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While cryptocurrencies reflected increased optimism, with analysts forecasting historical surges in the coming month, new developments regarding the Ripple vs. SEC battle cast a shadow of uncertainty within the XRP community.
Fox Business reporter Eleanor Terrett revealed that the Securities and Exchange Commission will likely “appeal Judge Torres’ July 2023 ruling concerning the XRP programmatic sales,” citing an ex-SEC lawyer.
The Ripple vs. SEC legal battle has negatively impacted XRP price performance over the years, with the altcoin witnessing limited uptrends during massive bull runs.
With the markets awaiting a one-of-a-kind “Uptober,” 7 October remains vital in shaping XRP’s trajectory in the upcoming month.
While the decision was a partial win for the crypto projects and SEC, Terrett’s post suggests,
Everyone over there (at the SEC) truly believes that the decision is wrong, that it’s not good law, and should be appealed.
XRP price performance
The remittance token tests the resistance between $0.59.47 and $0.59.66 at press time.
That is after securing support at the 50-hr Simple Moving Average and the 200-hr Exponential Moving Average.
XRP eyes a breakout to $0.62 after last week’s 2% upswings. It trades at $0.5889 at press time.
Source – CoinmarketcapWhile momentum indicators such as the Relative Strength Index and stochastic RSI support an upward push, low trading volumes suggest caution. Rejection at the 50 SMA/EMA could welcome declines in the short term.
Meanwhile, the broader trend shows XRP encountering a trendline resistance, a breach of which may propel XRP toward $0.85.
With positive sentiments in the broad market and Ripple’s October Swell Conference, bulls will likely push further to $1.
That would translate to a 70% surge from the token’s current price of $0.5889.
Crypto market sentiments support the upside trajectory as it continues to satisfy necessary conditions for a robust altcoin season.
Moreover, Ripple enthusiast Jack The Ripper believes October will be life-changing for XRP investors.
October 2024 could be a life changing month for #XRP holders: – The SEC does not appeal. – XRP reaches a new all time high. – Mass adoption begins in the U.S. – Tokenization begins on the XRPL. – Central banks, banks and payment providers begin bridging currencies by using XRP.
He highlighted factors such as mainstream acceptance, where financial entities start bridging currencies using the altcoin.
However, SEC’s appeal will ruin the expected party, catalyzing subdued price actions for XRP as other tokens outshine in “Uptober.”
Bearish waves could see XRP plummeting to sweep liquidity at the $0.5581 mark – a level that serves as a support barrier throughout September.
Failure to steady at this zone would welcome dips toward the Fair Value Gap at the $0.5413 – $0.5556 range.
Meanwhile, 7 October updates remain crucial in determining XRP’s trajectory in the upcoming sessions.
SEC’s failure to appeal will see XRP dominating trends in anticipated October rallies and push past $1.
However, a petition will trigger consolidations and postponed growth for Ripple’s native coin.
The post Ripple news: will SEC’s potential appeal hinder XRP from hitting $1 in “Uptober”? appeared first on Invezz
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