- XRP bulls show up strong after the SEC missed an appeal scheduled for 16th October.
- Exploring the details of the appeal and why it had a big impact on XRP.
As a researcher with years of experience in the dynamic and unpredictable world of cryptocurrencies, I can confidently say that the recent surge in XRP is not merely a coincidence but a reflection of the market’s response to the SEC’s missed appeal deadline.
After a prolonged period of little movement, XRP is beginning to show renewed vigor, with prices seemingly on the rise. Over the past couple of days, there’s been a noticeable increase in bullish sentiment surrounding the cryptocurrency, which might be linked to the approaching deadline for the SEC’s appeal.
If you’ve been observing the movements of XRP, you might have observed a significant drop at the beginning of October. Unlike other leading cryptocurrencies that swiftly recovered, XRP has maintained a steady course instead of bouncing back, suggesting minimal demand even with the price reduction.
In contrast to many other cryptocurrencies that saw substantial gains during the recent market surge, XRP’s involvement was relatively minimal. Nevertheless, this week has seen a steady increase in positive sentiment surrounding XRP.
For instance, XRP peaked at $0.566 in the last 24 hours, extending its weekly gain by 7.67%.
At the moment, XRP was priced at approximately $0.55 following a minor dip. However, it’s worth noting that there’s been an uptick in interest for this digital currency over the past couple of days.
During a two-day span, it was found that there was more buying activity than selling demand, as indicated by on-chain data. Additionally, we noticed a substantial increase in the number of long positions, suggesting greater investor confidence in the futures market.
Why is XRP experiencing renewed interest
The surge in positive market trends for Ripple isn’t simply a random occurrence, but rather a response to shifting public sentiment due to Ripple’s ongoing legal battle with the SEC. Earlier, the SEC had announced its intention to appeal a decision classifying XRP as not a security, which has likely influenced this change in market sentiment.
It’s possible that the reason some investors stayed away from XRP earlier this month was due to the ongoing legal battle, which has significantly affected investor confidence and played a significant role in hindering the cryptocurrency’s growth. If the SEC decides to appeal, it would reinforce their determination to continue pressuring Ripple.
At the time of writing, there was limited information available about why the SEC hadn’t appealed. Yet, the market’s reaction seems to indicate a sense of relief among investors.
Read XRP’s Price Prediction 2024–2025
If the Securities and Exchange Commission (SEC) manages to win their appeal and reverse the court’s decision in the Ripple case, it could have far-reaching effects throughout the cryptocurrency market. This is due to the fact that the outcome of this case serves as a potential guide for future judgments involving crypto assets.
Regarding XRP’s future, the SEC not filing an appeal could spark a new surge in its value within the crypto market. However, it’s crucial to await further guidance or clarification from the SEC, as the global community closely watches this development.
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2024-10-17 21:11