XRP Retests the $0.51 Mark as the SEC Lawsuit Continues to Cast a Shadow over the Altcoin

Upon reaching the $0.56 threshold on October 17, the XRP token has been experiencing a negative price outlook. As a result, the cryptocurrency retested the $0.51 mark

.51 Mark as the SEC Lawsuit Continues to Cast a Shadow over the Altcoin" >

The XRP token has been on a downward trajectory since reaching the $0.56 threshold on October 17. This downturn led the cryptocurrency to retest the $0.51 mark, last seen on October 3. However, this zone has provided strong support for the altcoin, resulting in a bounce back toward the $0.5305 level as of press time.

This uptick marks a modest 0.52% increase compared to the previous day’s price. The volatility in XRP’s market is largely due to the ongoing legal battle between Ripple and the SEC, which has created a climate of speculation and anxiety among investors.

Ripple Co-Founder Misses Critical Court Deadline

In a related development, Ripple co-founder Chris Larsen missed an important deadline to file a notice of appearance, a standard legal requirement in the Ripple-SEC case. In response, attorney Mark Faguel, an expert in SEC enforcement, highlighted on Twitter that if Larsen’s legal team fails to submit the necessary paperwork by the upcoming November 5 deadline, they may forfeit the opportunity to present oral arguments.

NOTE: This has nothing to do with the SEC, or any supposedly late filing (which wasn't late). This is directed at Larsen, who has not yet filed his appearance in this case.

— Marc Fagel (@Marc_Fagel) October 22, 2024

This oversight could potentially weaken Larsen’s defense strategy in the case. However, it’s important to note that this development does not impact Ripple’s overall standing in the lawsuit.

To quell any concerns, Ripple’s Chief Legal Officer, Stuart Alderoty, promptly reassured XRP holders that Ripple will meet its October 25, 2024 deadline to file its pre-argument brief.

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The firm intends to challenge the SEC’s legal position on Judge Analisa Torres’ ruling regarding XRP’s institutional sales. Once Ripple’s filing is complete, the schedule for reply briefs will be set, with the SEC likely having up to 90 days to respond. This process could extend the case to mid-2025, continuing the already protracted legal battle.

Bearish Sentiment Reflected in XRP’s On-Chain Data

Despite the XRP token's recent price uptick, on-chain metrics indicate a predominantly bearish outlook. The Spent Output Profit Ratio (SOPR) for XRP has remained below 1 for the majority of October, indicating that investors who sold their XRP holdings at a loss outnumber those who sold at a profit. This trend suggests a bearish market sentiment, as investors are generally hesitant to sell their holdings at a loss.

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