XRP Price Speculation Due to Ongoing Lawsuit: Will It Surge to $0.66?

Recently, the US Securities and Exchange Commission (SEC) has taken a significant step in the ongoing XRP lawsuit. On Wednesday, the SEC submitted a detailed letter outlining its rationale behind seeking permission for an interlocutory appeal. The focus of this appeal pertains to programmatic sales of XRP to buyers through trading platforms and the distribution channels employed by Ripple.

Coincidentally, this correspondence from the SEC aligns with Judge Analisa Torres’ issuance of a pretrial scheduling order on the same day. Notably, this move follows the SEC’s clear intention to appeal Judge Torres’s recent ruling on XRP, spurring widespread speculation and discussion.

On August 9, 2023, legal representatives from both sides of the XRP versus SEC lawsuit remained actively engaged, each submitting separate filings. This day witnessed a notable flurry of activity, underscoring the pivotal juncture at which the legal proceedings find themselves. The forthcoming course of action hinges on Ripple’s response to these unfolding developments, which holds significant implications for the case’s trajectory.

Ripple Set to Submit Response in the Upcoming Week

Stuart Alderoty, Ripple’s Chief Legal Officer, clarified that the SEC seeks court approval to appeal the Summary Judgment, prompting Ripple to respond next week. Notably, the appeal is not focused on challenging XRP’s security classification but on losses from token sales.

Alderoty noted, “The SEC’s ‘interlocutory’ appeal request implies they lack immediate appeal rights. Ripple’s reply to the Court is forthcoming.”

Meanwhile, XRP’s price dropped on news of the SEC’s appeal, but Ripple’s upcoming response could potentially boost the token’s value next week.

Due To ongoing events: Will XRP Rise Back to $0,66?

The current daily chart, displaying a prominent long-tail rejection, suggests an influx of buyers seeking advantageous market entry points at discounted prices. This gathering of bullish sentiment might incite a potential pullback within the prevailing downward trajectory. 

Monitoring whether the envisaged upward movement demonstrates sustainability below the breached trendline or at the $0.66 mark is important. A failure to maintain this upward trajectory could potentially embolden sellers to prolong the ongoing correction trend.

• Bollinger Band Analysis: The descending lower band of the Bollinger Band indicator is notable, reflecting heightened momentum in selling activities among traders.

Directional Moving Index Observation: A noteworthy bearish crossover is observable between the DI+ (blue) and DI (orange) slopes, signalling a prevailing selling sentiment prevailing within the market.