š„š„š„ $XRP Rises 2% as Traders Weigh SEC Appeal Timeline in Ongoing #lawsuit
#Rippleās Chief Legal Officer says the SEC lawsuit and appeal process could extend until July 2025. XRP holders react to Rippleās cross-appeal and announcements at Swell 2024. XRP climbs nearly 2%, trading back above $0.5400 on Wednesday.
XRP Market Movers:
- Ripple (XRP) is trading above $0.5400 as of Wednesday, October 16, driven by key announcements from the Ripple Swell event and the ongoing Securities & Exchange Commission (SEC) vs. Ripple lawsuit appeals.
- Rippleās Chief Legal Officer, Stuart Alderoty, told Fox Business reporter Eleanor Terret that the lawsuit and appeals process could stretch out until July 2025. Ripple is expected to file its own cross-appeal (Form-C), countering the SECās appeal against the August 2024 lawsuit ruling. The SEC has 90 days to submit its first brief, which will detail its legal arguments. Ripple will then respond, and the process may take until mid-2025.
- At Rippleās Swell conference, the firm revealed details about its #stablecoin project, with President Monica Long discussing how XRP will work alongside the Ripple USD (RLUSD) stablecoin once regulatory approval is secured.
Technical Analysis: XRP Eyes an 8% Gain
- XRP has been rangebound for over two months, trading between $0.6649 (September 29 high) and $0.4319 (August 5 low). The altcoin could see an 8.42% rise, potentially targeting the psychologically important $0.6000 level.
- If XRP pushes higher, it will encounter resistance at the September 29 high of $0.6649, which hasnāt been tested in over two weeks. A further target would be the March 2024 peak of $0.7429.
- The Moving Average Convergence Divergence (#MACD ) indicator recently turned bullish, with green histogram bars appearing above the neutral line, signaling positive momentum for XRP.
- If a correction occurs, XRP could find support in the Fair Value Gap between $0.4780 and $0.5136, or test the September 6 low of $0.5000, which hasn't been retested in over a month.
