Will XRP Price Climb to All-Time High Despite the SEC Appeal?
In a late filing on Wednesday, the U.S. Securities and Exchange Commission has officially begun appealing Ripple Labs’ legal action. However, the move did not dampen investor enthusiasm for Ripple XRP, with its value crossing the $3 mark for the first time since 2018.
At press time, XRP is still trading above $3, with a clear bullish bias and appears poised to extend its gains in the short term.
SEC files opening brief
on January 15 Archive SEC seeks 2nd Circuit Court of Appeals to overturn Judge Analisa Torres’ decision Judgment July 2023 and reclassified XRP sales to retail investors as unregistered securities. The regulator believes that the New York District Court erred in holding that the sale of XRP to retail investors did not constitute an unregistered securities offering.
Citing the Howey test, the SEC claimed that Ripple’s promotions fostered investors’ profit expectations, thereby classifying XRP as an investment contract.
The ongoing legal battle began in December 2020, when the SEC filed a lawsuit against Ripple, accusing the payment service provider of using its XRP token as an unregistered token Safety Raise funds.
No problem with XRP
The Securities and Exchange Commission’s opening brief marks a formal step in an appeals process in which regulators hope to challenge the court’s previous rulings. despite this, XRP Stay Calm As it continues its upward trend. At press time, the altcoin was trading at $3.13, up 9% in the past 24 hours.
In intraday trading on Wednesday, XRP surged past the $3 mark for the first time since 2018. While the SEC filing could have triggered a sell-off, pushing the coin’s price back below $3, the opposite has actually happened. Instead, market participants increased asset accumulation.
XRP’s rising Chaikin Fund Flow (CMF) proves this. As of this writing, the momentum indicator is in an uptrend at 0.20.
This indicator takes into account the price and volume of an asset and measures the amount of money flowing into or out of an asset during a specific period. When prices are positive during periods of rising prices, it indicates strong buying pressure, indicating that the rise is supported by significant demand and is likely to continue.
XRP Awesome Oscillator Reflects increased token accumulation. At press time, the indicator returned a green upward histogram with a value of 0.33.
This indicator measures market momentum by comparing short-term and long-term moving averages of asset prices. When it returns to a green upward bar, it indicates that bullish momentum is building, indicating that the market is gaining upward strength and may continue to rise.
XRP Price Prediction: All-time highs within reach
If the current accumulation trend continues, the price of XRP could rise to its all-time high of $3.28, a level last reached in January 2018.
However, a reversal in market sentiment could undermine this bullish outlook; if selling pressure intensifies, XRP could lose its recent gains and fall below $3 The potential trading price is approximately $2.60.
Disclaimer
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