XRP News Today: XRP Struggles Despite Crypto Market Gains, SEC Appeal Uncertainty Persists

XRP Returns to $0.60

On Wednesday, August 21, XRP gained 1.14%, reversing a 0.87% decline from the previous day, to close at $0.6009. XRP dipped below $0.59 before climbing to a high of $0.6061. XRP underperformed the broader crypto market, which rose by 2.79% to a total market cap of $2.107 trillion.

US Politics Drives Buyer Demand

News of Robert F. Kennedy Jr. planning to withdraw from the US Presidential Election race to endorse Donald Trump for President boosted crypto demand.

In July, RFK Jr. expressed his support for bitcoin (BTC), stating,

“I would like to have the federal government begin to buy Bitcoin and, over my term in office, ultimately have an equivalent amount of bitcoin that we have gold.”

Following RFK Jr.’s support for BTC, Republican Party front-runner Trump pledged to build a national BTC stockpile if elected and said,

“On day one, I will fire Gary Gensler.”

RFK Jr.’s withdrawal and endorsement could boost Trump’s chances of returning to the White House. Investors see Trump’s victory as positive for the US digital asset space, with Kamala Harris considering SEC Chair Gary Gensler as Treasury Secretary.

SEC Appeal Uncertainty Remains an XRP Headwind

XRP trailed the broader crypto market on Wednesday as investors remained uncertain about whether the SEC will appeal rulings from the SEC vs. Ripple case.

Judge Analisa Torres delivered the heavily anticipated final judgment on August 7. While Ripple claimed victory, the SEC has remained largely silent on the ruling, fueling speculation about a possible appeal.

Ripple Chief Legal Officer Stuart Alderoty highlighted the likelihood of an SEC appeal in an interview with CryptoLaw, saying,

“If the SEC were a rational actor, they should just move on from this case. But we all know that, when it comes to crypto, the SEC has proven itself not to be rational. […] So, I wouldn’t be surprised if the SEC does appeal.”

XRP price trends continue to suggest that the market expects the SEC to appeal. Ripple and the SEC have 60 days from the final judgment date to file an appeal.

XRP-spot ETFs in Limbo

The uncertainty over the SEC’s appeal plans could delay XRP-spot ETF applications. Issuers are unlikely to file XRP-spot ETF applications until the appeal period has passed.

An XRP-spot ETF market could boost XRP demand. In November 2023, XRP rallied from $0.6410 to $0.7503 on news of BlackRock (BLK) filing an XRP-spot ETF application. However, the news was fake, causing a drop below $0.60.

XRP Price Trends

Confirmation that the SEC will not appeal rulings from the Ripple case could push XRP toward the July 2023 high of $0.9327. Conversely, an SEC appeal could send XRP crashing through $0.40.

XRP could move through $1.00 if the SEC accepts the court rulings and issuers file XRP-spot ETF applications.

Investors should remain vigilant with appeal-related news likely to affect 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 hovered well above the 50-day and 200-day EMAs, confirming the bullish price trends.

A breakout from $0.60 could give the bulls a run at the August 7 high of $0.6434. Furthermore, a return to the August 7 high could signal a move toward the $0.6609 resistance level.

SEC vs. crypto case-related news requires consideration.

Conversely, a fall through the $0.5739 support level could give the bears a run at 50-day and 200-day EMAs.

With a 14-day RSI reading of 57.01, XRP may break above the $0.6609 resistance level before entering overbought territory.