XRP’s price experienced a significant rise on October 17, gaining 3.85% to reach a two-week high of $0.566. This increase stood out against a broader 1% decline in the cryptocurrency market. The bullish momentum for XRP appears to be driven by a combination of legal updates in the Ripple case and political developments in the U.S.
Did the SEC Miss a Critical Court Deadline?
The recent XRP price surge is largely attributed to rumors that the U.S. Securities and Exchange Commission (SEC) missed a key court deadline in its ongoing lawsuit against Ripple. The SEC had a 14-day deadline, ending October 16, to file the necessary forms appealing Judge Analisa Torres’ August ruling. If confirmed, this oversight could lead to the dismissal of the SEC’s appeal, weakening its case significantly. However, some sources, including journalist Eleanor Terrett, suggest the SEC might have until October 18 to file, due to delays in docketing.
Pro-XRP Republican Takes on Elizabeth Warren
XRP’s rise also coincides with a political shift following the October 15 debate between crypto lawyer John Deaton and U.S. Senator Elizabeth Warren. Deaton, the Republican nominee for the Massachusetts Senate seat, criticized Warren for prioritizing her “anti-crypto army” over issues such as illegal immigration and rising inflation, which he argued are more pressing for the state’s lower and middle-class residents.
Deaton, a strong XRP advocate, has represented thousands of investors and consistently argued that XRP should not be classified as a security. His improving odds in the Senate race may have contributed to XRP’s price rise. Despite this, Warren still holds a commanding lead with 93.1% of bets in her favor, according to Polymarket data.
XRP Price Rebounds from Key Support Level
The recent price surge follows a weekly rebound after XRP tested a multimonth ascending trendline, supported by the 200-week exponential moving average (EMA) around $0.528. Now, XRP is targeting a close above the 50-week EMA at $0.547, which would confirm a short-term bullish trend. If successful, XRP could aim for a key resistance level of around $0.691 in early 2024.
