The XRP price has surged 11% over the last 24 hours, reaching $2.7998. This follows Ripple's criticism of the U.S. Securities and Exchange Commission (SEC) for refusing to postpone their appeal filing.
Legal Battles and Their Impact on XRP
The legal battle between Ripple and the SEC has been ongoing since 2020. The dispute revolves around claims of XRP being used as an unregistered security. Recent criticism from Ripple’s Chief Legal Officer, Stuart Alderoty, regarding the SEC's refusal to postpone the appeal filing has caught the market's attention. Alderoty expressed confidence in their position and forecasted potential shifts in SEC's crypto enforcement strategy after Gary Gensler's departure, with Paul Atkins considered as a potential successor.
Current XRP Price Trends
The XRP price shows a bullish trend, with substantial momentum since breaking the $2 mark. XRP has moved out of a consolidation phase and is approaching the $3 level, a key psychological point for investors. Supported by the 50-day moving average, XRP's upward trend remains strong, while the Relative Strength Index suggests continued positive momentum.
Future Prospects for Ripple and XRP
XRP is expected to continue its bullish trend in the near term. Breaking through the $3 mark may lead to further price increases to $3.50 or even $4. A possible correction could see support at $2-$2.50 levels. Changes in SEC's leadership could have long-term implications for Ripple and XRP.
In the upcoming weeks, the XRP price may continue to rise, especially if key resistance levels are surpassed. Investor interest remains high amidst potential regulatory shifts and strategic changes.
