XRP Price Prediction as Former SEC Lawyer Says SEC Will ‘Probably’ Appeal – CoinGape

Ripple (XRP) price is approaching a key resistance area, putting XRP price in a high-stakes situation. The US SEC appeal deadline on October 7th will determine whether XRP crashes or rises. Although the XRP community believes there will be no appeal from the U.S. Securities and Exchange Commission (SEC), a former SEC lawyer and pro-XRP lawyer believes there will be an appeal from the SEC.

XRP price correction likely as experts believe SEC will appeal

The XRP vs. SEC case remains a hot topic after Judge Annalisa Torres ruled in favor of Ripple in July 2023. Recent debate has revolved around the possibility of an SEC appeal challenging the decision. While the XRP community believes there will be no appeal from the SEC, two experts think otherwise.

Fox journalist Eleanor Terret Posted in X Regarding a conversation with a former SEC attorney who believes the SEC will “likely” appeal the July 2023 ruling. The former SEC official added:

“Everyone there [at the SEC] I truly believe that this decision is wrong, not good law, and should be appealed. ”

John Deaton, a pro-XRP lawyer echoed In an X-Post, former SEC attorney Elanore Terete said the case would most likely be appealed by SEC Chairman Gary Gensler. Des explained that the Court of Appeals would not rule that Judge Torres was wrong, but even if it did, the SEC would still not prevail. Pro-XRP lawyers added that the SEC's weakest argument was the “joint venture” element, which Judge Torres did not need to apply because the third step of the Howie test was not met.

In any case, both John Deaton and pro-XRP lawyers believe the SEC's appeal will be heard by the October 7 deadline.

XRP Price Prediction: Possibility of 25% crash due to SEC appeal

Since the crash on September 6th, XRP price has soared 23% and is currently trading at $0.618. Although an uptrend is unlikely from here, XRP price predictions point to a correction in Ripple.

Here are two reasons why XRP price could plummet:

1. XRP is trading below the $0.639 resistance level that has prevented a breakout for the past seven months. The annual VWAP level is also almost the same as the above level, making it a difficult level to break through.
2. Expectations of an SEC appeal could act as a headwind, discouraging buyers and hindering XRP price growth.

Due to these two reasons, Ripple's price could plummet soon. Therefore, investors should keep a close eye on the $0.639 resistance level. If rejected here, the support level at $0.469 could be corrected by 25%.

For the past few days, both the Relative Strength Index (RSI) and Awesome Oscillator (AO) have been hovering around their respective average levels of 50 and 0, indicating indecision. As mentioned above, the SEC appeal will be the deciding factor in whether XRP crashes or goes ahead.

On the other hand, if the XRP price is able to flip the $0.635 resistance level to the support floor, it would be a sign of strength. Such a development could occur if the SEC does not appeal. In such a case, Ripple could break through $0.636 and move up 12% to target the $0.714 hurdle.

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akash girimas

Akash Girimath is an engineer by training with a deep interest in the intricacies of the crypto market. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to prominent platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the world of cryptocurrencies. Follow him on Youtube , X and LINKedIn

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