Recent hours have seen a notable increase in the price of Ripple’s XRP, fueled by speculation surrounding a potential appeal by the U.S. Securities and Exchange Commission (SEC) against the rulings in the SEC vs. Ripple case.
John Deaton, a lawyer and candidate for United States Massachusetts, expressed his views on the matter, mentioning that an appellate court is unlikely to find fault with Judge Anastasia’s application of the 3rd prong.
He further questioned the rationale behind the SEC appealing the court’s decision, suggesting that individuals like Gary Gensler might consider filing an appeal.
The deadline for either party to file an appeal against the rulings is set for the 7th of October. With this deadline drawing closer, the volatility of XRP’s price may experience an uptick.
On-chain Data Indicates Accumulation Across the Network
Notably, the average coin age has shown an upward trend over September, signaling a period of accumulation. Additionally, reports of outflows from exchanges further suggested that market bulls were asserting dominance.
The dormant circulation has remained relatively quiet since September 21st, with no significant price correction following the prior surge in activity back then.
Prior to the recent price hike, short-term holders were already seeing profits. The subsequent increase pushed the 30-day MVRV higher, potentially leading to some selling pressure from profit-taking in the upcoming days.
Signs of Caution Emerge from the Spot CVD
Several technical indicators have pointed to bullish momentum for XRP. With OBV surpassing local highs from mid-September, CMF indicating strong capital flow, and MACD highlighting upward momentum on the daily chart, the market seems to be favoring buyers.
Following XRP’s breach above the ten-week resistance level at $0.62, the token has shown resilience in a market that lacked a clear trend over the last three weeks.
While the bullish momentum appears strong, it may face resistance near the long-term range highs at $0.71, potentially leading to a short-term reversal if buyers are unable to surpass this level.