Analysts predicted historical gains in the next month. However, recent developments surrounding the Ripple vs. SEC fight cast a cloud of uncertainty over the XRP Community.
Eleanor Terrett, a Fox Business reporter and former SEC attorney revealed to Eleanor Terrett that the Securities and Exchange Commission is likely to “appeal the Judge Torres July 2023 decision concerning the XRP programmematic sales,” citing a former SEC lawyer.
NEWS: An ex-@SECGov attorney who left the SEC recently told me that they will likely appeal Judge Torres’s ruling in July 2023 regarding the$XRP sales programmatically for the@Ripple Case, partly because “everyone [at SEC] believes the decision…
Ripple’s legal dispute with SEC has had a negative impact on XRP prices over the past few years. The altcoin only experienced limited price increases during bull markets.
The 7th of October is crucial in determining the trajectory of XRP in the upcoming months.
In his ruling of July 2023, Judge Torres declared XRP to be a cryptocurrency when it is sold on secondary markets.
Terrett’s blog suggests that the SEC and crypto projects won a small victory.
The SEC is a group of people who all believe that this decision was wrong and that it should be overturned.
XRP price performance
At press time, the remittance token was tested for resistance. It ranged between $0.59.47 – $0.59.66.
This is the case after the support of the Simple Moving Average 50-hr and the Exponential Moving average 200-hr.
XRP is aiming for a break out to $0.62 following the 2% gains of last week. At press time, it was trading at $0.5889.
Low trading volume suggests caution, even though momentum indicators like the Relative Strength Index (RSI) and stochastic RSI show an upward trend. Short-term declines could be welcomed if the 50 SMA/EMA is rejected.
The broader trend indicates that XRP is encountering resistance at a trendline, and a break of this trendline could propel XRP to $0.85.
Bulls are likely to push the price up further, possibly even beyond $1.
This would be a 70 percent increase from the current token price of $0.5889.
The crypto market is on an upward trajectory, as the necessary conditions are met for a successful altcoin campaign.
Jack The Ripper, a Ripple fanatic, believes that October is going to be a life-changing month for XRP investment.
October 2024 may be the month that #XRP investors will never forget: – SEC rejects appeal. XRP hits a record high. XRPL tokenization starts in the U.S. Central banks, payment providers and banks begin to bridge currencies using XRP.
He discussed factors like mainstream acceptance whereby financial institutions start to bridge currencies by using altcoins.
The SEC appeal, however, will cause XRP’s price to be subdued, as the other tokens shine in “Uptober”.
Bearish waves may see XRP plunge to the $0.5581 level, which will serve as a barrier of support throughout September.
If this area fails to stabilize, it would be a good idea for the fair value gap at $0.5413-$0.5556 range to dip.
The 7th October update is still crucial to XRP’s future trajectory.
XRP will dominate trends and rally in October, despite the SEC not appealing.
A petition, however, will cause consolidations to occur and delay the growth of Ripple’s native currency.
The post Ripple News: Will SEC’s possible appeal hinder XRP to reach $1 by “Uptober?” may be modified as updates unfold. This post may change as new information unfolds
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