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XRP News Today: The Ripple Case, the Appeal, and the US Presidential Election

By:
Bob Mason
Published: Jun 13, 2024, 01:29 GMT+00:00

Key Points:

  • On Wednesday (June 12), XRP advanced by 2.50%, closing the session at $0.4921.
  • US inflation figures and the FOMC Economic Projections influenced buyer demand for XRP and the broader crypto market.
  • On Thursday (June 13), SEC vs. crypto case-related news and SEC activity require investor attention.
XRP News Today

In this article:

The Wednesday Overview

On Wednesday (June 12), XRP advanced by 2.50%. Partially reversing a 3.26% slide from Tuesday (June 11), XRP ended the session at $0.4921.

Softer US Inflation Numbers Trump More Hawkish FOMC Economic Projections

The US economic calendar influenced buyer demand for XRP and the broader crypto market. Inflationary pressures softened, with the US annual inflation rate falling from 3.4% to 3.3% in May. Additionally, the core inflation rate eased from 3.6% to 3.4%.

However, the FOMC raised its inflation forecasts and Fed Funds Rate projections, sending XRP back from a session high of $0.4984.

Notably, XRP failed to reverse the losses from Tuesday, with the verdict from the SEC v Ripple case looming.

SEC vs. Ripple: The Verdict and an Appeal

There were no SEC vs. Ripple case-related updates to consider on Wednesday. However, investors remained cautious before the verdict on Ripple breaching US securities laws for selling XRP to institutional investors.

After the court ruling, investors expect the SEC to appeal against the Programmatic Sales of XRP ruling. Uncertainty about the outcome of an appeal remains an XRP headwind.

However, the US Presidential Election could alter the course of XRP and the crypto market.

Coinbase CEO Brian Armstrong on Capitol Hill

Coinbase (COIN) CEO and co-founder Brian Armstrong was on Capitol Hill this week, drumming up bipartisan support for cryptos. The Coinbase CEO shared an update on X (formerly Twitter), saying,

“I met with more than a dozen Dem and GOP Senators in DC over the last 48 hrs to discuss creating clear rules for the crypto industry and consumer protection for crypto users. There’s strong bi-partisan momentum to get this done in the Senate now that FIT21 has passed in the House. Glad to see the voice of the crypto voter having an impact.”

The Coinbase CEO also has a vested interest in the US Presidential Election.

Investors await a court ruling on the Coinbase Motion for Interlocutory Appeal. Coinbase filed the Motion in April after Judge Katherine Failla denied, in large part, the Coinbase Motion to Dismiss (MTD).

If Judge Failla grants the Motion for Interlocutory Appeal, Coinbase could appeal the Motion to Dismiss ruling. Coinbase filed the Motion to Dismiss in August 2023, arguing the SEC lacked the statutory authority to regulate US crypto exchanges.

If Coinbase successfully overturns the Motion to Dismiss ruling, the SEC could face pressure from Capitol Hill to pull back from plans to appeal against the programmatic Sales of XRP ruling.

While court rulings are pivotal, the US Presidential Election may have greater significance.

Former US President and Republican Party front-runner Donald Trump recently targeted the crypto vote, 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.”

In contrast, US President Joe Biden vetoed the SAB 121 resolution. The SAB 121 resolution was a bipartisan vote to end the requirement for firms to include client-held cryptos in custody as liabilities on the balance sheet.

A Trump victory would end the SEC regulation through enforcement era, paving the way to an XRP-spot ETF market and possibly return the US to the helm of innovation.

XRP Price Action

XRP Weekly Chart sends bearish price signals.
XRPUSD 130624 Weekly Chart

Daily Chart

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

An XRP breakout from the trend lines could signal a move to the 50-day EMA. A break above the 50-day EMA would bring the 200-day EMA into play.

SEC vs. crypto case-related news and SEC activity require investor consideration.

Conversely, an XRP fall through the $0.48 handle could signal a drop to the $0.45 handle.

The 14-day RSI reading, 39.40, suggests an XRP break below the $0.4750 handle before entering oversold territory.

Daily Chart affirms bearish price signals.
XRPUSD 130624 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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