What's Next for XRP as the SEC Appeal Hangs in the Balance?

Since the August 7 ruling, the SEC's silence has left investors in suspense. With the next closed meeting scheduled for August 29, there is speculation that the SEC might discuss its appeal strategy but could delay any formal action until the last moment.

Investors have been eagerly awaiting news of the SEC’s next move following the August 7 ruling. As the August 29 closed meeting approaches, there is speculation that the SEC might discuss its appeal strategy. However, any formal action could be delayed until the last possible moment.

Ripple’s Chief Legal Officer, Stuart Alderoty, has expressed concerns about the SEC’s potential irrational behavior in crypto cases. Meanwhile, Pro-crypto lawyer Fred Rispoli has assessed the probability of an SEC appeal at 50-50. He also highlights the SEC’s interest in pursuing the secondary market issue, which is crucial for its enforcement actions.

Rispoli has delved deeper into the case, seeking clarification on whether the SEC will pay interest if Ripple wins an appeal and the $125M penalty is refunded.

In a recent X post, Fred Rispoli posed another query to the securities lawyers regarding statutory interest. Specifically, he wanted to know if Ripple wins an appeal on all fronts except the return of the $125 million penalty, would the SEC be obliged to pay interest on that amount? This question pertains to the financial implications for the SEC if Ripple wins and whether the SEC will refund the penalty amount and pay interest to Ripple for the damage it caused to the firm and its native token XRP.

XRP’s price movements have been closely linked to developments in the SEC vs. Ripple case. If the SEC decides to appeal, XRP could be driven below $0.40. Conversely, a decision not to appeal might push XRP towards $1.00. Recent rulings have already impacted XRP’s price significantly. For instance, on July 13, 2023, XRP climbed from $0.4696 to $0.9327.

At present, XRP is trading above the 50-day and 200-day EMAs, which indicates a bullish trend. A move towards $0.6000 could test the recent high of $0.6312, with potential resistance at $0.6609. However, a drop below $0.5739 might lead to a decline towards the 50-day EMA, and a further fall could signal a trend reversal. With an RSI reading of 51.90, XRP is poised to test resistance levels before possibly entering overbought territory.

Investors are advised to stay informed about updates on the SEC appeal and adjust their strategies accordingly to navigate the potential impacts on XRP’s price trajectory.

As Ripple’s latest legal victory continues to unfold, various aspects and implications are being examined by the parties involved.

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