XRP Price Behavior Over the Weekend
Over the weekend, XRP’s price dropped by 0.19%, ending the day at $0.5308, which was different from the general upward trend in the crypto market. There’s no doubt that the ongoing SEC v. Ripple case and the SEC’s plan to appeal the programmatic sales decision affected investors’ mood.
SEC v Ripple Case Recap
No major developments occurred on Saturday. Recent court papers and schedules include Judge Analisa Torres approving Ripple’s request to file a Sur-Reply letter that shows the SEC was wrong. The SEC asked Ripple for financial documents and contracts made after the lawsuit. In July, Judge Torres made the important decision that XRP is not a security.
Watch out for Key Dates
In SEC vs Ripple, crucial dates have been set. The SEC must present its plan by March 13, 2024, Whereas Ripple must respond by April 12, and the SEC must reply by April 19. Post these filings, Judge Torres will decide penalties for securities law breaches, with a ruling expected in the summer. Ripple and the SEC retain the right to appeal after the case concludes.
Room for Uncertainty?
In August, the SEC sought an interlocutory appeal against the Programmatic Sales ruling, but the court rejected it in October, delaying any appeal until the case concludes. Ripple CEO Brad Garlinghouse expressed optimism about an appeal outcome, while uncertainty remains due to the recent SEC v Terraform Labs ruling.
How Will XRP Price React?
XRP is currently showing a bearish trend, staying below the 50-day and 200-day EMAs on both daily and 4-hour charts. The key resistance is at $0.5470, while support levels are at $0.52 and $0.5042. The 14-day RSI suggests a possible fall to $0.5042. Investors should keep a close eye on legal developments, as they strongly influence XRP’s market behavior.
Hot Take
The ongoing SEC v. Ripple case and the SEC’s plan to appeal the programmatic sales decision have significantly impacted XRP’s performance, leaving investors concerned about the future market behavior of the cryptocurrency.
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