XRP closed another week up 8%, overcoming previous stubborn resistance at $0.60. It is currently up 12% for the month and it’s on track to closing its strongest quarterly return since Q1, 2023 — which was approximately just over a year ago.
However, it is worth noting that the United States Securities and Exchange Commission (SEC) could still throw the wrench in the works for XRP bulls with only seven days remaining until the regulator can appeal the final ruling in the Ripple case.
XRP Eyeing $0.90
Crypto traders have recently shifted focus to XRP ahead of the SEC vs. Ripple appeal deadline. Prominent crypto analyst The MoonCarl told his 1.3 million followers on the X (formerly known as Twitter) social media platform that XRP is currently trading within a daily triangle indicator — setting up the Ripple-affiliated cross-border payments token for an explosive price surge.
MoonCarl suggests that if this pattern breaks to the upside, it could propel the price toward higher supply levels at $0.90, marking a substantial 50% increase from its present price points. This would be a massive move for XRP, aligning with the overall upbeat outlook many crypto watchers envision.
#XRP is also trading within this 1D symmetrical triangle! If we break out to the upside, #Ripple might reach $0,9 (+49%) pic.twitter.com/hpBz0uRxMh
— The Moon (@TheMoonCarl) September 28, 2024
XRP recently registered a weekly close of $0.642 — its highest since December 2023. However, it is crucial to note that since last month, XRP has been stuck in the $0.66-$0.42 range. The current market conditions create the perfect opportunity for XRP to shatter $0.70 before eventually reaching $0.90.
SEC Appeal Deadline Looms
Meanwhile, a potential appeal from the Securities and Exchange Commission could throw a monkey wrench in the works for the XRP’s potential price growth.
While Judge Analisa Torres ruled against the SEC’s allegation that XRP itself is a security and awarded the Wall Street watchdog a $125 million penalty, there is growing speculation that the legal tussle with Ripple might continue.
Over the weekend, pro-XRP lawyer Fred Rispoli assigned a 60% chance of the SEC filing an appeal, likely focusing on secondary market sales:
“I’m 60/40 rn in favor of seeing an SEC notice of appeal but the stakes are really high for the SEC. Letting it slide (no appeal) means that “programmatic sales” is a one-off loss that literally only applies to Ripple’s secondary sales and is a distinguishable SDNY loss for the SEC,” Rispoli wrote. “Appealing and getting Ripple affirmed is a huge gift to all litigants in the 2nd Cir fighting the SEC (all of NY and SEC’s favorite) to argue all secondary sales are not investment contracts.”
Rispoli, concurred with another well-known XRP advocate, John Deaton, adding, “The reality of SEC’s chances of winning on an appeal though mainly comes down to the three randomly selected justices that would hear it. If SEC drew 3 SEC-biased judges (rare but possible), it could win.”
Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty have publicly indicated that they are ready to move forward regardless of whether or not the SEC appeals the recent ruling that recognized XRP as a nonsecurity.
