XRP News Today: XRP Faces Pressure as SEC Appeal Vote and ETF Decision Await

SEC Silence Triggers XRP Plunge as ETF Approval Hangs in Balance

XRP’s sharp decline continued as SEC silence on the Ripple case appeal and ETF delays fueled investor uncertainty.

The token extended its losing streak, tumbling 6.54% on Saturday, August 2. Following a 2.02% loss from Friday, XRP closed the session at $2.7675. XRP underperformed the broader crypto market, which declined 1.43% to a total crypto market cap of $3.58 trillion.

Five Closed Meetings and No Appeal Vote

Five closed SEC meetings have taken place since Judge Analisa Torres rejected Ripple and the SEC’s joint motion for an indicative ruling on settlement terms. The SEC and Ripple had previously agreed to drop their appeals if Judge Torres supported a lower penalty and lifting the injunction prohibiting XRP sales to institutional investors.

Despite Judge Torres’ ruling, Ripple announced it would withdraw its cross-appeal on June 27. The announcement suggested that the parties agreed to drop their appeals. However, the SEC must vote on withdrawing its appeal without the indicative ruling on settlement terms.

The SEC’s continued delay in announcing a withdrawal of the appeal has put pressure on XRP. The token struck an all-time high of $3.6606 (Binance Exchange) on July 18 before sliding to a four-week low of $2.7297 on August 3.

XRP-Spot ETF Approvals Hinged on SEC Appeal Withdrawal

Notably, the SEC’s delay in voting may also influence the timeline for an XRP-spot ETF approval. The SEC challenged the Programmatic Sales of XRP ruling. Judge Torres ruled that the programmatic sales did not satisfy the third prong of the Howey Test, meaning the token is not a security in secondary sales.

The court decision enabled US crypto exchanges to relist XRP without falling under the SEC’s oversight. However, exchanges could delist the token if the SEC challenges the ruling. Delistings could impact market access to the token, affecting any XRP-spot ETFs.

XRP Price Outlook: SEC Appeal Vote and ETF News

The near-term XRP price trajectory hinges on the SEC’s appeal vote and spot ETF-related developments. An SEC appeal withdrawal could trigger a rebound. Rising hopes for the launch of an XRP-spot ETF could send the token through its record high of $3.6606, potentially opening the door to $5.

XRP Price Action: Technical Indicators Signal Bullish XRP Setup

Daily Chart

XRP trades above the 50-day and the 200-day Exponential Moving Averages (EMA), signaling a bullish bias.

• On the upside, a breakout above $3 could pave the way to the $3.2 level. A sustained move through $3.2 may enable the bulls to target $3.5 and bring the July 18 high of $3.6606 into sight.
• On the downside, a drop below this morning’s low of $2.7297 could expose the crucial $2.5 level.

The 14-day Relative Strength Index (RSI) sits at 43.77, indicating XRP could fall to $2.5 before entering oversold territory (RSI< 30).

Broader Market Outlook

The SEC’s appeal vote remains pivotal. However, XRP is also exposed to external catalysts.

Broader macroeconomic headwinds—US stagflation risks and Fed monetary policy signals—may continue to influence sentiment. Rising fears of a US recession and a hawkish Fed policy stance could pressure XRP. However, upbeat US economic data and increasing expectations of a Fed rate cut could lift sentiment.

Looking ahead, crypto-related legislative developments, SEC appeal-related updates, and ETF-related news will be the key price catalysts.

Click here for expert XRP price forecasts and upcoming SEC deadlines.