As a researcher with extensive experience in the cryptocurrency market and a keen interest in the XRP vs. SEC lawsuit, I find the recent speculations about the potential SEC appeal particularly intriguing. My personal analysis aligns more with the views of John Deaton and the former SEC lawyer who believe that an appeal is likely to come from the SEC.
As cryptocurrency markets show signs of optimism, Ripple (XRP) price is nearing a significant barrier where it must make a critical choice – either break through or retreat. The upcoming ruling by the US Securities and Exchange Commission (SEC) on October 7 will play a pivotal role in determining the trend and assist with XRP price forecasting. While the XRP community remains hopeful that the SEC won’t file an appeal, a former SEC attorney disagrees. Notable XRP legal advocate John Deaton also shares this belief that there might be an appeal, but offers a distinct perspective on the matter.
Former SEC Lawyer & Pro-XRP Attorney Believe SEC Appeal Likely to Come
XRP vs. SEC Lawsuit has been a hot topic even after Judge Analisa Torres ruled in favor of Ripple in July 2023. The latest discussion has been surrounding the potential SEC appeal that will contest the said ruling. While the XRP community believes there won’t be an appeal from the SEC, two experts believe otherwise.
As a diligent analyst, I’ve come across a noteworthy observation shared by Eleanor Terette in her post on X. She recounts a discussion with a seasoned SEC lawyer who predicts that the Securities and Exchange Commission (SEC) is likely to file an appeal against the July 2023 ruling. The former SEC employee further elaborated, implying a strong likelihood of the SEC taking this course of action.
As a crypto investor, I firmly believe that the recent decision made by the SEC was misguided. In my opinion, it’s not grounded in solid legal principles and requires an appeal to ensure a fair and just outcome for our community.
John Deaton, a lawyer supportive of XRP, agreed with Elanor Terette’s post and also noted that it’s possible Gary Gensler, SEC chair, might file an appeal. Death elaborated that an appellate court may not rule Judge Torres made an error, but even if they did, the SEC would still likely lose the case. Deaton further stated that the “common enterprise” argument is the SEC’s weakest point, which Judge Torres didn’t have to consider because the third condition of the Howey Test wasn’t met.
As a researcher delving into this matter, I find myself in agreement with both John Deaton and the legal representative for XRP, who share the viewpoint that the SEC’s appeal is likely to be heard prior to the deadline of October 7th.
XRP Price Prediction: 25% Crash Likely on SEC Appeal
Following the September 6th plunge, the value of XRP has surged by 23%, now standing at approximately $0.618. However, given its current trajectory, it seems improbable for an uptrend to continue. Analysts forecast a potential correction in Ripple’s price movement.
Here are two reasons why XRP price could crash:
- XRP trades below the $0.639 resistance level that has prevented a breakout for the past seven months. The yearly VWAP level also coincides closely with the above level, making it a tough level to crack.
The SEC appeal anticipation serves as a headwind and could discourage buyers, preventing XRP price from rallying higher.
Due to these two factors, there’s a possibility that Ripple’s price may plummet in the near future. Consequently, investors should closely monitor the $0.639 barrier. If this level is rejected, it might trigger a 25% drop towards the support at $0.469.
Over the last several days, the Relative Strength Index (RSI) and Awesome Oscillator (AO) have been hovering close to their average values of 50 and 0, suggesting uncertainty in their movement. Importantly, the outcome of the SEC appeal will play a crucial role in determining whether XRP will experience a plunge or surge.
If XRP‘s price successfully changes the $0.635 barrier into a support base, it would indicate a strong position. This transformation might happen if the SEC chooses not to appeal. In this scenario, Ripple could surge past $0.636 and potentially increase by 12%, aiming for the $0.714 milestone.
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2024-09-28 15:21