XRP Price Jumps 5% After Court Denies SEC’s Interlocutory Motion, Next Target $1?

The XRP bulls have turned active moments after the US court denied the SEC’s appeal to file for an interlocutory appeal over the XRP lawsuit. The XRP price is up by 5% and trading at $0.54. With a market cap of $28.7 billion, XRP has now entered the list of top five cryptocurrencies by valuation.

In the recent hearing, Judge Torress stated that the SEC didn’t provide any proof for the court to consider their interlocutory appeal. Instead, it focused on how the court’s understanding of the Howey test was wrong.

The recent court hearing shows that SEC’s attempt to bring Ripple’s native crypto XRP under the securities laws has failed. Now, the Southern District Court of New York has locked the next trial date of April 24, 2023.

This has caused XRP investors to jump ship once again as immediate buying ensued. Soon after the court ruling in mid-July, the XRP price surged all the way to $1. However, after the SEC’s constant actions, it lost all of its gains dropping by 50% from its 2023 high. Now that the court has denied the regulator’s interlocutory appeal, XRP price could soon propel to $1 with investors’ support.

For now, the immediate resistance for XRP on the upside is $0.55. If it breaks through its levels, it can quickly move to $0.66 and subsequent higher targets thereafter.

Crypto Experts Bullish About XRP Price

Ever since Ripple’s victory against the US SEC in mid-July, crypto experts have turned extremely bullish about the XRP price and expect the crypto to hit new all-time highs.

Over the last weekend on October 1, crypto analyst Dark Defender predicted that the XRP price could rally by a staggering 1100% hitting a new all-time high of $5.85.

The analysis begins by highlighting XRP’s price performance at the end of September, noting that it closed the month with a Doji pattern. For those unfamiliar with a Doji, it signifies that the digital asset’s closing price is similar to its opening price for the month. In this instance, XRP commenced September at approximately $0.511 and concluded it around $0.516, resulting in a Doji formation.

Dark Defender interprets XRP’s Doji closure as a positive sign, anticipating a short-term retest of $0.66. Furthermore, the analysis points out that XRP has already broken through the initial resistance level, as illustrated in the accompanying chart.