XRP gains nearly 2% as traders digest SEC appeal timeline in lawsuit
- Ripple’s Chief Legal Officer says the SEC lawsuit and the appeals process could go through July 2025.
- XRP holders digest the news of Ripple’s cross-appeal and announcements at Swell 2024.
- XRP gains nearly 2%, back above $0.5400 on Wednesday.
Ripple (XRP) trades above $0.5400 on October 16, Wednesday. The Ripple Swell event announcements and Securities & Exchange Commission (SEC) vs. Ripple lawsuit’s appeal process and its timeline are the key market movers for the altcoin.
Daily Digest Market Movers: XRP gains on Tuesday amidst positive developments
- Stuart Alderoty, Ripple’s Chief Legal Officer (CLO) told Fox Business Journalist Eleanor Terret that the SEC lawsuit and the appeals process is likely to drag until July 2025.
- Terret says Ripple will file its own Form-C, meaning the firm will counter the SEC’s appeal against the final lawsuit ruling from August 2024.
- The executive expects the SEC to take 90 days to file their first brief, this would include all the legal arguments that the regulator makes against the payment remittance firm.
- Ripple will file a response and its own brief and the entire process could go through July 2025.
NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline.
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.
Seven days later, Ripple will file its own Form…
- At Ripple’s flagship Swell conference this year the firm made announcements about its stablecoin project and how the firm is prepared to launch it post regulatory approval.
- President Monica Long explained how XRP will find utility alongside the stablecoin Ripple USD (RLUSD).
Technical analysis: XRP could gain 8%
XRP trades in a rangebound manner between the $0.6649 resistance (September 29 high) and $0.4319 (August 5 low) for nearly two and half months now. The altcoin could extend its gains by 8.42% and head to the psychologically important $0.6000 level.
If XRP rallies higher, it faces resistance at the September 29 high of $0.6649, a level that has not been tested in over two weeks. The target is the March 2024 peak of $0.7429.
The Moving Average Convergence Divergence (MACD) indicator turned bullish recently, showing green histogram bars above the neutral line. This implies that there is positive momentum in the XRP price trend.
XRP/USDT daily chart
XRP could find support in the Fair Value Gap (FVG) between $0.4780 and $0.5136, if the altcoin faces a correction. XRP could sweep liquidity at the September 6 low at $0.5000, this level has not been tested as support for over a month.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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