XRP price is slowly sneaking its way upward toward the three-month resistance around $0.65. While this is good, the asset is geared for potential volatility following the speculation of dismissing the U.S. SEC’s appeal. This development has sparked optimism among investors.
Ripple price today increased by 1.7% and is trading at $0.5538. This happened against a market-wide crypto asset price slump instigated by Bitcoin dropping to $66,835. XRP is currently among the five best-performing altcoins in the top 100 in the last 24 hours.
XRP Price Is Up Amid Twist In Legal Battle
The U.S. Securities and Exchange Commission (SEC) could potentially fail to file an appeal in the Ripple case with only one day left until deadline. This has , sparked debate about a potential implications in the event of a dismissal. Local rules suggest that missing the deadline could result in the appeal being dismissed.
Attorney Jeremy Hogan shared on X that the SEC appeal “was due today and…it’s not showing up on the docket. If it wasn’ filed, the appeal “will” be dismissed…”
I’m trying to figure out how we got the timeframe wrong but…I can’t see any flaw in the logic. The C was due today and…it’s not showing up on the docket. If it wasn’ filed, the appeal “will” be dismissed (is what it says). Those are the facts as we know ’em. I’m hesitant… pic.twitter.com/jHVWZ3mNF4
— Jeremy Hogan (@attorneyjeremy1) October 17, 2024
Hogan proceeded to say he was going to “buy 10k XRP” before sleeping, just in case his suspicion was correct.
However, Fox Business’s Eleanor Terret shared a new document showing the notice of appeal was filed on Oct. 2 but not docketed until Oct. 4. This means the deadline might be extended to Oct. 18 at 11:59 PM EST.
NEW: According to this document filed in the Second Circuit, the @SECGov’s notice of appeal was filed the 2nd but not docketed until the 4th.
So, it seems the real deadline is actually Friday, October 18th at 11:59PM.
H/T to a follower for sending me this. pic.twitter.com/H7TWIgGBl6
— Eleanor Terrett (@EleanorTerrett) October 17, 2024
This gives the SEC less than 6 hours to file their appeal. If the SEC misses the deadline, it would have substantial implications for the XRP price. The ongoing SEC v. Ripple lawsuit has been a great obstacle to Ripple’s price movement. XRP price is currently snaking its way up a rising channel, which is bullish and points to further gains in the future.
XRP Price If SEC’s Failed Deadline is Confirmed
If the SEC does indeed miss the deadline for filing the appeal, this would mean a couple of things:
It implies case dismissal, which means the court won’t hear the SEC’s arguments against the previous decision. It also means Judge Analisa Torres’s final judgment would stand, and the SEC would have to comply with the court’s orders, which means accepting the $125 million settlement and ending the lawsuit permanently.
This would ultimately be one of Ripple’s largest wins against the SEC since July 2023 when Judge Torres ruled XRP not a security.
For comparison, in July 2023, following the pro-XRP ruling, the Ripple price spiked 101% from $0.46 to $0.93. If XRP were to repeat the same performance, it would soar from $0.55 to $1.12, coming dangerously close to displacing Solana from rank 5.
XRP Price Analysis Chart
XRP price has the potential to rise higher than the 101% implied on the charts since the market conditions are different. Here are two reasons why the XRP price may surge higher than $1.12:
The U.S. November 5 elections are a few weeks away, and polls show that Trump is leading with a high chance of winning. The speculation around this has kept the market green for the better part of October. Historical data shows that the bull run usually begins right after the elections, even if the crypto-community’s favoured candidate didn’t win.
That said, the market awaits for tomorrow to see whether the SEC will file the appeal before the deadline.
Ripple Can Explode
XRP price is positioned for a potential rally as the SEC’s appeal appears to have been dismissed, sparking investor optimism. If confirmed, this development could mark a significant win for Ripple, potentially driving the price beyond its current resistance levels. Given the favorable market conditions and the upcoming U.S. elections, XRP might surge even higher than its previous peaks, setting the stage for further gains. Investors should stay tuned for official updates, as confirmation of the SEC’s missed deadline could be a critical catalyst for XRP’s next big move.
The post XRP Price Ready to “Go” With One Day Left to SEC Appeal Deadline appeared first on CoinGape.
