Ripple’s chief legal officer said the SEC’s lawsuit and appeals process could last until July 2025. XRP holders are digesting the news of Ripple’s cross-appeal and announcement at Swell 2024. XRP rose nearly 2% and topped $0.5400 on Wednesday.
Ripple (XRP) is trading above $0.5400 on Wednesday, October 16th. The announcement of the Ripple swell event and the Securities and Exchange Commission (SEC) v. Ripple lawsuit appellate process and its schedule are the major factors driving the altcoin market.
Daily Digest Market Movers: XRP rises on Tuesday amid positive development
Ripple’s chief legal officer, Stuart Alderroti, told FOX business journalist Eleanor Terret that the SEC’s lawsuit and appeals process will likely drag on until July 2025. Terret said Ripple will file its own Form-C, which means the company will fight the SEC’s request. The Enforcement Division expects it will take 90 days for the SEC to file its initial brief, which will include all legal claims the regulator will make against money transfer companies. Ripple will submit a written response and its own brief, and the entire process could last until July 2025.
New: We had a great chat @s_alderoty of @ripple He gave me an outline of the appeal timeline.
of @SECGovThe last day for the company to file Form C, which provides some details about its plans for appeal, is tomorrow.
After 7 days, Ripple will submit its own form…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
At Ripple’s signature Swell conference this year, the company announced its stablecoin project and how it is poised to launch it after regulatory approval. President Monica Long explained how XRP finds utility alongside stablecoin Ripple USD (RLUSD).
Technical analysis: XRP could rise by 8%
XRP has now been trading in a range for almost two and a half months between the $0.6649 resistance (September 29th high) and $0.4319 (August 5th low). The altcoin could extend its rally by 8.42% and head towards the psychologically important $0.6000 level.
If XRP moves higher, it will face resistance at the September 29 high of $0.6649, a level that has not been tested in over two weeks. The target is a March 2024 high of USD 0.7429.
The Moving Average Convergence Divergence (MACD) indicator has recently turned bullish and displays a green histogram bar above the neutral line. This means that there is positive momentum in the XRP price trend.
XRP/USDT daily chart
If altcoins face a correction, XRP could find support at the fair value gap (FVG) between $0.4780 and $0.5136. XRP could wipe out liquidity at the September 6 low of $0.5000, but this level has not been tested as support in over a month.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of a stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Also, since cryptocurrencies are generally volatile, stablecoins allow investors to store value.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC’s dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. Decreasing BTC dominance usually means investors are moving their capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
