- XRP bulls show up strong after the SEC missed an appeal scheduled for 16th October.
- Exploring the details of the appeal and why it had a big impact on XRP.
XRP is finally showing signs of life after previously being stuck in a rut were prices stagnated in a sideways motion. The cryptocurrency demonstrated a build-up of bullish momentum especially in the last two days and this could have something to do with the SEC’s appeal deadline.
If you have been keeping an eye on XRP, then you may have noticed that it tanked hard at the start of October. But while many of the top coins quickly bounced back, XRP went sideways indicating low demand despite the discount.
XRP also demonstrated low participation in the latest rally in the market where most other coins enjoyed significant upside. However, bullish momentum has been building up this week.
For instance, XRP peaked at $0.566 in the last 24 hours, extending its weekly gain by 7.67%.
Source: TradingView
XRP traded at $0.55 at press time after a slight pullback. Nevertheless, the cryptocurrency has demonstrated a surge in demand in the last two days.
On-chain data revealed that buy volume outweighed sell pressure during the same 2-day period. We also observed a significant uptick in the number of longs indicating more confidence among investors in the derivatives segment.
Source: HyblockCapital
Why is XRP experiencing renewed interest
The resurgence of strong bullish momentum is not a fluke but rather the result sentiment shift around Ripple’s legal battle with the SEC. The latter had previously revealed plans to file its Form C appeal against a previous ruling which stated that XRP was not a security.
The appeal may explain why investors avoided XRP earlier this month. The legal battle has been weighing heavily on investor sentiment and has been a major factor holding back the cryptocurrency. An appeal would underscore the SEC’s resolve to keep hammering down on Ripple.
Details regarding the SEC’s failure to file the appeal were scanty at the time of writing. However, the market’s outcome underscores some relief among investors.
Read XRP’s Price Prediction 2024–2025
If the SEC were to have a successful appeal and overturn the judicial decision, then the impact would be widespread across the market. This is because the Ripple-SEC case is viewed as a benchmark that may provide precedence for future crypto-related rulings.
As far as XRP’s future is concerned, the SEC’s failure to file the appeal may be the start of another bullish wave for the cryptocurrency. Nevertheless, the world is now waiting for more clarity especially from the SEC.
