The price of XRP has been trying to break through the same barrier since mid-August of this year, and it can finally be seen that this barrier will be strongly overcome next week. Ripple is expected to see some positive developments in November, including the resolution of the Ripple-SEC case that has been ongoing for almost three years.
Ripple – SEC Case Could Be Resolved Next Month
Ripple and the SEC have been battling in the courtroom since December 2020. The SEC filed a lawsuit against Ripple, alleging violations of securities laws, but District Court Judge Analisa Torres ruled partially in favor of Ripple. With the rejection of their appeal by Judge Torres, the SEC suffered another blow. Then, last week, the case filed by the SEC against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen was dismissed upon the SEC’s request. November 9th is now a crucial date for XRP investors. As a result of a letter sent to Judge Torres by the SEC, the US regulatory agency plans to meet and exchange ideas with Ripple.
Although there has been no approval from either organization, investors expect a decision that will resolve the case to come out of this meeting. Regardless, it is considered that a constructive meeting will be in favor of the SEC, as it is almost certain that they will lose the case. According to attorney Jeremy Hogan, based on statistics from the US Court of Appeals from 2011-2015, there is only a 14.2% chance of a decision in favor of the SEC. Ripple advocate Invoice Morgan, on the other hand, considers this probability to be 3%:
I don’t see any appealable error that meets at least two elements of the Howey test, apart from ODL gross sales in favor of Ripple. I feel that the SEC’s chances of success on appeal are very slim and I feel that this is really beneficial for XRP […] So, I only give the SEC a 3% chance on appeal.
Therefore, all these conditions indicate that November is a month of significant growth for the price of XRP.
What’s Next for XRP, What Does the Technical Analysis Say?
The price of XRP has increased by over 8% in the past week and is currently trading around $0.53 as of the time of writing this article. This indicates that the popular altcoin is approaching the $0.54 barrier, which has been seen as resistance since mid-August of this year.
Considering the presence of the Relative Strength Index (RSI) above the 50 level (neutral) on the daily timeframe, it indicates a long-term uptrend. With the signal from the RSI, the price of XRP can surpass the $0.54 barrier and rise up to $0.60.
However, if the $0.54 barrier is not broken, the price of the altcoin could pull back to the $0.50 support. A break here could invalidate the bullish scenario and trigger a pullback towards $0.47.
