Ripple (XRP) has been stealing the limelight for the past many months due to its legal battle against the US Securities and Exchange Commission (SEC). XRP claimed victory earlier this year when the court slapped a fine to close the case. However, the SEC is not ready to let it go, and filed an appeal earlier this month. Since then, the XRP price has been on the receiving end, plummeting from $0.60 to below $0.50 at one stage on October 26, 2024.
The XRP price regained some of the lost grounds on Monday, trading above $0.51 but crypto analysts and experts believe the ongoing legal battle with the SEC could prove lethal for Ripple in the coming weeks and months.
XRP Tumbles 5.66%, Falls Below $0.50 at the Weekend,
At the weekend, XRP price witnessed major bearish trends as it fell by 5.66% to fall below the psychological milestone of $0.50. Breaching the important milestone forced analysts to hoist a bearish flag on XRP price. Apart from the SEC battle, the Tether probe also boosted the bearish sentiment in the crypto markets, which forced many top altcoins to nosedive on Saturday and Sunday.
XRP challenged institutional sales and fair notice claims recently with its Form C filing which advanced cross-appeal in the SEC case. However, the SEC resorted to stalling the process by requesting a delay in appeal brief and pushed the deadline to 2025. The SEC move has invited ire from crypto enthusiasts.
Uncertainty Engulfs XRP Price Amid Legal Turbulence
Ever since the start of the legal battle episode with the SEC, XRP price has been facing uncertain times. The ongoing legal battle has compromised XRP’s potential of retesting its all-time high of $2.46 recorded on January 3, 2018. Earlier this year, XRP price jumped to $0.718, the highest point this year, on March 12, 2024. However, it has been on a topsy-turvy trail since then, moving in a narrow band of $0.50 to $0.60.
At $0.517, XRP price is struggling to keep a bullish momentum amid uncertainty in the overall crypto market and Ripple’s legal altercation with the SEC, which has entered the appeal stage. The SEC has appealed the court’s previous rulings related to XRP’s programmatic sales. Crypto users and traders are keeping a close eye on the developments surrounding the Ripple-SEC court battle. Analysts, on the other hand, are taking a more conservative approach, hinting at XRP price possibly slumping to $0.20. However, they believe $0.20 to be the last dip for XRP as it would skyrocket from the price levels after XRP’s end of legal troubles with the SEC.
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Analysts are actually divided on the XRP price slump scenarios. While many term it the perfect opportunity to buy XRP tokens, others call it a disaster for XRP backers. As per the industry consensus, a majority of crypto analysts want XRP to do away with its legal troubles before the emergence of any sustainable rally.
SEC Plays Delaying Tactics After Appeal
After filing its appeal with the court, the US Securities and Exchange Commission has resorted to delaying the proceedings. On October 24, 2024, the SEC officials requested the court for a 90-day extension to file its appeal-related opening brief, thereby pushing the deadline to January 15, 2025.
The request has invited sheer criticism from the crypto world. They raised doubts on the intention of the SEC behind requesting the court to push the date to January, 2025. One of the analysts, Bill Morgan, said on his X account, “It was so urgent 15 months ago they wanted an interlocutory appeal but now the SEC files everything on the last day possible.”
In the backdrop of the SEC’s extension request, the process is likely to stretch up to 2026, which was in line with the predictions crypto lawyer Fred Rispoli made.
The Final Thoughts
As Ripple and the SEC look straight into each other’s eyes, investors are uncertain about their XRP investment strategies. With an eye on the upcoming US Elections 2024 and the latest developments about the XRP-SEC legal battle, analysts believe the topsy-turvy trail has a long way to go.
Meanwhile, XRP price stays well below the 50-day and 200-day Exponential Moving Average (EMAs), which means the bearish cycle is set to continue. In fact, the 50-day EMA has moved past the 200-day EMA, which is another clear sign of upcoming likely bearish trends. Keeping this in mind, analysts observe that if the XRP price manages to break above $0.5350, it could move toward the 200-day and 50-day EMAs. On the other hand, a breakout from the 50-day Exponential Moving Average might allow the XRP price to test $0.5739 resistance level in the coming days.
Stay tuned to The Bit Journal to know more about XRP’s legal battle with the SEC and how it will impact the XRP price. Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
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