15.4 C
October 1, 2023
BTC Hunts
Image default

XRP Price Losing the Grip; Has the Impact of the Ripple’s Win Faded off?

The post XRP Price Losing the Grip; Has the Impact of the Ripple’s Win Faded off? appeared first on Coinpedia Fintech News

The much-awaited judgment in the Ripple vs SEC lawsuit was produced in favour of the company a few days ago. This caused the price to trigger a massive upswing of more than 100% in just a few hours and mark the highs at almost a dollar. However, the further updates may have caused the investors to remain uncertain about Ripple’s future. 

Moreover, the fresh updates on the SEC vs. Terraform Labs have also raised many questions. Hence, the price maintained a steep bearish trend soon after. 

The current victory is, however, considered a partial one as the possibility of the SEC appealing Judge Analisa Torres’ decision on XRP emerges. If this happens, the most bearish case for the XRP price may be triggered, squashing all the gains incurred due to the judgment. Besides, market sentiments have also flipped from bullish to slightly bearish as multiple factors have negatively impacted the markets. 

The recent rug pull of BALD tokens, the Curve platform’s hack, etc. caused the BTC price to slide by some margin. However, if the SEC proceeds with its appeal, then the XRP price may face a fresh bearish reversal of over 25% very soon. 

On the other hand, if the SEC does not appeal or if the appeal is rejected, then the XRP price may maintain a stagnant trend for a while and rise to reach the mid-point of the range around $0.761. However, the possibility of a massive drop looms over the space as Judge Jed Rakoff, in the SEC vs Terraform Labs case, rejected Judge Torres ruling that specified Ripple did not violate securities laws by selling XRP. 

Moreover, Jude also rejected Judge Torres’ application of the Howey test, which could be a fresh bearish case for the XRP price. If the bears begin to squeeze the gains, then the price is believed to reach its initial levels close to $0.5 and may remain consolidated for a long time ahead. 

Related posts

Altcoins Suffer Extreme Losses as Bitcoin Nears Crucial Juncture-Will BTC Price Make It or Break It?

David Bradley

Cardano Price Plunge: What Lies Ahead for ADA Price?

David Bradley

Crypto Market Analysis: What’s Next for Bitcoin, Ethereum, and Cardano Price?

David Bradley