0.5721. Significantly, XRP underperformed the broader crypto market, which declined by 1.97%, bringing the total market cap to $2.014 trillion.

Trump Assassination Attempt Impacts XRP Demand

On Sunday, former US President Donald Trump reportedly survived a second assassination attempt during a golf game in West Palm Beach, Florida. According to reports, the Federal Bureau of Investigation (FBI) engaged with a gunman just before 1400 Eastern Time (ET).

Notably, the news impacted XRP, which tumbled from $0.5879 to a session low of $0.5693.

The crypto market sees Donald Trump as the crypto candidate, gaining increasing support since declaring in May,

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

Trump has also vowed to fire SEC Chair Gary Gensler on his first day as President if elected US President while pledging to build a national BTC stockpile.

In contrast, the Democratic Party has not clarified its crypto stance, with Kamala Harris reportedly considering Gensler for the US Treasury Secretary post.

Uncertainty About SEC Plans to Appeal Remains an XRP Headwind

While US politics took center stage, uncertainty about the SEC’s plans to appeal against rulings in the SEC vs. Ripple case lingered.

Last week, Ripple Chief Legal Officer Stuart Alderoty declared an end to the SEC vs. Ripple case following an SEC filing in the Binance case. In the Friday, September 13, filing, the SEC clarified it will no longer refer to cryptos as crypto asset securities. However, the agency stated,

“The SEC’s allegations with respect to the Ten Crypto Assets at issue in secondary markets are that their promotions and economic realities have not changed in any meaningful way under Howey, such that they continue to be offered and sold as investment contracts.”

The focus on the secondary markets suggests that the SEC may still 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.

Ripple and the SEC have a 60-day appeal window since the final judgment date of August 7, 2024.

XRP Price Trends and SEC Appeal Speculation

Price trends may depend 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 hovers above the 50-day and 200-day EMAs, confirming bullish price trends.

A breakout from the $0.5739 resistance level could support a move toward the September 12 high of $0.5897. A return to $0.5897 may give the bulls a run at the $0.60 level.

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

Conversely, a break below the 50-day and 200-day EMAs would signal a bullish trend reversal and a possible fall toward the $0.50 level.

With a 14-day RSI reading of 52.11, XRP could return to the $0.60 level before entering overbought territory.