The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has weighed on XRP prices as the SEC considers a last-minute appeal.
Former SEC lawyers Marc Fagel and James Farrell expect the regulator to appeal the ruling in favor of Ripple, otherwise it will undermine its authority. As the deadline for the appeal approaches, the XRP community is full of speculation about the outcome.
Attorney Fred Rispoli said the SEC could announce its decision at the last minute, further escalating tensions. Ripple executives, including CEO Brad Garlinghouse, have denied any intention to settle, and the court’s stay order leaves the 125 million USD fine hanging in the balance.
Tomorrow, in two weeks, is the deadline for the SEC!
If they wanted to appeal, they would have done it weeks ago. Filling out an appeal document takes 15 minutes.
💥 Major #XRP News ANYTIME! 💥 pic.twitter.com/LXZHS7kJaP
— JackTheRippler ©️ (@RippleXrpie) September 22, 2024
The XRP market is closely watching the SEC’s next move, which could have a significant impact on the cryptocurrency’s price action.
XRP Price Key Technical Levels
XRP is currently trading at 0.591 USD, up 1.05% over the past 24 hours. The cryptocurrency remains above the key 50-day exponential moving average (EMA) of 0.5815 USD, suggesting that the current uptrend remains intact.
- Support: XRP’s immediate support is at 0.5765 USD, which coincides with the ascending trendline. If this level breaks, XRP could fall further, with key supports at 0.5626 USD and 0.5454 USD.
- Resistance: On the upside, XRP faces resistance at 0.6137 USD, followed by 0.6303 USD and 0.6483 USD. A break above these levels could extend the bullish trend and push XRP towards higher price targets.
The relative strength index (RSI) is at 54, which indicates that the market is in a neutral state. The RSI shows that prices have room to move both up and down, but if the RSI falls below 50, it could mean a potential bearish pullback.
Ripple’s legal prospects and its impact on XRP price
The SEC’s potential appeal adds uncertainty to XRP’s otherwise bullish outlook. A favorable ruling could drive the coin higher, while a protracted legal battle could lead to increased volatility. Investors should also keep an eye on macroeconomic factors, such as regulatory changes and market sentiment toward cryptocurrencies.
Key Takeaways:
- XRP’s 50-day EMA at 0.5815 USD provides strong support, maintaining the bullish trend.
- The immediate resistance is at 0.6137 USD, above which the upside potential will extend to 0.6483 USD.
- The RSI is 54.44, which shows a neutral stance in the market and the price may fluctuate in either direction.
As the SEC decision approaches, investors should prepare for possible volatility in the price of XRP, depending on the outcome of the legal proceedings.
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