As a seasoned researcher with a penchant for deciphering market trends and a knack for keeping my finger on the pulse of the crypto world, I find myself intrigued by the recent developments surrounding XRP. The price surge of XRP, reaching a two-week high of $0.566, is indeed eye-catching, especially against the backdrop of a broader market decline.
On October 17, XRP’s (XRP) price experienced an increase of up to 3.85%, reaching a two-week peak of $0.566. Notably, this growth contrasted with the overall crypto market that witnessed a 1% drop.
The main force behind the upward trend was largely due to an important development in Ripple’s ongoing dispute with the U.S. Securities and Exchange Commission (SEC), as reflected by the latest court update.
Did the SEC miss a critical court deadline?
The current rise in XRP’s value might be driven by whispers and anticipation stemming from the Securities and Exchange Commission (SEC) allegedly missing a crucial filing deadline in their legal battle with Ripple, which could potentially influence the outcome of the case.
It appears that the SEC might have failed to submit necessary forms for their appeal against Judge Analisa Torres’ August ruling by the stipulated 14-day deadline (which was October 16). If this oversight is verified, it could lead to the dismissal of the appeal and potentially weaken the SEC’s legal standing in its case against Ripple substantially.
According to Fox Business journalist Eleanor Terrett’s interpretation, due to the SEC’s appeal against Ripple being officially recorded in the court system on October 4th, even though the appeal was initially filed on October 2nd, there are still two additional days left (up until October 18th) for the Securities and Exchange Commission to submit the necessary forms.
For now, it seems that the XRP market is responding favorably as uncertainty lingers about the potential slowdown in the ongoing case.
Pro-XRP Republican to beat Elizabeth Warren?
2 days following the first debate between Senator Elizabeth Warren and crypto attorney John Deaton (who were contending for the U.S. Senate seat in Massachusetts), gains were observed in XRP’s value.
At the October 15th debate, the Republican candidate, Deaton, criticized his Democratic rival, Warren, for focusing on her “pro-cryptocurrency advocates” rather than addressing immediate concerns of Massachusetts’ working and middle-class citizens more urgently.
In simpler terms, the attorney contended that since the state is facing issues such as unlawful immigration and increasing inflation, putting a strong emphasis on fighting against cryptocurrency appeared inappropriate, given its impact on everyday citizens’ economic wellbeing.
As a researcher, I ponder over the perplexing decision made by a senator, who suddenly chose to amass a force against cryptocurrency, at a time when the state is grappling with fiscal challenges due to illegal immigration and rising inflation, making it increasingly difficult for common citizens to sustain within the economy. This question intrigues me: What could have prompted this shift in focus?
Based on Polymarket’s data, there’s been a 3% decrease in bets predicting Warren will win the Massachusetts seat following the recent debate.
In the course of his legal endeavors, Deaton has supported numerous XRP investors, persistently championing for fair handling of XRP. He contends that XRP shouldn’t be categorized as a security. Moreover, it appears that his growing chances in Senate elections might have contributed to the rise in XRP’s value, alongside the updated SEC deadline announcement.
Still, Warren holds a commanding lead over Deaton with 93.1% of bets in her favor.
XRP price bounces from key support level
The continuous rise in XRP’s value is a part of its weekly bounce back, which began following a test of a multi-month ascending trendline support. Notably, this trendline support coincides with XRP’s 200-week exponential moving average (200-week EMA), approximately at $0.528 – represented by the blue wave on the chart.
To establish a temporary uptrend, it’s crucial for the current price to finish the day slightly higher than the 50-week Exponential Moving Average (represented by the red line), approximately at $0.547.
Should XRP achieve success, a potential new high for 2024 could be set at the horizontal resistance of its descending trendline, which coincides roughly with the 0.236 Fibonacci retracement level, approximately $0.691.
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2024-10-17 15:49