The U.S. Securities and Exchange Commission is considering a last-minute appeal in the ongoing legal dispute between Ripple and the U.S., putting pressure on XRP prices and making investors nervous.
According to Marc Fagel and James Farrell, two former SEC attorneys, the agency is expected to appeal the decision in favor of Ripple because not doing so could undermine its authority. The XRP community is wondering what will happen as the appeal deadline approaches.
Adding fuel to the fire, attorney Fred Rispoli speculated that the SEC would hold off on announcing the settlement until the last minute. Due to the courtâs stay, the $125 million fine is now uncertain, and Ripple officials, including CEO Brad Garlinghouse, have vehemently denied any intention to pay.
The SECâs next decision could have a major impact on the price trajectory of XRP, so the market is closely watching this decision.
Important Pivot Points in XRP Price Range
XRP price has increased by 1.05% over the past 24 hours to $0.591. The cryptocurrencyâs ongoing uptrend is supported by its price action, which remains above the important 50-day Exponential Moving Average (EMA) at $0.5815.
Chart for Ripple
Support Level: The rising trend line and $0.5765 provide immediate support. If XRP breaks below this level, it could decline, with $0.5626 and $0.5454 acting as important support.
Resistance levels for XRP on the upside are $0.6137, $0.6303, and $0.6483. To maintain the positive trend and push XRP towards higher price targets, a breakout above the current levels is required.
With an RSI of 54, we can say that the market is not moving in any direction. While the Relative Strength Index (RSI) shows both bullish and bearish potential, a drop below 50 could signal a possible bearish correction.
Legal Predictions for Ripple and Its Impact on XRP Price
The previously rosy outlook for XRP has darkened due to the possibility of an SEC appeal. A positive decision could boost the tokenâs value, while a protracted legal battle could cause its value to fluctuate further. Market sentiment and regulatory changes related to cryptocurrencies are examples of macroeconomic issues that investors should pay attention to.
Key Points
This bullish trend is likely to continue as XRP finds strong support around the 50-day exponential moving average (EMA) at $0.5815.
If the 0.6137 level is broken, resistance will come into play immediately and the price could rise to 0.6483.
With the relative strength index (RSI) at 54.44, the market could go either way.
The SEC is expected to make a ruling soon, so investors should prepare for possible volatility in XRPâs price. The outcome of the legal proceedings will determine this volatility.
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