XRP Price Ready to “Go” as Lawyer Confirms SEC Appeal Dismissal

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As a seasoned researcher with over two decades of experience in the ever-evolving world of finance and technology, I find myself intrigued by the recent developments surrounding XRP. The potential dismissal of the SEC appeal in the Ripple case has sparked an electric buzz among investors, much like a high school student getting their hands on the latest video game console.

The price of XRP is gradually inching higher, approaching a three-month resistance point at approximately $0.65. This upward trend is promising, but it may lead to increased volatility following the confirmation that the U.S. SEC’s appeal has been dismissed. This news has ignited optimism among investors.

Today, Ripple‘s price surged by 1.7% and stands at $0.5538. This growth occurred despite a broader crypto market dip initiated by Bitcoin falling to $66,835. At present, Ripple is among the top five well-performing altcoins in the last 24 hours within the top 100 cryptocurrencies.

XRP Price Is Up Amid Twist In Legal Battle

In the Ripple case, the U.S. Securities and Exchange Commission (SEC) didn’t submit their appeal by the due date, leading to discussions on whether the appeal might be dropped. According to local regulations, missing the deadline for an appeal may lead to it being discarded.

Lawyer Jeremy Hogan posted on X that the SEC’s appeal “should have been submitted today, but it doesn’t appear on the court records. If it wasn’t submitted, the appeal will be thrown out…

Despite my best efforts, I can’t seem to find any errors in our initial estimation of the timeline, but… The document C was supposed to arrive today and… it’s conspicuously absent from our records. If it wasn’t filed, the appeal will indeed be dismissed as per our information. We’re faced with this predicament: I’m hesitant about the situation because everything we know seems to point towards a dismissal of the appeal.

— Jeremy Hogan (@attorneyjeremy1) October 17, 2024

Instead of saying “Hogan announced that he intended to purchase 10k XRP before going to sleep, if his suspicions turned out to be accurate,” you could also say: “Hogan declared that he planned on buying 10k XRP before retiring for the night, should his hunch prove correct.

The approaching deadline, if not met, could significantly impact the value of XRP. The ongoing legal battle between the SEC and Ripple has presented a major hurdle in the progression of Ripple’s price fluctuations.

XRP price is currently snaking its way up a rising channel, which is bullish. 

XRP Price If SEC’s Failed Deadline is Confirmed

If the SEC did indeed miss the deadline for filing the appeal, this would mean a couple of things:

  1. It implies case dismissal, which means the court won’t hear the SEC’s arguments against the previous decision. 
  2. It also means Judge Analisa Torres’s final judgement would stand, and the SEC would have to comply with the court’s orders, which means accepting the $125 million settlement and ending the lawsuit permanently. 

In simpler terms, this victory could be considered one of Ripple’s biggest triumphs in its ongoing battle with the SEC, following Judge Torres’ decision in July 2023 that declared XRP was not classified as a security.

Compared to July 2023, if XRP replicates its previous rise following a pro-XRP decision (which increased the price by 101%), it would jump from $0.55 to approximately $1.12. This surge could potentially threaten Solana’s position at rank 5 in the cryptocurrency market.

The projected XRP price increase of 101%, as suggested by current chart analysis, could be surpassed due to a shift in market circumstances. Here’s why we believe the XRP price might climb beyond the $1.12 mark:

  1. The U.S. November 5 elections are a few weeks away, and polls show that Trump is leading with a high chance of winning. The speculation around this has kept the market green for the better part of October. 
  2. Historical data shows that the bull run usually begins right after the elections, even if the crypto-community’s favoured candidate didn’t win. 

Essentially, we’re in a wait-and-see situation as the market needs confirmation to decide if the SEC indeed surpassed their deadline or if it was merely a website glitch. Marc Fagel, a former SEC attorney, noted that even if an error occurred, it doesn’t necessarily imply that the SEC will forsake their appeal.

Ripple Can Explode

The price of XRP seems poised for an upward trend following indications that the SEC’s appeal has been dropped, fueling investor enthusiasm. If this development proves accurate, it could represent a major victory for Ripple, pushing the price past its current barriers and potentially reaching new heights. In the context of favorable market conditions and approaching U.S. elections, XRP may even exceed its prior highs, paving the way for additional growth. Keep an eye out for official announcements, as confirmation of the SEC’s missed deadline could serve as a crucial trigger for XRP’s next significant leap forward.

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2024-10-17 16:54