In the past 24 hours, the price of XRP has shown minimal movement, rising only by 0.84%. This sluggish growth is tied to Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Ripple’s Chief Legal Officer, Stuart Alderoty, expressed doubts about the case reaching a conclusion anytime soon.
As a result, the second phase of the Ripple-SEC lawsuit has brought XRP’s price movement to a near standstill. While other altcoins have benefited from the recent bullish market trends, XRP has only managed a modest 2.04% increase.
With this lackluster price action, investor interest in XRP has cooled. However, today’s news generated some attention, with trading volume climbing by 8.65% to $1.21 billion.
Ripple CTO Discusses SEC Appeal Timeline
In an interview with Fox Business, Stuart Alderoty outlined the timeline for the SEC’s appeal. According to Alderoty, the SEC must file a Form C by October 17, which will provide details on the appeal. Ripple will have seven days to respond with its own Form C.
Both parties will then agree on a briefing schedule, with the SEC having 90 days to submit its first brief. Ripple will respond shortly afterward. Alderoty cautioned that the SEC is likely to take the full 90 days.
The full briefing process is expected to extend through July 2025. Despite the lengthy timeline, Alderoty remains optimistic, stating that Ripple feels more confident about its case in the Second Circuit.
XRP Price Analysis: Is It Still a Strong Investment?
The appeal process has delayed XRP’s expected breakout, keeping it confined within a 4-year symmetrical triangle pattern. The XRP/USDT weekly chart shows that bears have gained control, with selling pressure pushing XRP into consolidation.
The Moving Average Convergence Divergence (MACD) indicator suggests that the bulls may be losing momentum. As a result, XRP may retest the lower bound of its current pattern, with the $0.42 support level being critical for further consolidation.
While the Ripple-SEC case continues to weigh on XRP’s price, the upcoming November 5th U.S. election could bring some relief. With growing bipartisan support for cryptocurrency from candidates like Kamala Harris and Donald Trump, a more favorable regulatory framework may emerge. This could provide much-needed clarity and spark a rally, with potential gains of up to 225%, pushing XRP toward $1.97.
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