Ripple Price Analysis as SEC Possibly Appeals Court Ruling, Legal Experts’ Take on Their Legal Dispute
Ripple (XRP) price fell 3% yesterday to $0.6288 on a day when the cryptocurrency sector as a whole fell 1.5%. However, XRP maintained gains of 7% in a week, 12% in a month and 20% in a year.
Several legal experts have also weighed in over the past few days on whether the SEC could appeal its case against Ripple; some lawyers have suggested that the SEC will appeal the decision. Given the lack of a specific timeframe or any clear indication that the SEC will do so, Ripple’s price could continue to rise over the rest of the year.
Ripple Price Analysis: SEC May Appeal Court Ruling, Legal Experts Predict Their Legal Dispute
Attorney Fred Rispoli suggested in a post on X over the weekend that there is a 60% chance the SEC will appeal the July 2023 ruling. He singled out the provision that programmatic sales of XRP do not constitute investment contracts, arguing that the ruling sets a precedent that could negatively impact the commission’s lawsuits against other cryptocurrency companies and issuers, something the regulator is seeking to prevent.
Rispoli’s post comes in response to an earlier post by pro-crypto lawyer Jeremy Hogan, who responded to a report that a former SEC figure was likely to appeal sooner or later.
However, these expectations did not affect the price of XRP, which rose from $0.5879 last Saturday morning to its highest levels in three months at $0.6578 last Sunday evening, reflecting that the possibility of appealing the ruling did not affect the degree of enthusiasm that this currency has, which is ready to rebound strongly upwards.
After a slight decline in price since the weekend, the Relative Strength Index (RSI, represented in purple) has risen above 50, indicating increasing momentum.
On the other hand, the resistance (red) and support (green) levels are converging to form a flag pattern that the price could break strongly upwards in the next day or so. Given its high trading volume of $2 billion or more, XRP appears to be in a bull market, as are other cryptocurrencies that have been - albeit intermittently - making new gains since the Federal Reserve cut interest rates last month.
Given the company's quest to expand its business, it is likely that the price of XRP will reach $1 or more by the end of this year.
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