As October 7 approaches, the looming SEC appeal decision puts the XRP price under pressure, raising concerns about whether the cryptocurrency can maintain its crucial $0.60 support level. Market uncertainty continues to grow, with the XRP price reacting to the potential legal challenges Ripple faces.
SEC Appeal DEADLINE APPROACHES: What’s at Stake for Ripple?
Ripple faces a pivotal moment as the deadline for an SEC appeal is less than a week away. Judge Analisa Torres previously ruled in Ripple’s favor regarding programmatic sales of XRP, deeming them not to meet the criteria of the Howey Test. However, legal experts believe that the SEC might challenge this specific ruling. If the SEC successfully appeals, Ripple's future expansion plans in the US could be significantly affected.
Why MIGHT the SEC Appeal the XRP Programmatic Sales Ruling?
Legal experts suggest that the SEC is likely to appeal Judge Torres’s decision on the XRP programmatic sales. According to sources, many within the SEC believe the ruling was flawed and should be overturned. The appeal could focus on whether the XRP programmatic sales should be classified as securities, although there is less indication that the SEC will argue XRP itself is a security.
What are the CHANCES of an Appeal?
Crypto lawyer Fred Rispoli estimates a 60% chance that the SEC will appeal the ruling on XRP programmatic sales. An appeal could lower the XRP price to around $0.40, whereas a decision not to appeal might drive the XRP price towards $1.00. Investors are closely monitoring the situation, as the outcome of the appeal could significantly influence XRP price trajectory.
XRP Price Analysis: XRP Price DROPS with SEC Appeal on the Horizon
On September 30, XRP price experienced a significant 4.60% drop, reversing the previous day’s rally. Closing at $0.6120, it underperformed the broader market, which also saw a decline. As the XRP price hovers around the $0.60 support level, it seems clear that the upcoming SEC appeal deadline is creating anxiety among investors. The uncertainty surrounding Ripple’s legal battles continues to weigh heavily on the performance of XRP price.
XRP Price Prediction Amid LEGAL UNCERTAINTY
Despite recent price dips, XRP price remains above key technical levels, including the 50-day and 200-day EMAs, signaling potential bullish momentum. In addition to maintaining a strong position over its major $0.60 support level, despite the entire market downturn impacted by Middle East tensions. So, if the XRP price can break past resistance at $0.6655, it could aim for $0.70. On the downside, failure to hold above $0.60 may lead to a drop toward the 50-day EMA at $0.5739.
The future of XRP price remains uncertain as investors await the SEC’s next move. A potential appeal could either create a significant downturn or boost the XRP price. The XRP price boost could lead it to just recover or to test new highs. Monitoring SEC actions will be crucial for traders to navigate these volatile market conditions. So October 7, would be a pivotal day for XRP price.
