Originally published on: October 11, 2024
XRP has experienced a significant surge in price, rising over 3% in the past 24 hours to reach $0.54 on Oct. 11. This increase comes in the wake of Ripple filing a cross-appeal against the United States Securities and Exchange Commission (SEC).
The momentum was further fueled by a lawsuit from crypto exchange Bitnomial against the SEC, adding to the positive sentiment in the XRP market.
Ripple’s official notice of cross-appeal in response to the SEC’s appeal of a previous ruling has garnered attention from investors and traders. The ongoing legal battle has captivated the crypto community, with Ripple seeking to escalate the case to the Court of Appeals for the Second Circuit.
Following Ripple’s cross-appeal, XRP’s price has seen an upward trend, signaling market confidence in Ripple’s efforts to combat the SEC’s actions.
Bitnomial’s lawsuit against the SEC and its commissioners has also contributed to the positive sentiment surrounding XRP. The exchange argues that XRP should be classified as a commodity under the Commodity Futures Trading Commission (CFTC) and not as a security by the SEC.
This legal battle has driven XRP’s price higher, reflecting a bullish sentiment among investors. However, technical analysis suggests that XRP may face further downward pressure in the coming weeks.
While the recent price surge is encouraging for XRP holders, it’s essential to note that all investments carry inherent risks. Readers are encouraged to conduct their research and seek professional advice before making any investment decisions.
Stay informed with our Markets Outlook newsletter for exclusive insights and analysis to help you navigate the ever-changing market landscape. Subscribe today to stay ahead of the curve.
