XRP has seen notable movement in the crypto market as speculation grows around the SEC’s appeal strategy in the ongoing Ripple case. On November 9, XRP closed at $0.5593, marking its third consecutive day above the critical $0.55 level. While the broader market saw an increase, XRP remained underperforming, sparking discussions on its potential future trajectory.
SEC’s Appeal Strategy Under Scrutiny
The SEC’s plans to appeal the recent favorable rulings in Ripple’s case have garnered increasing attention. John Reed Stark, a former SEC official, suggested that the agency’s stance against crypto might be coming to an end. Ripple’s Chief Legal Officer, Stuart Alderoty, responded, urging SEC leadership to step down and acknowledging that a shift in the SEC’s leadership could accelerate the end of the agency’s anti-crypto campaign.
XRP’s Potential to Break Above $1.00
With former President Donald Trump’s victory in the recent election, the crypto community has been buzzing with optimism about the future of XRP. Trump’s campaign promises to fire SEC Chair Gary Gensler on his first day in office are seen as a potential game-changer. If the SEC withdraws its appeal, XRP could see a surge toward $1.00, echoing the rally sparked by the favorable court ruling on programmatic sales of XRP in July 2023.
If the SEC proceeds with its appeal, concerns over a potential unfavorable ruling could place downward pressure on XRP, pushing its price below $0.40. However, if the appeal is withdrawn or dismissed, XRP could see significant bullish movement, driving its price upward and reigniting interest from both investors and exchanges.
Bullish Signals for XRP Price Action
On the technical side, XRP is showing positive price signals. It is currently trading above both the 50-day and 200-day EMAs, suggesting strong bullish momentum. A breakout from the $0.5739 resistance level could push the price toward the key $0.60 mark, with the potential for further gains toward the September high of $0.6655.
With market optimism fueled by Trump’s pro-crypto stance and the uncertainty surrounding the SEC’s appeal, XRP could be primed for a breakout in the coming weeks. Investors will be closely watching the SEC’s next moves and any changes in the regulatory landscape, as they could have a profound impact on XRP’s price action.
Stay Ahead of XRP’s Price Movements
As the crypto market remains volatile, XRP’s price could be on the brink of a significant shift. Stay updated on the latest developments regarding Ripple’s legal battles and the SEC’s strategies to get ahead of potential price movements. The next few weeks could prove pivotal for XRP’s journey, with the potential to flip $1.00 and beyond.
