XRP News Today: Ripple Navigates SEC Hurdles as Crypto Political Clout Surges

Bob Mason
Published: May 29, 2024, 01:28 GMT+00:00

Key Points:

  • XRP declined by 1.12% on Tuesday (May 28), ending the session at $0.5277.
  • Hawkish FOMC member commentary and uncertainty about SEC plans to appeal the Programmatic Sales of XRP ruling impacted buyer demand for XRP.
  • On Wednesday, SEC vs. Ripple case-related news, SEC activity, and crypto-spot ETF-related chatter warrant investor attention.
XRP News Today

In this article:

The Tuesday Overview

On Tuesday (May 28), XRP declined by 1.12%. Reversing a 1.04% gain from Monday (May 27), XRP ended the session at $0.5277.

SEC Plans for an Appeal an XRP Headwind

There were no SEC vs. Ripple case-related updates to impact buyer demand for XRP on Tuesday.

The lack of court rulings left investors considering SEC plans to appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

In August 2023, the SEC attempted to appeal against the ruling by filing a Motion for Interlocutory Appeal. However, Judge Analisa Torres rejected the motion, forcing the SEC to wait until the end of the remedial phase of the Ripple case. SEC plans for an appeal remain an XRP headwind.

However, a shift in the US political landscape could end the SEC plans to file an appeal.

Ripple CEO Brad Garlinghouse Talks Politics

On Tuesday, Ripple CEO Brad Garlinghouse discussed politics with Tony Romm of the Washington Post. Garlinghouse shared a Tony Romm article on X (formerly Twitter), saying,

“Thanks for chatting Tony Romm. For the first time in US history, crypto voters will be a significant force in this year’s elections. Dems – it’s not too late to abandon Elizabeth Warren’s “anti-crypto army” rhetoric and take a bipartisan stance with your GOP colleagues on innovation – it should never have been political in the first place.”

Crypto recently became a talking point on Capitol Hill, with Republican Party front-runner Donald Trump plugging cryptos, saying,

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

There was also speculation that the White House pressured the SEC into approving the 19b-4 applications for ETH-spot ETFs.

Crypto and the Changing US Political Landscape

Considering the number of Americans reportedly owning crypto, both sides of the Aisle may target the crypto industry in their respective campaigns.

In 2023, Coinbase (COIN) started the #StandWithCrypto campaign to raise crypto awareness on Capitol Hill. Coinbase CEO Brian Armstrong and 40 crypto founders distributed coffee cups on Capitol Hill that highlighted 52 Americans holding crypto.

An end to the anti-crypto rhetoric and bipartisan support for the US digital asset space could be a boon for XRP and the broader market. A pro-crypto White House may also end the SEC reign of regulation through enforcement.

XRP Price Action

XRP Weekly Chart sends bullish longer-term price signals.
XRPUSD 290524 Weekly Chart

Daily Chart

XRP remained below the 50-day and 200-day EMAs, confirming the bearish price trends.

An XRP break above the 50-day EMA would support a move to the 200-day EMA. A breakout from the 200-day EMA could give the bulls a run at the $0.5739 resistance level.

SEC vs. Ripple case-related updates and SEC activity need consideration.

Conversely, an XRP break below the trend lines could signal a drop toward the $0.48 handle.

The 14-day RSI reading, 50.05, indicates an XRP move to the $0.5739 resistance level before entering overbought territory.

Daily Chart sends bearish price signals.
XRPUSD 290524 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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