Despite FUD over a possible price capitulation on the back of the SEC’s upcoming appeal in the Ripple case, XRP maintains its stance above $0.52.
A recent notice of appeal by the U.S. Securities and Exchange Commission has caused concern within the XRP community. By way of background, the securities watchdog notified the U.S. Court of Appeals for the Second Circuit on October 3 that it intends to challenge the ruling handed down by Judge Annalisa Torres in Ripple v. SEC.
Of note is the reaction from Ripple CEO Brad Garlinghouse and other XRP supporters. The XRPL native token also corrected significantly, dropping 10% after 24 hours.
However, XRP quickly weathered the SEC appeal and sustained support at $0.52. According to XRP enthusiast Moon Lambo, the SEC has lost the ability to interfere with XRP’s price performance.
XRP breaks SEC hurdle
In a tweet, Moon Lambo highlighted that XRP gained 1 cent month-over-month despite the SEC’s anticipated move to appeal Judge Annalisa Torres’ August 7 ruling. The YouTuber pointed out that this growth reflects the market’s lackluster response to SEC complaints.
Over the years, Ripple’s legal battle with the SEC has had a noticeable impact on the XRP price. The seventh-largest crypto asset by market has underperformed in recent years due to years of scrutiny from Wall Street regulators.
However, Moon Rambo argued that recent price performance indicates a change in sentiment in the crypto market and concluded that the SEC complaint is once again immaterial for XRP. It’s worth noting that YouTubers aren’t the only ones sharing this thought pattern.
In a post on X, analyst Dr. Magic said that the post-appeal FUD inflation will prevent XRP from even dropping below the $0.52 support. The analyst noted that widespread speculation of an imminent XRP capitulation has not materialized as the bears have not been able to push the price above support.
What’s next for XRP?
Analysts are giving different price predictions for XRP as the asset maintains support at $0.52. For context, analyst Charting Guy pointed out that XRP will continue to consolidate between $0.43 and $0.67 until Bitcoin reaches price discovery.
Conversely, market speculator Bobby A said that XRP will repeat its 2020 price ability. By his analogy, he expects XRP to rise more than 800% to $4.23, following historical patterns. For context, XRPL native tokens rose 1,772% in 2020 when the SEC sued Ripple and its founders, branding the assets as securities.
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