- XRP was trading at $0.5242 following a 24-hour gain of 0.69%.
- The remittance token was able to break above $0.5380 but was unable to maintain a position above the threshold.
- The 20 EMA line had crossed below the 50 EMA line on XRP’s daily chart over the past few days.
In a Twitter post, David Schwartz, the Chief Technology Officer of Ripple Labs, highlighted a recent development concerning an appeal by the United States Securities and Exchange Commission (SEC). The SEC’s decision to seek an appeal at this particular juncture is grounded in their interpretation that the ongoing legal case has not reached its conclusion.
This perspective grants involved parties the opportunity to lodge appeals subsequent to the finalization of the case. This procedural approach is designed to streamline legal proceedings and prevent continuous disruptions to the core case due to numerous appeals centered around minor determinations.
Yes. A party that loses on any claim or issue in their suit is entitled to appeal any adverse rulings at the conclusion of the suit. The SEC is asking for permission to appeal here because the suit is not complete yet for any party.You can see why there would be a rule like…— David "JoelKatz" Schwartz (@JoelKatz) August 18, 2023
In the wake of Judge Analisa Torres’ ruling on 13 July 2023 that the sale of XRP on digital asset exchanges does not classify as a security, the SEC has proceeded to file an appeal. Although this response from the SEC was prompted by the favorable judgment for Ripple, its focus lies on an unexpected turn of events within the legal proceedings.
Schwartz emphasized the significance of consolidating appeals to enhance the situation, as individual appeals could potentially protract the legal process even further. Nonetheless, the executive clarified a guideline for exceptional circumstances. The SEC contends that the distinctive circumstances in this instance warrant a different approach. It suggests suspending the proceedings until the appeal is resolved, but Ripple holds a differing viewpoint.
Ripple’s stance is that even if the SEC is entitled to an appeal, the primary lawsuit should advance alongside the appeal process. This aligns with the notion of allowing the trial to continue and carefully considering appeals once all other matters are concluded.
XRP Current Market Standing
Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 0.69% increase in price over the last 24 hours, taking its price up to $0.5242 at press time. This also put its total market cap at approximately $27.699 billion.
The 24-hour gain was unable to pull XRP’s weekly performance out of the red zone. At press time, the remittance token’s price was down more than 16% over the past 7 days.
Along with the remittance token’s price increase, the altcoin also recorded an uptick in its 24-hour trading volume. Subsequently, XRP’s daily trading volume stood at $1,604,358,609. This was a 54.22% increase compared to the altcoin’s trading volume in the past 24-hour cycle.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP’s price had attempted to flip the $0.5380 resistance into support throughout the past 24 hours. Although it had succeeded in breaking above this price threshold, sellers had forced the remittance token’s price back below the level over the past 12 hours, where it continued to trade at press time.
Subsequently, the altcoin was at risk of falling to the crucial support level of $0.4715 in the coming couple of days. This bearish thesis will be invalidated if XRP’s price is able to reclaim a position, and remain, above the aforementioned $0.5380 price point within the next 24 hours. In this scenario, the altcoin’s price will have a clear path to climb to $0.5890.
Daily chart for XRP/USDT (Source: TradingView)
Meanwhile, on the daily chart, a significant bearish technical flag was recently triggered. Over the past few days, the 20-day EMA line crossed below the 50-day EMA line. This signaled that medium-term momentum was in favor of sellers and XRP’s price may drop in the coming 2 weeks.
If this bearish technical flag is validated, then XRP’s price could fall to as low as $0.4715, which is the next key support level. On the other hand, if the altcoin is able to close today’s daily candle above $0.5380, then it will have an almost clear path to climb to the next major resistance level at $0.5890.
The only thing standing in XRP’s way as it embarks on an approach towards $0.5380 will be the 9-day EMA line at around $0.5545. A break above this technical indicator will then most likely lead to XRP’s price overcoming the $0.5890 barrier in the following 48 hours.
Continued buy support could also push XRP’s price to $0.6735 in the next week. However, the potential bullish momentum will need to overcome the significant 50-day EMA line at around $0.6053 first.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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