Over the past 24 hours, Ripple coin XRP is trading at 0.5539 USD, up 2.49%.
Recently, Ripple Chief Legal Officer Stuart Alderoty stated that the legal dispute between Ripple and the SEC is far from being resolved.
While other major altcoins have shown significant gains since the bull market began last Wednesday, XRP has been showing a lackluster performance, down 5.31% from a month ago, making it less popular among investors.
XRP price action appeared to have slowed as the case moved to the Second Circuit Court of Appeals, but it is showing signs of rising again today.
There are also signs of recovering interest, with trading volume up 15% today.
Ripple CLO Shares Expected SEC Appeal Timeline
Alderotti recently gave his predictions on how the SEC’s appeal against XRP will play out in an interview with Fox Business.
According to Alderotti, the SEC is required to file a Form C by Oct. 7, which will provide “some specifics about exactly what we plan to appeal.”
Ripple will then be given seven days to file Form C, which will provide additional information regarding the cross-appeal.
The two sides will then agree on a briefing schedule. The SEC will have 90 days to propose an initial briefing, after which XRP will propose its own.
Overall, Alderotti said he expects the briefing process to last until “July 2025.”
Despite the long schedule, he looked optimistically to the future, insisting, “I expect a better outcome from the Second Circuit.”
Ripple Coin Price Analysis: Will XRP Survive This Bull Market?
XRP failed to break out of the symmetrical triangle pattern it had formed for four years as the SEC filed an appeal in its Ripple lawsuit.
Additionally, with significant selling pressure, the bears are leading the market and the pattern looks set to continue.
The MACD line is also on the verge of falling below the signal line, so we can see that the bullish momentum is gradually weakening.
Accordingly, we expect a retest of the lower boundary of the pattern, and holding the $0.42 support level is key for the pattern to be maintained.
Going forward, the XRP coin is likely to remain in a slump and remain within the range as XRP and the SEC lawsuit progress.
However, the upcoming US presidential election on November 5 could provide an early exit from the XRP lawsuit, as both candidates Kamala Harris and Donald Trump are promising a more friendly cryptocurrency regulatory framework.
A more favorable regulatory environment could lead to a future in which the “cloud of uncertainty over the industry” under controversial SEC Chairman Gary Gensler clears.
Given this development, we can also consider a scenario where the pattern breaks out soon, and there is a possibility that XRP will rally 225% in the coming months and reclaim its all-time high of $1.97. With the addition of several fundamental positives that are triggering an alt season, XRP could soar even higher.
- Memecoins: From Hype to Cultural Protest against the Financial System - December 18, 2024
- Scaramucci predicts a Bitcoin price of 200,000 USD in 2025 - December 18, 2024
- Bitcoin ETFs larger than gold funds for the first time - December 18, 2024
