The US Securities and Exchange Commission is considering a last-minute appeal in the continuing legal dispute between Ripple and the US, which is putting pressure on the XRP price and keeping investors on edge.
According to Marc Fagel and James Farrell, two former lawyers of the SEC, the agency is expected to appeal the decision in Ripple's favor since failing to do so may undermine its authority. The XRP community is left to wonder what will happen as the deadline for the appeal draws near.
Adding fuel to the fire, attorney Fred Rispoli has speculated that the SEC would hold off on making its announcement until the very last minute. Due to a court stay order, the $125 million penalty is now uncertain, and Ripple officials, including CEO Brad Garlinghouse, have vehemently rejected any intention to pay.
The next decision by the SEC might have a major influence on the price trajectory of XRP, thus the market is keeping a careful eye on it.
Important Pivot Points in the XRP Price Range
XRP's price has risen 1.05% in the last 24 hours, to $0.591. The cryptocurrency's continued upward trend is supported by its price action, which has remained above the important 50-day Exponential Moving Average (EMA) of $0.5815.
Chart for Ripple
Levels of Support: The rising trendline and $0.5765 provide immediate support. If XRP breaks below this level, it may go lower, with $0.5626 and $0.5454 serving as important supports.
The levels of resistance for XRP on the upswing are $0.6137, $0.6303, and $0.6483. In order to keep the positive trend going and propel XRP toward higher price goals, a breakthrough above current levels is necessary.
With an RSI of 54, we can say that the market is not moving in either direction. Although the Relative Strength Index (RSI) shows potential for both rising and falling movements, a drop below 50 may signal a possible bearish correction.
Legal Prognosis for Ripple and Its Effect on the XRP Price
The formerly bright outlook on XRP has become more murky due to the likely SEC appeal. A positive decision may boost the token's value, while a protracted legal dispute might cause its value to fluctuate more. Market mood and regulatory changes regarding cryptocurrencies are examples of macroeconomic issues that investors should keep an eye on.
Main Points:
This bullish trend will likely continue as XRP finds strong support around its 50-day exponential moving average (EMA) of $0.5815.
If $0.6137 is breached, there is immediate resistance and the price might rise to $0.6483.
With the relative strength index (RSI) at 54.44, the market might go in either way.
The SEC is expected to make a judgment soon, so investors should brace themselves for possible price volatility in XRP. The result of the legal processes will determine this volatility.
