XRP News Today: XRP’s 8% Breakout Defies Crypto Market Downturn

XRP broke above $0.60 for the first time since April. Following an 8.01% rally on Tuesday, July 16, XRP gained 8.00% to close the session at $0.6265. Significantly, XRP bucked the broader crypto market, which fell by 1.30% to a total market capitalization of $2.297 trillion.

SEC vs. Ripple: Speculation Turns to Optimism

The SEC v Ripple case remained center stage on Wednesday, July 17. On Friday, July 12, news of a closed-door SEC meeting at their headquarters in Washington fueled speculation about a possible settlement.

XRP has advanced by 40% since the news broke.

The closed-door meeting takes place today. Updates from the meeting could deliver disappointment if there are no plans to settle.

While a settlement could be the best outcome, investors may be more optimistic about the court verdict.

The SEC vs. Ripple Remedies-Related Verdict

Investors are awaiting the court verdict in the SEC vs. Ripple case.

In March 2024, the SEC pushed for a $2 billion penalty and an injunction prohibiting XRP sales to institutional investors. Ripple argued for a $10 million penalty.

A penalty nearer Ripple’s proposed $10 million and no injunction would be another victory for Ripple and the US digital asset space.

The ruling could hinge on whether Ripple continued to breach US securities after the December 2020 complaint.

A verdict is likely to come before the US Presidential Election. Crypto court rulings could influence the verdict.

Binance Court Ruling Fuels Crypto Market Optimism

The recent Binance ruling set a precedent on whether XRP is a security or a commodity.

Judge Amy Berman Jackson dismissed the SEC claim against Binance, alleging that secondary sales of binance coin (BNB) qualify as securities under the Howey test. Significantly, Judge Jackson cited Judge Analisa Torres’s Programmatic Sales of XRP ruling, surmising,

“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].”

Moreover, the US digital asset space has become a political agenda.

Trump Makes Crypto Political in Presidential Election Race

In May, Donald Trump targeted the crypto vote, stating,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

This week, Trump announced JD Vance as his 2024 Presidential Election running mate. Vance is a critic of SEC Chair Gensler’s assault on cryptos. The era of SEC regulation through enforcement may be coming to an end.

On Wednesday, Ripple CEO Brad Garlinghouse discussed the US political stage and crypto. He said,

“This should never really have become a partisan issue. […] It’s been refreshing to see the Republican Party lean into that as part of their platform.”

When asked if there are any talks with the SEC about the Ripple case, Garlinghouse said he can’t talk about it.

Favorable outcomes to SEC vs. crypto cases and a Trump victory could fuel innovation and growth in the US digital asset space.

Investors should remain vigilant with the SEC vs. Ripple case verdict imminent. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP sat comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

An XRP break above the $0.65 handle could signal a move toward the $0.6609 resistance level. A breakout from the $0.6609 resistance level would bring the $0.70 handle into play.

Investors should consider SEC vs. crypto case-related news.

Conversely, an XRP break below the $0.5739 support level could give the bears a run at the 200-day EMA.

With a 14-day RSI reading of 78.87, XRP remains in overbought territory. Selling pressure may intensify at the $0.65 handle.