Ripple SEC Appeal Looms Over XRP’s Breakout Potential Amid Legal Tensions. Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com)— XRP remains under pressure as the SEC’s potential appeal against the Programmatic Sales ruling continues to cloud its near-term prospects. The uncertainty surrounding the Ripple SEC appeal has kept investors cautious, with the market on edge since the final judgment in the SEC vs. Ripple case.
Although eight days have passed, the SEC has yet to clarify its stance, leaving investors hesitant to commit to the market before the regulatory body makes its decision.
Uncertainty Surrounding Ripple SEC Appeal Affects XRP
The ongoing Ripple and SEC legal battle remains a key factor in XRP’s price movements. In July 2023, Judge Analisa Torres ruled that Programmatic Sales of XRP did not meet the third prong of the Howey Test, a decision welcomed by the crypto community.
However, the SEC’s Motion for Interlocutory Appeal, filed in Aug. 2023, challenges this ruling, keeping the market on edge.
John E Deaton’s post criticizing Elizabeth Warren’s campaign fundraising tactics. Source: X
On Aug. 14, John E. Deaton, an attorney in the SEC vs. Ripple case, criticized Senator Elizabeth Warren’s anti-crypto stance as she sought re-election. Warren’s push for stricter regulations on cryptocurrencies has found support from figures like JPMorgan Chase CEO Jamie Dimon.
Political Factors Add Pressure to XRP’s Market Position
Senator Elizabeth Warren’s anti-crypto stance, particularly her recent targeting of XRP and Ripple, has cast a shadow over the token’s path toward reclaiming the $1.00 mark. Warren’s influence in U.S. politics and her opposition to digital assets have made her a formidable figure in the ongoing debate over crypto regulation.
2024 U.S. election prediction market with odds for Kamala Harris and Donald Trump. Source: Polymarket
The upcoming 2024 Presidential election could impact the regulatory environment for XRP. Polymarket data shows Kamala Harris with a 54% chance of winning and Donald Trump at 44%.
Depending on the election outcome, a Trump victory in Nov. 2024 could either reduce regulatory pressure on XRP or increase scrutiny. XRP’s price will likely remain sensitive to legal and political developments in the coming months, and to news of the Ripple SEC appeal.
XRP Poised for Major Breakout Amid SEC Uncertainty
XRP is nearing a critical point, with its price action suggesting a potential breakout from a multi-year triangle pattern. On Aug. 14, XRP closed at $0.5690, marking a 1.51% decline amid a broader market downturn. However, the focus remains on whether XRP can break free from its prolonged consolidation.
XRP/USD 1-week price chart. Source: TradingView
The weekly chart reveals a descending triangle pattern, with XRP oscillating between a descending resistance line and a horizontal support level around $0.30. As XRP approaches the apex of this pattern, the probability of a breakout increases.
XRP/USD 1- month price chart. Source: Dark Defender
Analysts like Dark Defender note the appearance of a bullish hammer candle on the monthly chart, signaling potential upward momentum. Potential targets of $1.00, $1.40, and $1.88 have been suggested, contingent on a successful breakout.
Post predicting XRP breakout to $600 with bullish sentiment. Source: Brett Hill
Adding to the anticipation, Brett Hill, a crypto trader, highlighted similarities between XRP’s current setup and its rally between 2013 and 2017.
Hill suggested that if XRP breaks out from the 2018-2024 triangle pattern, it could trigger price movement, potentially pushing XRP toward $600. Further clarity on the Ripple SEC appeal mystery could help XRP price decide on a price rally direction.
However, the ongoing uncertainty surrounding the SEC’s potential appeal against the Programmatic Sales ruling in the SEC vs. Ripple case remains a critical factor.
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