- XRP rose 1.99% to $0.5737 on September 13 amid market speculation about the SEC’s potential appeal in the Ripple case.
- Investors are closely watching the SEC’s actions, as they could significantly impact XRP’s price movements.
XRP experienced a modest rise of 1.99% to $0.5737 on September 13, following a more significant 5.04% rally the previous day. Despite this gain, XRP underperformed compared to the broader cryptocurrency market, which saw a 3.25% increase, bringing the total market cap to $2.068 trillion. Uncertainty regarding the SEC’s potential appeal in the Ripple case continues to loom over the market.
XRP Approaches $0.60 Amid Appeal Uncertainty
On September 13, XRP managed to close at $0.5737, continuing its upward trajectory. However, the cryptocurrency still lags behind the broader market’s performance. Investors are on edge, anticipating whether the SEC will appeal the rulings in the Ripple case, which has created a headwind for XRP.
SEC vs. Crypto: Is Ripple Case Over?
Ripple’s Chief Legal Officer, Stuart Alderoty, recently declared the Ripple case with the SEC as concluded. Yet, the “fair notice” defense remains crucial for the crypto industry. Alderoty pointed out that the SEC has acknowledged the lack of clarity in its regulations, which could benefit future defenses in similar cases.
Alderoty’s comments came in response to the SEC’s recent filing in the Binance case, where the agency sought permission to amend its complaint, aiming to clarify its stance on crypto asset securities. This move has only added to the uncertainty surrounding the SEC’s future actions.
Uncertainty Surrounds SEC Appeal on XRP Ruling
The SEC’s filing in the Binance case does not clarify whether the agency will continue to view secondary sales of crypto assets as securities. This ambiguity has left investors speculating about the SEC’s next steps regarding the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that such sales do not satisfy the third prong of the Howey Test.
Following this ruling, XRP experienced a significant surge from $0.4696 to $0.9327 before falling below $0.50 due to speculation about a possible SEC appeal. Recently, XRP climbed to a high of $0.5755 on September 13, 2024.
XRP Price Trends Amid SEC Appeal Speculation
XRP’s price trends are heavily influenced by the SEC’s potential decision to appeal the Ripple case rulings. Should the SEC decide to appeal, XRP could drop below $0.40. Conversely, if no appeal is filed, XRP might aim for $1.00, reflecting the market’s reaction to the initial ruling on Programmatic Sales.
XRP Price Action
Currently, XRP shows bullish signals on both the daily and weekly charts, remaining above the 50-day and 200-day EMAs. A break above the recent high of $0.5897 could support a move toward $0.60 and potentially bring the August high of $0.6434 into play.
However, a drop below the $0.5739 support level might lead to a bearish trend, potentially targeting the $0.50 level. With a 14-day RSI reading of 55.50, XRP has the momentum to break above $0.60 before entering overbought territory.
Investors should keep a close eye on any news related to the SEC’s actions, as they could significantly impact XRP’s price movements. Stay updated with the latest news and analysis to manage your exposure to XRP and the broader cryptocurrency market effectively.
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