XRP News Today: SEC Appeal Speculation Limits Gains as XRP Struggles to Breakout
XRP Extends Winning Streak to Four Sessions
On Tuesday, September 10, XRP rose by 0.20%, consolidating a 1.93% gain from the previous day to close at $0.5410. However, XRP underperformed compared to the broader crypto market, which advanced by 0.99% to a total market cap of $1.988 trillion.
SEC vs. Ripple: Appeal Speculation Weighs on XRP’s Performance
Ongoing speculation about the SEC appeal rulings in the SEC vs. Ripple case continued to cap XRP’s gains. Former SEC attorney Marc Fagel commented on possible SEC appeal strategies, stating,
“The SEC could certainly raise the issue on appeal. But as a technical matter, they are appealing the claim they lost below (i.e. the argument that the programmatic sales violated the law). In assessing that, the Court of Appeals could conclude.”
Fagel added,
“Now, could the SEC try to get the court of appeals to address that part of the opinion? Sure, they could (and they have been intentionally vague about it in many of their cases); but it’s not essential, and the Second Circuit is (IMHO) unlikely to take on the question.”
A member of the crypto community expanded on Fagel’s remarks, saying,
“My understanding is that whether XRP in itself is security or not doesn’t matter. How it is sold can make it security, including programmatic sales. ( Like Coinbase case, sales through an exchange are programmatic sales). So in a way, it would be consistent with SEC’s approach that they appeal XRP’s programmatic sales ( which they tried to, before the final judgement).”
Fagel agreed with the comments.
Notably, the SEC and Ripple have until early October (60 days from the August 7 final judgment) to file an appeal. An appeal against the Programmatic Sales of XRP ruling could adversely impact XRP. Pro-crypto lawyer Fred Rispoli recently raised the odds for an SEC appeal to 60/40 in favor of an agency appeal.
XRP Price Trends Amid SEC Appeal Speculation
Price trends remain hinged on whether the SEC appeals rulings in the Ripple case. If the SEC appeals, XRP may drop below $0.40. Conversely, XRP could target $1.00 if the SEC does not file an appeal notice, 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. Stay updated with our latest news and analysis to manage your exposure to XRP and the broader crypto market.
XRP Price Action
Daily Chart
XRP hovered below the 50-day and 200-day EMAs, affirming bearish price signals.
A break above the 200-day EMA could support a move toward the 50-day EMA and the $0.5739 resistance level. Furthermore, a breakout from the $0.5739 resistance level may give the bulls a run at $0.60.
SEC activity, SEC vs. crypto case-related updates require consideration.
Conversely, a break below the $0.50 level may bring the top trend line into play.
With a 14-day RSI reading of 43.47, XRP could fall to $0.50 before entering oversold territory.
