Will XRP Price Recover Amid SEC’s Appeal?

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As a seasoned crypto investor with a knack for navigating through market turbulence and a deep understanding of the industry’s dynamics, I find myself standing at the precipice of uncertainty regarding XRP‘s future. The recent flash crash, triggered by the SEC appeal, has left me somewhat disheartened but not entirely defeated. I have weathered such storms before and have learned to ride them out with a steady hand and a patient heart.

On October 2, a sudden collapse in the crypto market caused most digital currencies to fail to rebound. Specifically, the value of XRP decreased by around 7%, dropping to approximately $0.58.

On October 2nd, the SEC’s appeal was initiated, leading to a substantial decrease in the value of XRP, with the current price standing at approximately $0.52.

Will XRP Price Recover Amid SEC's Appeal?

According to Ripple‘s CEO, Brad Garlinghouse, he remains optimistic that the upcoming appeal won’t alter the existing legal classification of XRP.

In anticipation of the postponed “Uptober,” the key concern revolves around whether the value of XRP can outmaneuver any potential adverse effects.

XRP ETF buzz

On October 2nd, Bitwise, a prominent manager of cryptocurrency index funds, submitted an application for an XRP Exchange Traded Fund (ETF) in Delaware. Consequently, Bitwise is now the first company to file an initial registration with the Securities and Exchange Commission (SEC) for a direct XRP ETF.

Despite the excitement surrounding the recent ETF news, XRP‘s price didn’t surge as expected. This announcement, following the SEC’s appeal, didn’t cause much of a stir in terms of price change.

After a short-lived rebound to $0.544, XRP continued to decline, bottoming up at $0.513.

XRP price prediction

Following the month of October, also known as Uptober, XRP has been identified as the most popular cryptocurrency based on recent data from Santiment.

Significantly, it’s been reported that approximately 250 million XRP tokens have been transferred out of multiple cryptocurrency exchanges by unidentified ‘whales’. This mass transfer has sparked worries, particularly as it coincides with growing scepticism among XRP detractors.

Max Keiser, a well-known advocate for Bitcoin, has mockingly stated that it’s highly unlikely there will be another price surge for XRP.

In a similar vein, experienced trader Peter Brandt has forecasted that the value of XRP relative to Bitcoin could plummet to nothing, based on a extensive head-and-shoulders (H&S) chart formation that stretches over 11 years.

As an analyst, I can’t help but recall a fascinating post about Ripple, particularly the symbolic $XRPBTC, which some might humorously note stands for “RIP PPL OFF”. The chart presents an intriguing and complex Head and Shoulders (H&S) pattern that spans over 11 years. If this pattern were to fully materialize, it could potentially drive the Ripple price down to zero in relation to Bitcoin. However, let’s keep our fingers crossed for some positive developments!— Peter Brandt (@PeterLBrandt) October 3, 2024

At the moment, XRP is approximately valued at $0.533, which is lower than the 200 Exponential Moving Average (EMA), and it’s approaching an important level of support.

Should bearish trends persist, there’s a possibility that the token might dip beneath its current support level, potentially landing in the $0.48 – $0.49 range. This could indicate potential future decreases for the digital currency.

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2024-10-05 18:59