XRP News Today: XRP Outperforms Market Amid SEC Silence on Appeal

XRP Revisits $0.60 as Appeal Deadline Looms

On Saturday, September 21, XRP advanced by 2.28%, recovering from a 0.19% loss in the previous session to close at $0.5979. Significantly, XRP outperformed the broader market, which gained 0.95%, taking the total market cap to $2.172 trillion.

SEC vs. Ripple: Will the SEC Wait Until the Eleventh Hour to Appeal?

The crypto community remains on edge as October approaches. On August 7, Judge Torres delivered the final judgment in the SEC vs. Ripple case. XRP had a relatively muted price reaction to the final judgment despite the broader crypto market viewing the ruling favorably.

Since the final judgment, Ripple asked the court’s permission for a 30-day stay on the $125 million penalty. The SEC and Ripple have a 60-day window to file appeals, which closes on October 7.

Notably, the SEC has remained silent on its intentions for an appeal, leaving XRP well below last year’s high. XRP surged to a July 13, 2023, high of $0.9327 following the Programmatic Sales of XRP ruling. However, fears of an SEC appeal sent XRP to an August 2023 low of $0.4367.

Mixed Views Among Pro-Crypto Lawyers on SEC Appeal

Pro-crypto lawyer Fred Rispoli recently increased his odds 60:40 in favor of the SEC filing an appeal.

With the October 7 appeal deadline looming, investors may consider the SEC’s silence regarding an appeal as XRP positive. However, the SEC could file an appeal at the eleventh hour.

Conversely, pro-crypto lawyer Jeremy Hogan shared his views on the possibility of an SEC appeal, stating,

“Most likely the SEC just hasn’t made a decision whether it will appeal yet. Why? Filing a Notice of Appeal – see sample below – takes only 15 minutes (you file the Notice and then have 70 days to file the actual brief). If the decision to appeal was already made, there’s no reason to delay filing the Notice – especially when you think it’s bad case authority out there.”

The contrasting views about an SEC appeal add to market uncertainty, creating headwinds for XRP’s price action.

XRP Price Trends Hinged on SEC Appeal Plans

Price trends remain hinged on whether the SEC appeals rulings from the Ripple case. Should the SEC appeal, XRP may fall below $0.40. Conversely, if the SEC does not file an appeal, XRP could approach $1.00, mirroring the market’s response to the Programmatic Sales 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 hovers well above the 50-day and 200-day EMAs, confirming bullish price trends.

A breakout from the September 21 high of $0.6128 could support a move toward the August 7 high of $0.6434. Furthermore, a return to $0.6434 may give the bulls a run at the $0.6609 resistance level.

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

Conversely, a break below the $0.5739 support level could bring the 50-day and 200-day EMAs into play. A fall through the EMAs would signal a bullish trend reversal and a possible drop to the $0.50 level.

With a 14-day RSI reading of 61.12, XRP could return to the $0.65 level before entering overbought territory.