Forecasts about a potential SEC appeal and its impact on XRP price continue to multiply. Amid this uncertainty, the market displays bearish sentiments.
XRP Captain’s Forecast
Crypto analyst XRP Captain suggested that a potential appeal by the SEC could lead to a significant 21% drop in XRP’s price. This prediction aligns with the prevailing bearish market sentiment.
Legal Experts’ Views
Prominent attorney Jeremy Hogan provided insights into the potential timeline and procedural steps if the SEC decides to appeal. He noted that the appeal process takes about 15 minutes to file and allows 70 days to submit the brief. The delay in filing has led to speculation that the SEC has not yet decided on its next steps. Former SEC attorneys Marc Fagel and James Farrell believe that the SEC will file a last-minute appeal.
Market Reactions and Predictions
XRP Captain’s prediction of a 21% price drop reflects the bearish sentiment prevailing in the market. Currently, the digital asset is trading at $0.588, with a 21% decline pointing to a price of $0.4645. Another prominent figure in the XRP community, Ripple Effect, recently predicted a worse decline in the case of an appeal, expecting XRP to drop as low as $0.13. However, Zach Rector highlighted events such as the launch of the RLUSD stablecoin and potential ETF introduction that might help XRP mitigate the impact of an appeal.
The ongoing uncertainty around the SEC appeal and its consequences for XRP keeps the market in a state of bearish sentiment. Expert predictions provide insight into possible scenarios.
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