XRP soars as SEC loses motion to appeal Ripple ruling
- A federal judge has denied the SEC’s request to appeal its loss against Ripple.
- This led to a jump in XRP’s value in the last 24 hours.
In a ruling delivered on 3 October, district court Judge Analisa Torres rejected the United States Securities and Exchange Commission’s (SEC) bid to appeal its loss against Ripple Labs.
SEC served another L in the Ripple case.
They can’t appeal the decision until after a trial on remaining issues. pic.twitter.com/t4rbAME1Cv
— Bill Hughes : wchughes.eth ? (@BillHughesDC) October 3, 2023
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The SEC had sought to appeal the decision by claiming that such an appeal would be significant for numerous lawsuits. However, the judge disagreed, stating that there was no substantial basis for different opinions on her findings and that an appeal would not significantly progress the case toward a resolution.
XRP is the winner
Following the ruling, XRP’s price quickly surged by almost 10%, “decoupling from the rest of the market,” as noted by Santiment.
Although it shed most of these gains in the hours that followed, XRP ranked as the cryptocurrency asset with the most gains in the last 24 hours. At press time, the altcoin exchanged hands at $0.5328.
The recent ruling also led to an uptick in discussions around the altcoin. Data tracked by Santiment revealed that following the ruling, XRP’s social dominance rallied to its highest level, which was last seen when Ripple secured its first victory against the SEC on 13 July.
At press time, XRP’s social dominance was 6.45%. Growth in an asset’s social activity coupled with a corresponding price rally is often considered bullish. Should sentiment remain positive, XRP’s price might witness further price growth.
On a 12-hour chart, accumulation climbed steadily amongst the token’s spot traders. With key momentum indicators resting above their respective center lines, XRP accumulation outpaced distribution.
The token’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 59.40 and 61.03, respectively.
Realistic or not, here’s XRP’s market cap in BTC terms
Further, the alt’s Chaikin Money Flow (CMF) returned a positive 0.02 as of this writing. A CMF value above the zero line is often viewed as a sign of strength in the market, as it indicates the inflow of liquidity necessary to drive further price growth.
Although rapid price surges are typically associated with considerable instability, the Bollinger Bands indicator indicated that XRP exhibited minimal volatility in its price movement. At press time, the gap between this indicator’s upper and lower bands was almost nonexistent, suggesting that the XRP market was relatively stable.