XRP News Today: XRP Tracks Market Decline, SEC Testimony Sparks Industry Debate

XRP Follows Market Slide Amid SEC Concerns.

On Wednesday, September 25, XRP declined by 1.24%, reversing a 0.97% gain from the previous session, closing at $0.5837. Although XRP declined by 1.24%, it outperformed the broader market’s steeper fall of 1.75% to a total market cap of $2.168 trillion.

SEC Testimony on Capitol Hill Remains a Key Focus

On Wednesday, the crypto community continued reacting to the US House Committee on Financial Services Committee hearing on Capitol Hill.

Ripple Chief Legal Officer Stuart Alderoty shared a post from Republican Wiley Nickel, stating,

“4 out of 5 dentists recommend sugarless gum for their patients who chew gum. And 4 out of 5 SEC Commissioners agree with VP Harris that the US should support innovative technologies like digital assets.”

Wiley shared a clip from the hearing, saying,

“The SEC’s hostility towards digital assets has hurt consumers, set the U.S. behind the rest of the world, and damaged the Biden-Harris administration. Gary Gensler’s weak “defense” of his war on Web3 is as flawed as his leadership.”

Pro-crypto lawyer James ‘MetaLawMan’ Murphy shared his views on the hearing, stating,

“I have to say Gary Gensler looked and sounded like a beaten man to me. Chairman Patrick McHenry set it up perfectly. It was absolutely humiliating for Gensler to have to sit there and listen to his colleagues rip him (for valid reasons) from 3 feet away.”

However, despite his strong views, Murphy was skeptical about whether the hearing could lead to reforms and cleaning house at the SEC.

SEC Appeal Threat Keeps XRP at Bay

The timing of the hearing is crucial for XRP and Ripple Labs, as concerns about a possible SEC appeal keep XRP below $0.60.

Since the final judgment on August 7, the crypto market has speculated about whether the SEC will appeal rulings from the Ripple case. Notably, an appeal against the Programmatic Sales of XRP ruling could adversely impact XRP and the broader market, excluding bitcoin (BTC).

On September 13, Ripple’s Chief Legal Officer reacted to an SEC filing in the Binance case, saying the Ripple case is over. However, the SEC filing clarified that crypto, in itself, is not a security despite previously labeling cryptos in the binance case, crypto asset securities.

The SEC still viewed cryptos, in secondary sales, as securities. The court filing leaves the door open to an appeal of the Programmatic Sales of XRP ruling.

Could SEC Actions Trigger a Major XRP Rally?

Price trends remain hinged on whether the SEC appeals rulings from the Ripple case. If the SEC appeals the Programmatic Sales of XRP ruling, XRP could drop toward $0.40. Conversely, if the SEC does not file an appeal, XRP could target $1.00, 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. Keep track of SEC actions, which could be pivotal in dictating XRP’s price movements.

XRP Price Action

Daily Chart

XRP hovers above the 50-day and 200-day EMAs, sending bullish price signals.

A break above $0.60 could support a move toward the September 21 high of $0.6128. Furthermore, a return to $0.6128 may give the bulls a run at the post-final judgment high of $0.6434.

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

Conversely, a break below the $0.5739 support level and the 50-day EMA could bring the 200-day EMA into play. Buying pressure may intensify at the $0.5739 support level. The 50-day EMA is confluent with the support level.

With a 14-day RSI reading of 53.74, XRP may return to the $0.65 level before entering overbought territory.