Price Analysis

XRP Price Prediction: Will Ripple Vs SEC Finale Push XRP Down to $0.3?

XRP Price Prediction: Ripple vs. SEC lawsuit nears final determination; XRP price outlook hinges on July ruling.

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Updated 08 Nov, 2024 | 10:38:41 AM UTC

XRP Price Prediction: Will Ripple Vs SEC Finale Push XRP Down to $0.3?

Highlights

XRP risks a major downfall if the SEC appeals the summary judgment.
Bulls bank on support at $0.47 to build toward a breakout above $0.5.
The current technical structure remains weak, exposing XRP to more selling pressure.

XRP Price Prediction: The crypto market showcasing a lack of bullish momentum despite the macroeconomic factors favoring buyers. In the last two days, the majority of major cryptocurrencies along with Bitcoin failed to sustain the post-CPI data rally. The leading cross-border remittance token XRP also plunged below $0.5, seeking support at the $0.47 level for buyers counter-attack.

Ripple Vs SEC Updates: Is The SEC Setting Sight On Appeals

The long-running lawsuit pitting Ripple against the Securities and Exchange Commission Commission (SEC) is nearing the final determination. Lawyers involved in the matter seem to weighing outcomes and deliberating the next steps.

Based on the prevailing outlook, the case could be determined in July. The partial ruling in July 2023 cleared Ripple for its role in secondary sales of XRP on third-party platforms like cryptocurrency exchanges—these sales do not constitute securities.

However, Ripple still had a case to answer regarding direct sales to institutional investors. The SEC proposed a hefty penalty of $2 billion as the company allegedly violated US securities laws.

Lawyers privy to the matter are of the option that the regulator will be appealing the summary judgment last July. If the SEC takes this direction, Ripple could start another legal battle following the determination of the remedies in July or August 2024.

Fred Rispoli, a pro-XRP lawyer, opines a settlement is highly likely, especially with the window narrowing. However, Rispoli has not ruled out a possibility.

XRP price traded at $0.48 during the European session on Friday according to CoinGecko data. If the ruling likely in July or early August favors Ripple, investors can look forward to a stronger XRP. However, further downside to $0.3 cannot be ruled out, especially if the SEC appeals the summary judgment.

XRP Price Prediction: Breakout, or Breakdown Impending?

XRP is testing a very important support at $0.47. It has rebounded from this level at least three times, forming a triple-bottom pattern. If bulls uphold the current green candle on the four-hour chart, confidence in the uptrend will grow boosting XRP above $0.5 this Friday.

XRP price prediction chart | Tradingview

Based on the sideways movement of the Moving Average Convergence Divergence (MACD) indicator, a consolidation period is expected in the coming sessions. Bulls have a task to prove their worth by triggering a buy signal from the MACD which will manifest as the blue line crosses above the red signal line.

XRP price will further reinforce the bullish grip with a move above all three key Exponential Moving Averages (EMAs); the 20-day, the 50-day, and the 200-day. Holding above the $0.5 resistance is a step closer to the psychological resistance at $1.

John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by

John Isige

Updated 08 Nov, 2024 | 10:38:41 AM

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