XRP Drops Below $0.57

On Wednesday, August 14, XRP declined by 1.51%, ending the session at $0.5690. The broader crypto market slid by 2.24% to a total market cap of $2.042 trillion.

XRP Struggles Below $0.60 as SEC Appeal Looms

XRP remained at sub-$0.60 as investors awaited clarity on the SEC’s plans to appeal court rulings from the SEC vs. Ripple case. Eight days have passed since the final judgment, with Ripple and the SEC having 60 days to appeal.

Subdued chatter about an appeal suggests optimism that the SEC may turn its attention elsewhere. However, the ongoing threat of an SEC appeal against the Programmatic Sales of XRP ruling remains an XRP headwind.

Judge Analisa Torres ruled that Programmatic Sales of XRP do not satisfy the third prong of the Howey Test.

In August 2023, the SEC filed a Motion for Interlocutory Appeal to dispute the Programmatic Sales ruling. In October 2023, Judge Torres rejected the Motion, meaning the SEC had to wait until the final judgment in the SEC vs. Ripple case before filing an appeal.

Clarity on the SEC’s plans regarding the Programmatic Sales ruling could be crucial for near-term XRP price trends. An end to SEC plans to appeal could propel XRP toward the July 2023 high of $0.9327.

XRP price sensitivity to court rulings.
XRPUSD Reaction to July 2023 Rulings

Deaton Criticizes Warren’s Anti-Crypto Stance Amid Senate Bid.

On Wednesday, August 14, amicus curiae attorney John E. Deaton put the spotlight on US politics.

Deaton, a candidate for the United States Senate in Massachusetts, targeted anti-crypto Senator Elizabeth Warren, stating,

“Senator Warren just sent out a text message saying the following: It’s Elizabeth Warren. We recently found out that a Super PAC supporting my Republican opponent (a crypto lawyer from Rhode Island recruited to run against me) raked in $2 million from three massive donations — from two crypto billionaires and one big crypto firm. It’s absolutely critical we respond to this Super PAC’s fundraising with a strong surge of support.”

Deaton represented 75,000 XRP holders in the SEC vs. Ripple case, playing a critical role in Ripple’s defense and the Programmatic Sales of XRP ruling.

In contrast, Senator Warren has targeted the US digital asset space. In 2023, Senator Warren invited the CEOs of major US banks to a Banking Committee hearing, where JPMorgan Chase CEO Jamie Dimon referred to cryptos, saying,

“If I was government, I would close it down.”

Political shifts, including the ousting of Senator Warren from mainstream politics and a Donald Trump election victory in November, could support an XRP return to $1.00. However, investors must remain alert.

Appeals and SEC activity could adversely impact XRP price trends. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.

XRP Price Action

XRP Weekly Chart sends bullish price signals.
XRPUSD 150824 Weekly Chart

Daily Chart

XRP remained above the 50-day and 200-day EMAs, affirming the bullish price signals.

A break above the $0.5739 resistance level could support a return to $0.60. Furthermore, a breakout from $0.60 could give the bulls a run at the $0.6609 resistance level.

SEC vs. crypto case-related updates and Ripple stablecoin (RLUSD)-related news require consideration.

Conversely, a drop below the 50-day and 200-day EMAs could bring sub-$0.50 and the trend lines into play.

With a 14-day RSI reading of 51.14, XRP may climb to the $0.6609 resistance level before entering overbought territory.

Daily Chart affirms the bullish price signals.
XRPUSD 150824 Daily Chart