Uponreachingthe$0.56thresholdonOctober17,theXRPtokenhasbeenexperiencinganegativepriceoutlook.Asaresult,thecryptocurrencyretestedthe$0.51mark,anarealastseenonOctober3.Thiszone,however,hasactedasasolidsupportforthealtcoin,resultinginabouncebacktowardthe$0.5305levelasofpresstime.
Thismarksamodest0.52%uptickcomparedtothepreviousday’sprice.Thisvolatilityinthealtcoin’smarketisprimarilyattributedtotheongoinglegalbattlebetweenRippleandtheSEC,whichhasfueledspeculationandtensionamonginvestors.
RippleCo-FounderFailstoMeetCriticalCourtDeadline
Rippleco-founderChrisLarsenrecentlymissedacriticaldeadlinetofileanoticeofappearance,alegalnecessityintheongoingRipple-SECcase.Inresponse,attorneyMarkFaguel,anexpertinSECenforcement,warnedonXthatifLarsen’slegalteamfailstosubmittherequiredpaperworkbytheloomingNovember5deadline,theyrisklosingtheopportunitytopresentoralarguments.
NOTE:ThishasnothingtodowiththeSEC,oranysupposedlylatefiling(whichwasn\'tlate).ThisisdirectedatLarsen,whohasnotyetfiledhisappearanceinthiscase.
—MarcFagel(@Marc_Fagel)October22,2024
ThismisstepcouldweakenLarsen’sdefensestrategyinthecase.However,thisdevelopmentdoesn’taffectRipple’soverallstandinginthelawsuit.Ripple’sChiefLegalOfficer,StuartAlderoty,quicklyreassuredanxiousXRPholders,confirmingthatRipplewillmeetitsOctober25,2024deadlinetofileitspre-argumentbrief.
ThefirmplanstochallengetheSEC’slegalstanceonJudgeAnalisaTorres’rulingregardingXRP’sinstitutionalsales.OnceRipple’sfilingiscomplete,thetimelineforappealbriefswillbeset,andtheSECwilllikelyhaveupto90daystorespond.Thisprocesscoulddragthecasewellintomid-2025,extendingwhathasalreadybeenalengthylegalbattle.
XRP’sOn-ChainDataHintatBearishSentiment
XRP’son-chaindata,ontheotherhand,hintsatabearishoutlookintheshortterm,withdecreasedwalletactivityandadeclineintransactions.AccordingtoXRPScanmetrics,thetokenhaswitnessedthenumberofnewaccountscreateddecreasingfromapeakof3,707accountsonOctober20toalowof1,306atpresstime.
ThisadversepriceactionisfurtherbolsteredbythefactthatthenumberoftransactionsontheXRPledgerhasalsobeeninadowntrendfromahighof1.704milliontransactioncounttoalowof712.468Ktoday.Thisindicatesalackofinterestoractivityinthetoken,asthemarketisfulloftensionanduncertaintysurroundingregulatoryissues.
XRP’sMarketOutlook:What’sNext?
AsobservedonTradingView’sdailychart,thecryptocurrencyisreboundingfromyesterday’slowof$0.51.Therelativestrengthindexcementsthisscenarioasitpointsupwards,implyingabullishsentimentbuildingupinthenearterm.Positionedat41.85,theindicatorsignalsamplespacefortheoptimisticpriceactiontopersistinthecomingdays.
Suchascenariomaypushthetokentochallengethe23.6%Fibonaccilevelat$0.5410,withthelikelihoodofbreakingaboveit.Thesuccessofthismovelargelydependsonthecryptocurrencyclosingabovethe200-daysimplemovingaverageatthe$0.5386threshold.
Thiscouldfurtherpropelthealtcointohigherlevelsaround$0.5629,aligningwiththe38.2%Fibonaccimark,whereitcouldencounterresistance.Conversely,ashiftinmarketsentimentmightpulltheXRPtokentorevisitits$0.51lowagain,possiblybreakingbelowitthistimeround.
cryptonewsz.com