XRP News Today: Crypto Rallies on Harris Crypto Framework, Trump SEC Plans in Focus
Key Points:
XRP rallied 3.10% on Oct 14, hitting a 12-day excessive at $0.585, boosted with the aid of China’s financial policies amid broader crypto market profits.
Kamala Harris’s crypto framework pledge stirs investor interest, but questions remain about the SEC’s enchantment method.
SEC have to file its XRP appeal short by Dec 2, 2024, but a Trump win ought to see the corporation withdraw the enchantment absolutely.
XRP Hits 12-Day High Amid Broad-based Crypto Rally
On Monday, October 14, XRP rallied three.10%, reversing a 1.35% loss from the previous consultation to shut at $0.5485. Despite the rally, XRP trailed the broader crypto market, which jumped by using 4.Seventy eight%, using the total market cap to $2.247 trillion.
China’s recent financial coverage measures possibly boosted crypto call for. With lower lending costs, traders could borrow greater affordably and invest in riskier assets. Optimism round China achieving its 5% growth target for 2024 additionally contributed.
Trump’s Election Chances and Their Ripple Effect on the SEC’s Appeal
Meanwhile, the present day betting odds give Trump a 55.0% threat of prevailing the Presidential Election, in step with Polymarket. A Trump victory may want to notably regulate the US crypto landscape as he previously pledged to fireplace SEC Chair Gary Gensler on day one. This might also push the SEC to drop its appeal towards Ripple.
Based on appellate timelines from seasoned-crypto attorney Fred Rispoli, the SEC need to document its enchantment-associated commencing quick through December 2, 2024. The organisation may also expand to January 2025.
The organisation ought to drop the attraction with out material repercussions if Trump returns to the White House earlier than the SEC files its starting brief.
XRP Capped at $0.Fifty five as Appeal Uncertainty Lingers
Despite Monday’s rally, XRP failed to interrupt out from $zero.55 amid uncertainty over the SEC’s attraction. Judge Analisa Torres previously dominated that programmatic income of XRP did now not fulfill the 0.33 prong of the Howey Test. Before the SEC’s Notice of Appeal and the courtroom docket, the consensus turned into that the SEC would now not assignment the ruling.
In an August 2024 interview with CryptoLaw US, Ripple’s Chief Legal Officer Stuart Alderoty stated,
