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In response to a member of the XRP community on Twitter, attorney and pro-XRP advocate John Deaton mentioned that Ripple intends to appeal any unfavorable ruling to the Supreme Court, effectively maintaining the current state for the next two to five years. According to Deaton, this timeline aligns with the Supreme Court’s decision-making process, and he believes Ripple is highly likely to win without a doubt.
Under this circumstance, the 75,000 XRP holders whom Deaton represents would be eligible for compensation or reimbursement. However, if Ripple exhausts all avenues of appeal and loses, the SEC would likely collect the alleged $1.3 billion in unregistered securities sales from Ripple and provide XRP holders with the option to sell their holdings.
By becoming part of Deaton’s represented XRP holders, none of the holders represented by the attorney relinquished their rights to compensation. Deaton assured that he would be in contact with them if there are any recoveries or compensations awarded, as he represents their interests in the SEC vs. Ripple lawsuit.
Current Market Standing
Ripple (XRP) is ranked as the sixth biggest crypto based on its market cap, according to CoinMarketCap. It experienced a 0.61% drop in price over the last 24 hours, taking its price down to $0.4671 at press time. This also put its total market cap at approximately $24.41 billion.
During this time, XRP had strengthened against both of the crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), however. At press time, XRP was up 0.04% against BTC and 0.18% against ETH. As a result, 1 XRP was worth 0.00001553 BTC and 0.000252 ETH.
The 24-hour decrease in XRP’s price had pushed its weekly performance further into the red. As a result, the remittance token was down 3.15% over the past 7 days.
Technical Overview
A positive trend line was present on XRP’s 4-hour chart after the altcoin printed higher lows over the past 2 weeks. It dropped below this trend line earlier today to a low of $0.4622, but was able to recover to trade back above the trend line at press time. As a result, XRP’s price may look to test the resistance level at $0.4690 in the next 24-48 hours.
Should the altcoin’s price break above the resistance, it will have a clear path on the 4-hour chart to climb to the next key mark at $0.4755 in the following few days. On the other hand, XRP failing to close above $0.4690 within the next 2 days may put the crypto at risk of dropping to the crucial support at $0.4592.
Looking at XRP’s daily chart, the 9-day and 20-day EMA lines were positioned below the 50-day EMA line. The 9-day EMA line crossed below the 50-day EMA on 27 June 2023, which signaled that XRP was in a short-term bearish trend and its price would continue to drop.
A few days later, the 20-day EMA line had also fallen below the 50-day EMA line on 5 July 2023, which suggested that XRP had entered into a medium-term bearish trend as well. Both of these bearish technical flags were validated, as XRP’s price lost the support of the $0.4840, $0.4756 and the $0.4691 support levels.
At press time, there was some buy pressure which was evident by the wick that was underneath today’s daily candle. Should this bullish momentum continue, XRP may flip the resistance at $0.4690 into support in the next 24 hours. Thereafter, XRP will need to overcome the 9-day EMA line at around $0.4723 before it can climb to $0.4755.
There is a lot of significant economic data coming out of the U.S. this week which may impact XRP and the rest of the crypto market. The first major piece of data that will be released this week is the Core Inflation Rate MoM. Core Inflation Rate YoY and general U.S. Inflation Rate data will also be released this Wednesday.
Crypto prices may drop temporarily following the release of the economic information. Should the data suggest that the Dollar has strengthened, investors and traders may sell some of their crypto holdings in exchange for the stronger Dollar.
Similarly, economic data that is not in favor of the Dollar could also lead to crypto prices dropping, as investors may look to lower their exposure in risky asset classes such as cryptos. However, this potential drop in the overall crypto market may be brief as savvy investors may look to take advantage of the buy opportunity.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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