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XRP experienced a flash crash on Thursday, just a few minutes after news broke that the U.S. Securities and Exchange Commission (SEC) had filed a notice of appeal against Judge Annalisa Torres’ August ruling in the landmark Ripple case. It fell about 15% after hours.
This development shocked the crypto market and reignited heated debates about the SEC’s motives and the future trajectory of XRP. Throughout Thursday, critics within the cryptocurrency community scrutinized the SEC’s decision, questioning its rationale and potential benefits.
Prominent lawyer Jeremy Hogan joined in, calling it a “huge mistake” by the SEC.
“The SEC is very likely to lose. Even if the SEC “wins” on appeal, it is unlikely that anything will change regarding XRP and its use by Ripple. It essentially comes down to economic issues. ” he emphasized.
Hogan’s comments resonate with many investors who feel the ongoing legal drama will not have a major impact on XRP’s long-term prospects, despite the recent price drop. .
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Popular crypto analyst “Dark Defender” provided a critical perspective on the situation, calling the SEC’s appeal a grave mistake. Like Hogan, he emphasized that despite the ongoing legal challenges, nothing fundamental has changed for Ripple or XRP.
“As previously analyzed, price is not dependent on this lawsuit,” he tweeted, confirming that XRP’s previous target of $18 remains in place.
In another article, analyst ‘TheBearableBull’ urged X’s 310,000 followers to take advantage of the current price drop.
“This price drop after news of the appeal, especially with the imminent launch of the XRP ETF, is ridiculous. Only true investors will take advantage of these levels and understand what will happen next. “No appeals or SEC delays can stop this momentum,” he wrote.
In particular, the expected approval of an XRP-based exchange traded fund (ETF) filed this week by digital asset management company Bitwise is seen as a key potential catalyst for future price increases.
Meanwhile, technical analysts such as Egrag Crypto reassured the XRP community by admitting, “The SEC appeal may feel like the end of the world, but the charts show a retest is on the way.” Ta.
Notably, on Tuesday, he confidently predicted that if XRP stays above major support levels, it could rise to $1.30 and $1.50 in the short term. Looking ahead, he sees the potential for XRP to rise as high as $7.50 this cycle.
However, analyst Chris McClept took a more cautious stance, saying, “XRP will not break out of its high-probability RSI position in 2017, suggesting that it may need to remain calm.” “There is,” he said. He speculated that the price could fall to around $0.45 before rising significantly, with a breakout possible as early as January 2025.
At the time of writing, XRP is trading at $0.525, reflecting a decline of 8.56% over the past 24 hours.
