XRP Bulls Charge Ahead as SEC Misses Deadline to Appeal Against Ripple
XRP has finally broken free from its slump, where prices remained stagnant for a while. The cryptocurrency has shown a notable increase in bullish momentum, particularly in the past couple of days, and this development might be linked to the SEC missing its appeal deadline.
If you’ve been monitoring XRP, you would have noticed its significant drop at the beginning of October. While many other top coins quickly recovered, XRP remained flat, indicating subdued demand despite its discounted price.
XRP also lagged behind in the recent market rally, with most other coins experiencing substantial gains. However, there has been a noticeable uptick in bullish momentum this week.
For instance, XRP reached $0.566 in the last 24 hours, marking a 7.67% weekly increase.
As of press time, XRP was trading at $0.55 after a minor retracement. Nonetheless, the cryptocurrency has seen 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. Additionally, there has been a significant rise in long positions, indicating growing confidence among derivatives investors.
Reasons behind XRP’s Renewed Interest
The resurgence of strong bullish momentum is not accidental but rather a reflection of changing sentiment around Ripple’s legal battle with the SEC. The SEC had previously signaled its intention to file an appeal against a prior ruling that classified XRP as a non-security.
This appeal likely explains why investors shied away from XRP earlier this month. The ongoing legal battle has dampened investor sentiment significantly, acting as a major restraint on the cryptocurrency. An appeal would underscore the SEC’s determination to continue its enforcement actions against Ripple.
Details regarding the SEC missing the appeal deadline were limited at the time of writing. However, the market’s reaction indicates some relief among investors.
If the SEC were to succeed in its appeal and reverse the previous court decision, the repercussions would reverberate throughout the market. The Ripple-SEC case is seen as a precedent-setting event that could influence future regulatory decisions in the crypto space.
Regarding XRP’s future trajectory, the SEC’s failure to file the appeal could herald the beginning of a new bullish phase for the cryptocurrency. Nevertheless, there is a collective anticipation for more clarity, especially from the SEC.