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At the time of writing this article, the <a href="https://en.coin-turk.com/potential-effects-of-a-spot-bitcoin-etf-approval-on-the-market/”>BTC price is above $34,500 and recent news has been positive for the market. Ripple (XRP), on the other hand, is stagnant due to concerns that new developments in the case may favor the SEC. Many events in the case have resulted in favor of XRP Coin, and now it is up to the US securities regulator to make a move.
Current Status of XRP Coin Lawsuit
By November 9, the parties will finalize the conference dates, bringing the case one step closer to resolution. If the parties cannot reach an agreement at the beginning of November, the Judge will set a schedule. In our previous analysis, we mentioned that depending on different scenarios, the process could be completed in 2024, 2025, or 2026/2027.
Since the SEC dropped charges against Ripple executives as part of a settlement, it is expected that the lawsuit will conclude at an earlier date. Is this favorable for XRP Coin? At first glance, it may seem so, but not really because the appeal process will begin. The summary judgment in July ruled that XRP Coin sales on exchanges were not securities.
If the SEC wins the appeal, it will overturn this court victory and cause a significant drop in XRP Coin price. This is partly why investors are worried today. Additionally, if the summary judgment is reversed against Ripple, exchanges serving US customers will delist XRP Coin.
In the worst-case scenario, the issue concerns not only XRP Coin but also more than 50 cryptocurrencies that have been classified as securities by the SEC. Among them are many major altcoins.
Will XRP Coin Price Rise?
We mentioned the pressure on the legal front. The current price range of XRP extends until August. The price has been stuck between $0.45 and $0.55. Despite the increasing bullish sentiment, XRP cannot surpass the critical level of $0.55. One reason for this is the significant decline in volume in altcoins. Except for a few altcoins, most cryptocurrencies have moved away from their recent highs.
RSI and CMF data are positive for XRP Coin, but we need to see a breakthrough above $0.6 for a real rally. The horizontal resistance area at $0.58 is preventing this. In a possible uptrend, a new high between $0.65 and $0.75 is possible.
The Average Coin Age indicates that XRP investors are accumulating. Additionally, the 30-day MVRV supports the price increase. If BTC embarks on a new rally, the bulls may gain confidence in XRP Coin. However, in the opposite scenario, selling pressure may continue until $0.44 after breaking below $0.53 and $0.5.
