[XRP Price Prediction: SEC Action Could Lead to a 21% Drop in October]
FOX business reporter Eleanor Terrett revealed on the
Judge Torres ruled in July 2023 that Ripple’s programmed sale of XRP did not constitute an unregistered securities offering. The SEC filed an interim appeal motion in August of that year, but the motion was denied in October 2023. The final ruling was made on August 7, 2024, and Ripple Labs was fined $125 million for selling XRP without registering.
Terrett said the SEC believes the ruling was erroneous and plans to file an appeal by Oct. 7. This could cause XRP to give back its recent gains. Technical indicators show that discussion of the appeal has prompted some investors to start selling XRP. The Negative Market Power (BoP) indicator currently stands at -0.03, showing sellers are in the driver’s seat.
Additionally, XRP’s Parabolic Reversal (SAR) indicator is also showing downward momentum, indicating that XRP price may be entering a downtrend, which is often considered a sell signal.
If the SEC appeals, XRP’s October uptrend could be reversed and the price could drop 21% to $0.46. However, if bulls reappear, XRP price could rebound to $0.74.
