XRP News Today: XRP Trends Higher Amid SEC Capitol Hill Testimony

XRP Trends Higher

On Tuesday, September 24, XRP advanced by 0.97%, reversing a 0.49% loss from the previous session, closing at $0.5910. However, XRP underperformed the broader market, which gained 1.38%, bringing the total market cap to $2.207 trillion. Investor fears of a possible SEC appeal left XRP trailing the broader market.

SEC Testimony on Capitol Hill Drives XRP Demand

On Tuesday, all five SEC commissioners testified before the US House Committee on Financial Services committee hearing. Pro-crypto lawyer Bill Morgan referenced SEC Commissioner Hester Peirce’s comments from the hearing, stating,

“SEC Commissioner Hester Peirce saying that the SEC failed in its duty as a regulator by using imprecise language and should have admitted a long time ago that the crypto asset itself is not a security rather than recently in a footnote in a case.”

Commissioner Peirce referred to a recent SEC filing in the ongoing SEC vs. Binance case. The SEC clarified its position on cryptos as securities, stating,

“As this Court noted and as the SEC reiterates, with its use of the term ‘crypto asset securities,’ the SEC is not referring to the crypto asset itself as the security; rather, as the SEC has consistently maintained since the very first crypto asset Howey case the SEC litigated, the term is a shorthand. […] To avoid any confusion, the PAC no longer uses the shorthand term, and the SEC regrets any confusion it may have invited in this regard.”

SEC Chair Gensler Under Fire from Lawmakers

While Commissioner Peirce highlighted the SEC’s failings, SEC Chair Gary Gensler faced more heated remarks.

Committee Chair Patrick McHenry’s opening statement set the tone for the hearing, stating,

“Under Chair Gensler, the SEC has become a rogue agency. […] Chair Gensler recently said, ‘We at the SEC live within the laws as Congress passes them.’ Unfortunately, nothing can be further from the truth. Don’t take my word for it. A wide array of fellow judges appointed by presidents from both parties have noted the lawless nature of Chair Gensler’s tenure by overturning rulemaking and enforcement actions. And enforcement actions after enforcement actions have been overturned.”

House Majority Whip Tom Emmer referenced the Debt Box case, stating,

“Your attorneys, who no doubt heard your anti-crypto rhetoric, which is not based in law, went out and deliberately lied to a court in order to effectuate the commands from their Chair to prosecute crypto companies. Chair Gensler, do you know of any other time in history where the SEC has been sanctioned by a court for material misrepresentation?”

Emmer reclaimed his time, interrupting Chair Gensler’s response, stating,

“The answer to that is no it has never happened. But let me ask you another one. Does the fact that we’re talking about this today even slightly embarrass you?”

Chair Gensler responded,

“The matters in that case were not well handled and we’ve said that to the court.”

Emmer reclaimed his time, stating,

“It’s been recently reported that Vice President Harris has finally said she’d craft clear rules of the road for the digital asset space if she becomes president. Is this your approach too sir or do you think she’s rebuking you because she doesn’t think you’ve done a good enough job establishing these clear rules over the last three years of her administration?”

Chair Gensler replied,

“I think there’s laws in place. If Congress wishes to change them, they’ll change them, but we are enforcing the laws.”

Emmer concluded his time by referencing the SEC’s use of the term crypto asset securities and the recent filing in the Binance case.

Will the SEC Appeal?

While SEC Chair Gensler faced intense scrutiny, the broader issue remains whether Vice President Harris’s recent support for digital assets will influence the SEC. The SEC’s appeal window in the Ripple case closes on October 7.

An appeal would coincide with the US Presidential Election and could question Vice President Harris’s recent commitment to the digital asset space.

XRP Price Trends Remain Dependent on SEC Actions

Price trends will likely depend 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 remains above the 50-day and 200-day EMAs, affirming bullish price signals.

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

SEC activity and SEC vs. crypto case-related news may influence XRP price trends and require consideration.

Conversely, a drop below the $0.5739 support level and the 50-day EMA may signal a fall toward the 200-day EMA. A break below the EMAs would signal a bullish trend reversal and indicate a possible fall toward the $0.50 level.

With a 14-day RSI reading of 56.50, XRP could climb to the $0.65 level before entering overbought territory.