New Insights on SEC’s Stance on XRP
In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), a fresh perspective has emerged regarding the SEC’s stance on XRP. A former SEC attorney has predicted that the SEC is likely to appeal the July 2023 court ruling, which declared XRP’s secondary sales as non-securities. The SEC must file an appeal by October 7, 2023. Previously, the court fined Ripple $125 million for violating securities regulations, a sum significantly less than what the SEC initially requested.
XRP Price Analysis by Cheeky Crypto
Support and Resistance
XRP is finding support around the 200-hour EMA and 50-hour SMA while testing resistance near $59.47 to $59.66.
Price Movement
After attempting an upward push, there’s potential for a breakout towards $61.49 to $62.50. Momentum indicators such as the RSI and stochastic RSI suggest an upward move, although the low trading volumes signal caution. If the price is rejected at the 50 EMA/SMA, a short position might be considered for a brief downside move.
Larger Trend
On the daily chart, the price is facing resistance at the trendline. A breakout above it could push XRP towards the $0.75-$0.85 range. However, there’s also a possibility that it could drop to $0.50 before that rally occurs.
Ripple’s Upcoming Developments and Speculations
Amidst these developments, some community members have expressed concerns about Ripple’s upcoming stablecoin, speculating whether it could replace XRP in Ripple’s payment system. However, Ripple has clarified that XRP will continue to play a central role in its international payment solutions.
As Ripple gears up for its annual Swell Conference in October, there is growing speculation about a possible XRP ETF following the SEC’s approval of Bitcoin and Ethereum spot ETFs. Ripple could make significant announcements regarding this, as well as other key developments, at the conference. This Ripple news continues to unfold as the community watches closely.
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