Among the extremely risky session in the crypto market, Ripple’s XRP has recently seized the spotlight with the most recent events. The ongoing legal battle between Ripple Labs and the US Securities and Alternate Fee (SEC) has taken a significant turn as the SEC moves to appeal the judge’s decision. As a result, the XRP price has dropped sharply recently, raising concerns about a massive selloff. However, could this simply be a possibility for customers?
Despite the SEC’s interest, institutional interest in XRP remains high.
The Securities and Exchange Fee (SEC) of the United States recently filed an interlocutory order expressing its desire to challenge the decision that XRP isn’t a security.
In documents presented to Decide Analisa Torres, the SEC stated its intention to appeal a portion of her decision on Ripple’s XRP coin sales.
On July 14, Decide Torres ruled that XRP purchases by ordinary users on buying and selling platforms were not securities since they followed a blind bid process. However, she concluded that direct gross sales of XRP to institutional entities qualified these tokens as securities.
Despite the current euphoric sentiment surrounding XRP’s performance, several market observers are concerned. Some people are legitimately concerned about the potential consequences of the SEC’s profitable attraction. If the regulatory body manages to overturn the positive verdict, it may wipe away the progress made by XRP over the preceding month.
Such a setback may not only halt the increasing trend, but may also cause a significant drop in its market value.
XRP Attempts to Increase Promoting Pressure
Bears adjusted the pattern at the moment by bringing encouraging stress following the SEC’s attraction after having fun with a restoration rally near to the EMA100 pattern line. The value of XRP spiked after a prolonged liquidation and quickly fell below the 23.6% Fib channel.
Nonetheless, customers are preserving their holdings by defending a straight away decline with the help of $0.61. As of this writing, the price of XRP is $0.631, down 1.8% in the last 24 hours.
If the value falls from its current level, it will indicate a shift in the direction of a negative sentiment, with merchants possibly dumping during minor corrections. This may increase the likelihood of the price falling below $0.59, bringing the altcoin closer to the $0.53-$0.56 breakthrough zone.
If the price breaks through the 100-day moving average, it would indicate that the bulls are making a comeback.