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XRP has maintained its stance above $0.52 despite the FUD around a possible price capitulation on the back of the SEC’s upcoming appeal in the Ripple lawsuit.
The recent notice of appeal by the US Securities and Exchange Commission triggered angst within the XRP community. For context, the securities watchdog notified the Second Circuit of the US Appeals Court on October 3, stating that it intends to dispute the judgment passed by Judge Analisa Torres in the Ripple vs. SEC case.
Notably, reactions sprung in from Ripple CEO Brad Garlinghouse and other proponents of XRP. The XRPL native token also corrected considerably, falling 10% after 24 hours.
However, XRP has quickly moved past the SEC appeal, holding the support at $0.52 sustainably. According to XRP enthusiast Moon Lambo, the SEC has lost its ability to hinder XRP’s price performance.
XRP Drives Past the SEC Hurdle
In a tweet, Moon Lambo emphasized that XRP has grown by 1 cent month-over-month despite the SEC’s foreseen move to appeal Judge Analisa Torres’ August 7 judgment. The YouTuber noted that the growth depicts the market’s lackluster disposition towards the SEC appeal.
Over the years, Ripple’s legal battle with the SEC has had notable implications for the XRP price. The seventh-largest crypto asset by market has underperformed in recent years owing to the Wall Street regulator’s years-long scrutiny.
However, Moon Lambo argued that the recent price performance indicates a sentiment shift in the crypto market, bringing him to the conclusion that the SEC appeal does not matter again for XRP. Notably, the YouTuber is not the only one sharing this thought pattern.
In an X post, analyst Doctor Magic stated that the FUD swelling after the appeal couldn’t even push XRP below the $0.52 support. The analyst noted that circulating speculations of an impending XRP capitulation haven’t materialized as bears have failed to drive prices past the support.
What’s Next for XRP?
With the asset holding the support at $0.52, analysts have given different price speculations for XRP. For context, analyst Charting Guy noted that XRP will continue to consolidate between $0.43 and $0.67 until Bitcoin breaks to price discovery.
Conversely, market speculator Bobby A stated that XRP will repeat its 2020 price prowess. Per his analogy, he expects XRP to surge over 800% to $4.23 following historical patterns. For context, the XRPL native token grew by 1,772% in 2020 when the SEC sued Ripple and its founders and branded the asset as a security.