The Latest Update on Ripple's XRP Coin Lawsuit and Its Impact on Price - COINTURK NEWS
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The Latest Update on Ripple’s XRP Coin Lawsuit and Its Impact on Price

1:05 am (31 days ago)
August 22, 2023

Despite the passage of years, the Ripple lawsuit remains uncertain for investors. So, what is the current status of the XRP Coin lawsuit? Technical indicators are providing important signals for the XRP Coin price. When we combine technical analysis and potential developments in September, it appears that there is a great opportunity for this popular altcoin.

Timeline of the Ripple Lawsuit

The judge approved the SEC regulator’s request for interim appeal. The SEC believes that its summary judgment in July poses a risk for other cases. However, Ripple is trying to prevent the SEC from appealing in order to resolve all disputes at once. Judge Torres granted permission for the SEC’s interim appeal. At this stage, the parties will present their arguments until September 1.

The Second Circuit will make a decision regarding the SEC’s interim appeal request after September 1. It is expected to come within the month of September. If the arguments presented by Ripple before September 1 are strong and there is a belief in the refusal of the appeal, the price of XRP Coin may increase. On the other hand, if the Second Circuit approves the interim appeal, we may see a decrease in the XRP Coin price along with the possibility of overturning the summary judgment of July 13.

Therefore, September will represent a period similar to the summary judgment period in July for the XRP Coin price. It may be beneficial to consider the technical analysis readings we will discuss in detail shortly in both positive and negative scenarios.

XRP Coin Chart Analysis

Ripple’s XRP price has significantly declined since reaching its highest level of the year. Although the price made a jump on August 17, it has not yet confirmed a reversal of the upward trend. At the time of writing, the XRP price is confirming the $0.55 region as a resistance. The weekly timeframe for XRP provides a relatively neutral outlook in terms of technical analysis. The main reason for this is the price movement. In March, XRP broke out of a long-term descending resistance line that had been in place for about two years.

Since then, XRP has declined and is currently trading just below $0.55. This is a very important area as it has intermittently served as both support and resistance since March 2021. Therefore, a drop or a bounce in price will be crucial in determining the future trend.

A price bounce could open the door to $0.93, representing an approximate 80% increase. However, in the opposite scenario, we may see a drop to $0.31, a decrease of about 42%.

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