XRP News Today: Deaton vs. Warren – Political Clash Could Boost XRP
XRP Enjoys a Three-Day Winning Streak But Remains Below $0.55
On Monday, October 28, XRP advanced by 0.46%, following a 0.58% gain from the previous session to close at $0.5189. However, XRP underperformed the broader crypto market, which rallied 2.34%, taking the total market cap to $2.316 trillion.
Lingering uncertainty about the SEC’s appeal against rulings in the Ripple case left XRP trailing the broader market.
US Politics: Deaton Battles Senator Warren in Massachusetts Senate Race
On Monday, John E. Deaton, a candidate for the United States Senate in Massachusetts, challenged Senator Elizabeth Warren and her anti-crypto stance. Deaton referred to their recent debate, noting,
“During our debates, she did a 180 and went from holding hands with Jamie Dimon, CEO of JPMorgan, wanting to ban Bitcoin (BTC), to now claiming she has no issue with people buying or trading crypto.”
Deaton also emphasized the need to foster innovation and support new tech rather than ban it. A Deaton victory, given his pro-crypto stance, could bring relief to the crypto market.
In 2023, Senator Warren introduced the Digital Asset Anti-Money Laundering Act. The bill would impose banking-style regulations onto the crypto market, potentially crippling crypto adoption within the US.
In December 2023, Senator Roger Marshall admitted that the American Bankers Association helped draft the bill, underscoring the alliance between Senator Warren and the banking industry in combating crypto adoption. This coincided with JPMorgan CEO Jamie Dimon’s anti-crypto tirade on Capitol Hill, where he stated,
“If I was the government, I would close it down.”
Senator Warren’s U-turn on BTC aligns with a broader shift in sentiment toward crypto on Capitol Hill. Both US presidential candidates have expressed varying degrees of support for digital assets, leaving the anti-crypto army in unfamiliar territory.
Could the Next US President Influence the SEC Appeal?
The SEC and Ripple’s appeals coincide with a significant time in US politics. The SEC must file its appeal-related opening brief just days before Inauguration Day.
A Republican Party victory would likely cut short SEC Chair Gary Gensler’s tenure as SEC Chair. Donald Trump has pledged to fire Gensler on his first day. However, US Vice President Kamala Harris is also reportedly considering a Gensler replacement.
With both presidential candidates voicing support for crypto, an SEC appeal close to Inauguration Day could draw unwanted attention. Vice President Harris and Donald Trump might pressure the SEC to drop its appeal before the agency’s deadline to file its appeal-related opening brief.
If the SEC withdraws its appeal, XRP could mirror the July 2023 rally to $0.9327. However, XRP may drop below $0.40 if the SEC continues the appeal process. The Programmatic Sales of XRP ruling remains the focal point for the SEC and the crypto market. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.
If the appellate court overturns the Programmatic Sales ruling, the SEC could have greater authority to regulate crypto exchanges under US securities laws.
Outlook
Investors should continue monitoring SEC appeal-related developments, which will likely influence XRP price trends. Stay informed with our latest news and analysis to better manage your exposures to XRP and the broader crypto market.
XRP Price Action
Daily Chart
Despite a three-day winning streak, XRP remains well below the 50-day and 200-day EMAs, confirming bearish price trends.
A break above $0.5350 could signal a move toward the 50-day and 200-day EMAs. Furthermore, a breakout from the 50-day EMA may bring the $0.5739 resistance level into play.
SEC activity, Ripple case-related news, and SEC vs. crypto case-related updates require consideration.
Conversely, a drop below $0.50 could indicate a fall toward the trend lines.
With a 14-day RSI reading of 39.50, XRP could drop to the trend lines before entering oversold territory.
