Judge Rejects SEC Appeal, Ripple Lawsuit Continues
A US District Judge, Analisa Torres, has denied the U.S. Securities and Exchange Commission’s (SEC) motion to appeal in the ongoing lawsuit against Ripple. This decision was met with enthusiasm by the crypto community, as it caused a 5% increase in the price of XRP immediately after the news broke.
The SEC’s motion for certification of interlocutory appeal and request for a stay were both denied by Judge Torres. You can view the October 3rd order on courtlistener.com for more details.
XRP Price Spikes
Following this development, the price of XRP surged to an intraday high of nearly $0.55. It is now trading above the 200 daily EMA. In July, when Judge Torres first ruled that XRP is not a security, the price spiked to $0.96. If XRP were to retest that high, it would represent an 80% increase from its current price.
FXStreet recently posted a bullish XRP price prediction based on the token’s higher highs and higher lows on the four-hour chart.
Ripple Jury Trial Date Announced
In addition to rejecting the SEC’s appeal, a trial date has been set for April 23, 2024, for the Ripple lawsuit.
Hot Take: XRP Poised for Potential Growth
With the SEC’s appeal being rejected and positive price movements, XRP may present an opportunity for investors to watch closely in the coming days. Analysts at CryptoNews have even included XRP in their curated list of best coins to invest in, which features over 15 assets including emerging projects.
This story is still developing, and more updates are expected as the Ripple lawsuit progresses.
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