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After falling 0.58% the previous session, XRP declined 0.53% on Monday, October 21, closing at $0.5451.
XRP did better than the market despite the continuous concern surrounding the SEC's plan to appeal Ripple case decisions. The market capitalization of all cryptocurrencies dropped 2.22%, reaching $2.282 trillion.
In line with negative price trends, XRP continues to trade below the 50-day and 200-day EMAs.
Elon Musk and John E. Deaton
The XRP community received an unusual boost on Monday, October 21, when Elon Musk openly endorsed John E. Deaton for the Senate. Representing 75,000 XRP holders, the Massachusetts Senate candidate and amicus curiae attorney was instrumental in the SEC v. Ripple case. The decision on Programmatic Sales of XRP was made possible by Deaton's guidance to the case.
Brian Armstrong, CEO of Coinbase (COIN), expressed his support for Deaton by saying,
“Agreed - Voters in Massachusetts need to support John E. Deaton. Massachusetts cryptocurrency owners should be aware that Senator Elizabeth Warren was the one who hired Gary Gensler and pushed him to try and destroy the US cryptocurrency market. Fortunately, we and others fought back, and they were defeated.”
Elon Musk retweeted Armstrong's post on X, saying, “Yes”.
US Elections - Crypto Political Betting
For Ripple, the result of the US presidential election may be necessary. Donald Trump promised in July that he would dismiss SEC Chair Gary Gensler on his first day in office. If Donald Trump wins the election and dismisses Gary Gensler, the SEC may decide not to pursue its appeal against Ripple.
Investors might view Trump as a more vocal advocate of cryptocurrency, even though Kamala Harris has shown support for development and the US digital environment.
On October 22, the probability of Trump winning the election rose from 55.1% on October 15 to 64.1%. But according to national polls, Harris is up by 1.8 points.
Elon Musk stated,
“Trump is now leading Kamala by 3% in the betting market. More accurate than polls, as actual money is on the line.”
Crypto and Politics
Investors may focus on the US Presidential Election while they wait for the SEC's opening brief on the appeal.
Demand for XRP may increase if national surveys or chances of winning go in Trump's favour. To get the SEC to dismiss the appeal, XRP can rise from $0.60 to reach the peak of $0.9327 in July 2023. So, predictions of a Harris victory might push XRP below $0.50, with further price movement based on how the appeals process turns out.
Outlook
Investors should keep an eye on news about the US Presidential Election and events connected to SEC appeals, as these could have a big impact on XRP price patterns. To better manage your risks to XRP and the larger cryptocurrency market, stay up to date with the most recent news and analysis.
