In the current bullish crypto market scenario, Ripple (XRP) is on track to meet a critical resistance level, facing a pivotal decision that may determine its future trajectory. The impending US SEC appeal verdict on October 7 holds significant weight in shaping XRP’s price outlook. Despite the optimism within the XRP community regarding the SEC’s decision not to appeal, a former SEC Lawyer holds a contrasting view. Esteemed personalities like Pro-XRP attorney John Deaton also foresee a potential appeal, but their reasoning diverges.
The on-going debate concerning the XRP vs. SEC lawsuit persists, even post the favorable ruling for Ripple by Judge Analisa Torres in July 2023. Notably, speculation revolves around the likelihood of an SEC appeal challenging the aforementioned ruling. In a recent revelation, Fox Journalist Eleanor Terette disclosed insights from a conversation with a former SEC lawyer who leans towards the likelihood of an appeal. The ex-SEC official indicated a prevailing belief within the SEC that the ruling was erroneous and should be contested.
John Deaton further reinforced this viewpoint, suggesting the probability of an appeal being lodged by SEC chair Gary Gensler. Despite acknowledging the complexities of the legal process, Deaton maintained that Judge Torres’ ruling would likely stand firm even if an appellate court were to intervene. Both Deaton and the Pro-XRP lawyer anticipate the SEC’s appeal before the looming October 7 deadline.
In the context of XRP’s price movement, following a 23% surge since the September 6 dip, the token now hovers around $0.618. However, speculations predict an impending downside correction for Ripple due to two primary reasons. Firstly, XRP remains below the formidable $0.639 resistance level, persisting as a barrier for upward momentum. Secondly, the looming SEC appeal casts a shadow of uncertainty, potentially deterring further price appreciation.
The impending decision on the SEC appeal holds substantial influence over XRP’s near-term price trajectory. A breach of the $0.635 resistance level could signify a bullish breakout, ushering in a possible upward swing towards the $0.714 hurdle. Conversely, failure to overcome the resistance could trigger a 25% decline, retracing to the support level at $0.469, highlighting the critical importance of monitoring market developments closely.
The evolving market dynamics and regulatory events underscore the volatile nature of XRP’s price movements, with investors advised to remain vigilant amidst the shifting landscape.