Uptober to Downtober? Rising Odds of SEC Appeal Stand in the Way of XRP Hitting $1
Anjali Belgaumkar27 Sept 20242 min read
In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), a new perspective has emerged regarding the SEC’s stance on XRP. A former SEC attorney has predicted the SEC will likely appeal the July 2023 court ruling, which declared XRP’s secondary sales as non-securities.
The SEC must file an appeal by October 7, 2023. The court previously fined Ripple $125 million for violating securities regulations, though this amount is significantly less than what the SEC initially requested.
XRP Price Analysis By Cheeky Crypto:
Support and Resistance: XRP is finding support around the 200-hour EMA and 50-hour SMA, while testing resistance near $59.47 to $59.66.
Price Movement: After attempting an upward push, there’s a potential breakout towards $61.49 to $62.50. Momentum indicators like the RSI and stochastic RSI suggest an upward move, though volumes are low, signaling caution. If the price is rejected at the 50 EMA/SMA, a short position might be considered for a brief downside move.
Larger Trend: On the daily chart, the price is facing resistance at the trendline. A breakout above it could push XRP towards the $0.75-$0.85 range, though there’s a chance it could drop to $0.50 before that rally.
Amidst this, some community members expressed concerns about Ripple’s upcoming stablecoin, speculating whether it could replace XRP in Ripple’s payment system. However, Ripple has clarified that XRP will continue to play a central role in its international payment solutions.
As Ripple gears up for its annual Swell Conference in October, speculation is also growing about a possible XRP ETF, following the SEC’s approval of Bitcoin and Ethereum spot ETFs. Ripple could make major announcements regarding this, as well as other key developments at the conference. This ripple news continues to unfold as the community watches closely.
