The XRP bull market is on a roll after the SEC failed to file an appeal scheduled for October 16th. Let’s explore the details of the appeal and why it had such a big impact on XRP.
XRP was previously stuck in a stagnation with its price moving sideways, but it is finally showing signs of recovery. Cryptocurrencies have shown particularly strong bullish momentum over the past two days, which may have something to do with the SEC’s appeal deadline.
If you’ve been paying attention to XRP, you may have noticed that it plummeted in early October. However, while many of the top coins quickly rebounded, XRP remained flat, showing low demand despite the drop in price.
XRP also showed a low participation rate in the recent rally in the market where most other coins were enjoying significant gains. However, bullish momentum has been building this week.
For example, XRP peaked at $0.566 in the past 24 hours, extending its weekly gain by 7.67%.
Source: TradingView
After a slight pullback, XRP was trading at $0.55 at the time of writing. Nevertheless, the cryptocurrency has shown a surge in demand over the past two days.
On-chain data revealed that buying volume exceeded selling pressure during the same two-day period. We also observed a significant increase in the number of longs, indicating growing investor confidence in the derivatives space.
Source: HyblockCapital
Why is XRP attracting attention again?
The resurgence of strong bullish momentum is not a fluke, but rather the result of a change in sentiment surrounding Ripple’s legal battle with the SEC. The latter previously revealed plans to file a Form C appeal against an earlier ruling that XRP is not a security.
This allegation may explain why investors shunned XRP earlier this month. The legal battle is weighing heavily on investor sentiment and is a major factor holding back cryptocurrencies. An appeal would underline the SEC’s determination to continue to pursue Ripple rigorously.
Details regarding the SEC’s failure to file an appeal were not available as of this writing. However, the market results show some relief among investors.
Read XRP Price Prediction 2024-2025
If the SEC successfully appeals and overturns the judicial decision, the impact will be felt throughout the market. This is because the Ripple vs. SEC case is seen as a benchmark that could give priority to future crypto-related judgments.
As far as the future of XRP is concerned, the SEC’s failure to file an appeal could be the start of a new wave of bullishness for the cryptocurrency. Nevertheless, the world is currently waiting for more clarity, especially from the SEC.
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