coinpedia.org
In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), a new perspective has emerged regarding the SEC’s stance on $XRP. A former SEC attorney has predicted the SEC will likely appeal the July 2023 court ruling, which declared $XRP’s secondary sales as non-securities.
The SEC must file an appeal by October 7, 2023. The court previously fined Ripple $125 million for violating securities regulations, though this amount is significantly less than what the SEC initially requested.
$XRP Price Analysis By Cheeky Crypto:
Support and Resistance: $XRP is finding support around the 200-hour EMA and 50-hour SMA, while testing resistance near $59.47 to $59.66.
Price Movement: After attempting an upward push, there’s a potential breakout towards $61.49 to $62.50. Momentum indicators like the RSI and stochastic RSI suggest an upward move, though volumes are low, signaling caution. If the price is rejected at the 50 EMA/SMA, a short position might be considered for a brief downside move.
Larger Trend: On the daily chart, the price is facing resistance at the trendline. A breakout above it could push $XRP towards the $0.75-$0.85 range, though there’s a chance it could drop to $0.50 before that rally.
Amidst this, some community members expressed concerns about Ripple’s upcoming stablecoin, speculating whether it could replace $XRP in Ripple’s payment system. However, Ripple has clarified that $XRP will continue to play a central role in its international payment solutions.
As Ripple gears up for its annual Swell Conference in October, speculation is also growing about a possible $XRP ETF, following the SEC’s approval of Bitcoin and Ethereum spot ETFs. Ripple could make major announcements regarding this, as well as other key developments at the conference.