Will the SEC Withdraw the Appeal Against the Summary Judgment?
Judge Torres’ final judgment could be crucial in the SEC deciding whether to withdraw its appeal in the Ripple case.
This week, reports of the SEC potentially dismissing or pausing non-fraud crypto-related cases fueled market optimism. The lack of fraud in the Ripple case could enable the SEC to withdraw its appeal or pause the case until Trump-nominated SEC Chair Paul Atkins takes the helm.
The outlook looks bright for Ripple and its lengthy legal battle with the SEC. Legal experts expect Atkins to reverse course on the SEC’s crypto-enforcement efforts. Former SEC Office of Internet Enforcement Chief John Reed Stark previously commented on Atkins’ crypto stance, saying,
“Paul favors free markets and hates over-regulation – which should be a net-positive for the cryptoverse.”
XRP Price Trends: SEC Appeal in Focus
The SEC vs. Ripple case remains the key driver for XRP’s price trajectory. Reports of the SEC planning to pursue its appeal could drag XRP toward $2.00. XRP could face a bigger retreat if the SEC wins at the Second Circuit.
Conversely, XRP could break above its 2018 record high of $3.5505 if the agency withdraws its appeal. Additionally, a withdrawal could open the door to a US XRP-spot ETF market, potentially driving XRP demand.
XRP Price Action
Daily Chart
Despite Saturday’s loss, XRP remains well above the 50-day and 200-day Exponential Moving Averages (EMA), sending bullish price signals.
A breakout from the January 16 high of $3.3999 could signal a move toward the 2018 all-time high of $3.5505. Furthermore, a break above $3.5505 may enable the bulls to target the $4 level next.
SEC-related activity and Ripple case-related news require consideration.
Conversely, a drop below $3 could suggest a retreat toward the $2.5 level. A fall through $2.5 may enable the bears to target the $2, a likely crucial psychological support level if the SEC pursues its appeal.
With a 14-day Relative Strength Index (RSI) reading of 73.94, XRP sits in overbought territory (RSI above 70). Selling pressure could intensify at the January 16 high of $3.3999.
