XRP has seen a notable increase, rallying 3.10% on October 14, 2024, reaching a 12-day high of $0.585. This surge comes as the broader cryptocurrency market experiences gains, driven in part by favorable fiscal policies from China and renewed interest in U.S. crypto regulations.
Market Dynamics and Political Influences
The recent rally in XRP is attributed to several factors, including China’s fiscal measures that have lowered lending rates, allowing investors to borrow more affordably and invest in riskier assets. Additionally, optimism surrounding China’s ability to meet its 5% growth target for 2024 has further fueled demand for cryptocurrencies.
- On October 14, XRP closed at $0.5485, reversing a previous loss and contributing to a broader market increase of 4.78%, which lifted the total market capitalization to $2.247 trillion.
Vice President Kamala Harris’s recent pledge to establish a regulatory framework for cryptocurrencies has also sparked investor interest. Her campaign highlighted that over 20% of Black Americans own or have owned cryptocurrency assets, indicating a targeted outreach strategy as the election approaches.
SEC Appeal and Its Implications
Despite the positive momentum, uncertainty looms over XRP due to the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC is required to file its appeal brief regarding XRP by December 2, 2024. However, a potential victory for Donald Trump in the upcoming presidential election could lead to significant changes in the SEC’s approach.
- Trump has previously indicated intentions to remove SEC Chair Gary Gensler, which could result in the agency dropping its appeal against Ripple, the company behind XRP.
The current market sentiment reflects a cautious optimism, with XRP struggling to break past the $0.55 resistance level amid these uncertainties. Judge Analisa Torres’s ruling that programmatic sales of XRP do not qualify as securities under the Howey Test has provided some relief, but the SEC’s appeal could alter the landscape once again.
Price Outlook and Investor Sentiment
Looking ahead, XRP’s price trajectory will likely be influenced by the outcomes of the SEC’s appeal and the presidential election. If Trump maintains his lead in the polls and wins the election, XRP could potentially rise to $1.00, capitalizing on the favorable regulatory environment. Conversely, a victory for Harris may leave the courts to dictate XRP’s future, with the possibility of a decline below $0.50 if the SEC’s appeal proves convincing.
- Current technical indicators suggest a bearish near-term outlook for XRP, with the cryptocurrency remaining below both the 50-day and 200-day exponential moving averages (EMAs). A breakout above these levels could signal a move toward the $0.5739 resistance level, while a drop below $0.50 may lead to further declines.
As the political landscape evolves and the SEC’s actions unfold, investors are advised to closely monitor developments that could impact XRP’s demand and price movements.

Rose Cole is a talented junior news writer at Crypto Quill, specializing in covering the latest updates on cryptocurrency and Bitcoin. With a passion for staying abreast of developments in the digital finance space, Rose’s articles provide readers with timely and informative news on the ever-evolving world of cryptocurrencies. Despite her junior status, Rose’s dedication to accurate reporting and commitment to delivering relevant content shine through in her work. Count on Rose to bring you the most current and essential news in the realm of cryptocurrency and Bitcoin, offering a fresh perspective to Crypto Quill’s readers.