As of October 30, XRP is trading at $0.565, marking a modest climb of 1.85% within the past day and an encouraging 6.40% over the last week.
Within a year, the digital asset has soared by 22%, eclipsing the performance of 78% of its peers in the top 100 cryptocurrencies by market capitalization.
Currently, XRP is positioned above its 200-day simple moving average, signaling a bullish trend despite experiencing only 14 days of gains in the past month (47% of the time) and lingering 86% below its all-time peak.
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Amidst the anticipation surrounding the ongoing lawsuit, investors remain on high alert for XRP’s future price trajectory. The forward-looking machine learning AI at CoinCodex suggests a slight uptick in XRP’s value by the end of November, although it’s expected to stay shy of the $0.60 resistance benchmark.
Intriguingly, despite Ripple’s legal victories, particularly a notable win in July, XRP has not managed to revisit those zeniths.
Ripple SEC battle rages on
The debate continues to heat up over the appropriateness of former SEC Chair Jay Clayton’s decision to bring charges against Ripple, with accusations of potential conflicts of interest casting a shadow over the case.
John E. Deaton, a prominent critic, has pointed out possible entanglements involving Clayton and Consensys, a Ripple competitor, underscoring the interconnected representation by the same law firm involved in the Quorum JPMCoin deal.
Ripple’s leadership, CEO Brad Garlinghouse and co-founder Chris Larsen, have publicly voiced their discontent with Clayton’s approach on Squawk Box.
The legal proceedings, presided over by Judge Analisa Torres, are moving forward, with a significant date of November 9 set to determine the briefing schedule on remedies for the outstanding charges against Ripple. Documents pertaining to a key speech by William Hinman, a former SEC Director now with Simpson Thacher, are believed to be pivotal for the settlement discussions.
These papers, which have been protectively sealed by the SEC multiple times, are of great consequence, especially considering the verdict on the Programmatic Sales of XRP.
SEC’s intentions
The uncertainty regarding the SEC’s appellate intentions and the developments in establishing a Bitcoin spot ETF are other variables influencing XRP’s price trends.
After an ascent to $0.9327 in July, XRP’s focus is now on breaching the $0.5835 resistance level. The discourse has been further fueled by Joe Grundfest’s remarks on Clayton’s predilection for litigating against company executives in non-fraud situations, provoking reactions within the cryptocurrency community.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
