XRP News Today: XRP Outperforms – Deaton, Ripple Take on SEC’s Appeal

XRP Holds Steady Above $0.50 Amid SEC, Ripple Appeals – What’s Next?

On Saturday, October 26, XRP gained 2.35%, partially recovering from a 5.66% slide on Friday, closing at $0.5135. XRP’s gain was notable compared to the broader crypto market, which advanced by 0.88% to a total market cap of $2.232 trillion.

However, XRP displayed heightened sensitivity to anti-crypto reports as the SEC and Ripple began their respective appeals. Investors reacted positively to Tether dismissing the WSJ article about the FBI investigating Tether (USDT).

Senate Candidate John Deaton Reenters the SEC vs. Ripple Battle

On Friday, candidate for United States Senate in Massachusetts and lawyer John E. Deaton commented on his reentry into the SEC vs. Ripple case, stating,

“Senator Elizabeth Warren literally mocked my pro bono work during the debate when I mentioned that I had worked for free trying to assist the 75K token holders who had joined me, including 627 who live in Massachusetts. Well, she can laugh some more, because I intend to continue to represent them in this ridiculous appeal made by the SEC, either as a sitting U.S. Senator or as a private citizen.”

Deaton added that someone must represent the XRP token holder as America must be a global leader in innovation.

In 2023, Deaton represented 75,000 XRP holders in the SEC vs. Ripple case, influencing the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

Deaton also referenced Ripple co-founder Chris Larsen’s recent donation to US Vice President Kamala Harris, saying,

“In fact, XRP is so LEGAL, Chris Larsen, who was PERSONALLY SUED, by the SEC (along with Brad Garlinghouse), over personal sales of XRP, just DONATED millions of XRP to Vice President Kamala Harris through Coinbase (COIN), which is ALSO BEING SUED by the same rogue out-of-control SEC, led by an unethical, corrupt Chairman in Gary Gensler.”

The SEC filed its Civil Appeal Pre-Argument Statement (Form C) and addenda on October 17, challenging the Programmatic Sales of XRP ruling. Ripple countered the SEC appeal with a cross-appeal, targeting several rulings, including the ruling that institutional sales violated US securities laws.

Outlook

Investors should track SEC appeal-related developments, which could significantly influence XRP price trends.

While the SEC vs. Ripple case remains the focal point, the US Presidential Election could influence XRP demand. XRP could breakout from $0.55 if Trump takes a lead in the polls. Trump pledged to fire SEC Chair Gensler on day one if he wins the election. Firing SEC Chair Gensler’s tenure could end the SEC’s appeal.

Stay informed with our latest news and analysis to better manage your exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovers well below the 50-day and 200-day EMAs, affirming bearish price signals.

A return to $0.5350 could enable the bulls to target the 200-day and 50-day EMAs. Furthermore, a break above the 200-day EMA may signal a move toward the $0.5739 resistance level.

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

Conversely, a fall through $0.50 could signal a drop toward trend lines.

With a 14-day RSI reading of 39.50, XRP may fall to the trend lines before entering oversold territory.