The bullish turn in the crypto markets is causing Ripple (XRP) price to approach a crucial resistance area where a significant decision lies ahead. The impending US SEC appeal decision on October 7 will play a vital role in determining the direction of XRP’s price trajectory. While the XRP community expresses confidence that there will be no appeal from the SEC, a contrary opinion is held by a former SEC Lawyer. Pro-XRP attorney John Deaton also suggests the possibility of an appeal, albeit with a different rationale.
Renowned figures in the domain, including a former SEC lawyer and a pro-XRP attorney, harbor the belief that an SEC appeal in the ongoing XRP vs. SEC lawsuit is probable despite the favorable ruling for Ripple by Judge Analisa Torres back in July 2023. Fox Journalist Eleanor Terette shared insights from a conversation with the former SEC lawyer, indicating a strong inclination towards an appeal citing disagreement with the ruling’s legal merits. John Deaton aligns with this sentiment, emphasizing the potential for an appeal by SEC Chair Gary Gensler. Deaton elucidates on the legal aspects, highlighting the SEC’s weaker arguments and how they may not sway the court’s decision in their favor.
Despite differing opinions, both Deaton and the pro-XRP lawyer anticipate an SEC appeal before the looming deadline on October 7. Analysts foresee a potential 25% crash in XRP price on the grounds of the coin trading below the critical $0.639 resistance level that has persistently impeded an upward breakthrough. Moreover, the anticipation of an SEC appeal is poised as a deterrent, threatening to limit any significant price rallies. This caution prompts investors to monitor the $0.639 resistance level closely, as a rejection could pave the way for a substantial correction to the $0.469 support level.
Technical indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest a period of indecision, hovering around their mean levels. The outcome of the SEC appeal is perceived as a pivotal driver that could either trigger a downfall or propel XRP’s value. However, a positive scenario could materialize if XRP successfully converts the $0.635 resistance into a support level, indicating strength in the market. In such a case, Ripple might surge beyond $0.636 and aim for a 12% rally towards the $0.714 obstacle.