- XRP price declines 1.02% amid U.S. political tensions and debate outcomes.
- Senator Elizabeth Warren’s anti-crypto stance draws backlash from the community.
- SEC appeal speculation continues to weigh on XRP market sentiment.
XRP prices dropped by 1.02% on September 11, breaking a four-day winning streak as political tensions and regulatory uncertainties cast a shadow over the cryptocurrency market. This decline followed the presidential debate and speculation over a potential SEC appeal in the Ripple case.
Political Landscape Impacts XRP
XRP’s fall on Wednesday reversed the modest gain from the previous day, closing at $0.5355. The drop came after a debate between Vice President Kamala Harris and Republican candidate Donald Trump, in which cryptocurrencies were notably absent.
The lack of mention was seen as disappointing by some in the crypto community, as Trump has continuously appealed to crypto supporters to use pro-crypto narratives.
Following the debate, XRP hit a session low of $0.5235 as post-debate polls indicated Harris had outperformed Trump. A CNN poll showed that 63% of voters believed Harris had the upper hand, which may have contributed to a bearish mood in the crypto market.
Crypto Community Pushes Back Against Warren
While the debate garnered attention, Senator Elizabeth Warren’s anti-crypto stance also sparked reactions. Gemini co-founder Tyler Winklevoss criticized Warren’s recent campaign email, which accused crypto-funded conservative groups of targeting her with ads.
Warren pointed to her push for the Digital Asset Anti-Money Laundering Act, which aims to impose stricter regulations on crypto to counter money laundering and terrorism financing. Notably, John Deaton, a prominent crypto lawyer and XRP advocate, has emerged as a vocal opponent of Warren’s policies.
SEC Appeal Speculation Weighs on XRP
Speculation on a potential SEC appeal in the Ripple case remains a critical factor influencing XRP’s price. Market watchers suggest that an appeal could push XRP below $0.40, while a decision not to appeal could see it target $1.00.
XRP’s short-term trend also reflects bearish signals, with the token trading below its 50-day and 200-day Exponential Moving Averages (EMAs). A break above these levels could signal a reversal, while a decline below $0.50 may lead to further losses.
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