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XRP Price Is About to Boom, Here Is Why?

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5 hours ago

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In the last few days, the crypto market has gained a new bullish movement, with user’s sentiments turning to greed. More importantly, there is a surge in crypto trading activity, pushing the global trading volume to $103.7 billion and the global market cap to $2.43 Trillion, which is impressive. It reveals that there are new gains in altcoins. However, the same is not happening in the case of the Ripple token, as the XRP price is still struggling on the charts, but that is about to change soon.

Why Will XRP Price Boom Soon?

After years of downfall in the XRP price, it is clear that the Ripple Vs SEC lawsuit is the biggest constraining factor. In the last seven years, or ever since its ATH rally to $3.84, the token has made multiple attempts to recover, but the trends reversed every single time with the lawsuit appeals and proceeding of the case. Just recently, the XRP was in an uptrend, where the price rose to as high as $0.60. However, it crashed soon, facing a 15% downfall to $0.51, with the SEC filing for notice of appeal at the beginning of October.

As a result, many crypto analysts have confirmed that the Ripple token price will boom only with the closure of this lawsuit. However, despite that, in a recent commentary, the crypto analyst Random Crypto Pal revealed an imminent XRP price boom opportunity. He shared a crypto chart illustrating how the token recently broke out from a seven-year-long trendline. More importantly, along with many other analysts, he has called it a defining moment for this token.

This is #XRP monthly chart 💥💥🚀🚀

I’ll use BitBoys words “ EXPLOSION IS COMING” 😅😅😅

Perfect retest of both trend lines 🚀🚀💪🏻💪🏻💥💥 pic.twitter.com/6IHxidLCK1

— Random Crypto Pal (@RandomCryptoPal) October 27, 2024

He also acknowledges the recent retest in the token’s worth, calling the backtest of the breakout. More importantly, Random Crypto Pal called it the perfect retest of both trend lines before the upcoming backtest. Interestingly, this is not the first XRP prediction, as he also unveiled the recurring pattern that has made heavy gains in the past.

As per that prediction, the charts hint at the recurrence of the 2017 and 2020 pattern, where the XRP price has boomed 71,381% and 1602%. However, that was a conditional prediction, which has not happened yet as the trends remain unfulfilled. With this, investors are concerned whether this new analysis will work or not.

Analysts Are Divided On Ripple Token Performance

Crypto analysts come up with XRP predictions every other day but fail every single time. This is because the biggest concern is the lawsuit, and there is a low probability of witnessing any major rally until the users get more clarity on the case.

More importantly, the blockchain provider will have to do a lot of damage control as the token has been down for years, maintaining an average value of $0.5, currently at $0.5235. The token certainly requires more than a bullish push, as the market is already following the bulls, with the BTC price hitting $71K and aiming for ATH. Despite that, the Ripple token is down. With the token still being one of the top ten cryptos, the community is divided about its future performance.

One believes in complete recovery and peaks to new highs, whereas the other believes in the XRP price collapse to $0.15. More importantly, the community is tired of the consolidation, and the recent Ripple Chairman’s $11M funding to the Kamala Harris campaign is worsening things. As a result, it is hard to believe where the token will move next. For now, it has to see when the lawsuit will end and how it will impact the token.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Rispoli Analyzes the Appeals Timeline and Potential Outcomes

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4 days ago

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October 27, 2024

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The SEC vs. Ripple Labs fight is getting more heated and attorney Fred Rispoli said one of the possible outcomes of this saga could be Ripple winning. However, now the SEC wants to extend the time of filing its principal brief until January 15, 2025.

Most recently, an attorney Fred Rispoli explained, “The SEC often seeks continuances not only because it wants to delay things but because it can be very stretched thin by all the cases it has pending.”

Rispoli: Ripple Appeal Hinges on Paperwork, Not Trial

Appearing as a guest on the ‘Good Morning Crypto Show’, Attorney Fred Rispoli clarified that appeals are essentially a matter of paperwork without new trials or evidence. Each side files three core documents: the opening brief, an opposition brief, and a reply brief.

In this case, the appeal includes the SEC’s and Ripple’s cross-appeal. After these filings, the court will schedule oral arguments. This shoud allow each side to present their case before a panel of three judges.

The SEC has also filed a request for a deadline for its principal brief in its appeal case against Ripple.

Fred Rispoli stated that the SEC’s request for an extension aligns with his projected timeline for the appeal. He expects oral arguments, likely in September or October 2025, to provide early clues on the judges’ stance. These first impressions could hint at the final outcome of the case.

These dates could shift further, though, if more extensions are allowed, something that usually happens within the Ninth Circuit.

Amicus Briefs Taking Center Stage in Crypto Cases

Amicus briefs, said Rispoli, will play an essential role in the appeal. The filing by third parties may bring new insights that could affect the case. He said the appellate judges should take those seriously, especially because they’re more likely to be more numerous and impactful than at the district court level.

An amicus brief – a “friend of the court” brief – is filed by third parties not directly being part of the case. It is to provide policy insights or additional context for specific arguments. Quite often, this shapes high-stakes decisions. An amicus brief is quite common in Supreme Court cases. Most trial and federal appellate cases do not involve amicus briefs.

However, crypto litigation has bucked that trend. Just for comparison, there were 14 amicus briefs in the case by Ripple, six in Coinbase’s case, and, in Grayscale’s case, eight entities filed briefs.

Could Gensler’s Departure Change the Fate of Crypto?

Rispoli, a vocal critic of SEC Chair Gary Gensler, also recently suggested that a change in leadership could significantly impact crypto regulation. He speculated that Gensler is “almost assuredly” on his way out, regardless of the 2024 election’s outcome, making the choice of his successor pivotal for the industry’s future.

When asked if new legislation could render the SEC’s appeal moot, Rispoli explained that a clearly defined law would likely have that effect.

If Congress passes crypto legislation by year’s end, effective from January 1, 2025, Ripple’s legal team would file a notice of supplemental authority with the Second Circuit, arguing the new law’s relevance to their case.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CLO Reveals The Likely Outcome Of The SEC Appeal

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1 week ago

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October 20, 2024

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Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, recently provided an insightful perspective on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). As the case progresses, Alderoty suggests that the possibilities range from a full affirmation of Judge Torres’s decision by the Second Circuit to a potential expansion of her rulings. 

A less likely outcome, according to Alderoty, could see the case remanded back to Judge Torres for further deliberation.

Ripple CLO Stuart Alderoty Shares Major Insight Ahead of SEC Appeal

In a recent post on X platform, Alderoty suggested that the Second Circuit, might either affirm the decision by Judge Analisa Torres or possibly expand on her ruling. Further, Ripple CLO expressed confidence in the XRP company’s position, noting that the best outcome the SEC could hope for would be a remand to the lower court. 

He highlighted the improbability of the appeal succeeding in overturning Judge Torres’s original decisions, suggesting that the best the SEC could hope for would be a remand.

Such a scenario would reopen Ripple’s original defenses, including the “Fair Notice” defense. This defense questions whether a party of ordinary intelligence would have known that their actions were against the law.  Alderoty said,

“ The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them. Awkward.”

Additionally, the Ripple CLO drew an analogy between the SEC’s persistent legal pursuit and the literary work “Moby Dick,” with SEC Chair Gary Gensler cast in the role of Captain Ahab. More so, Ripple CLO humorously added that the situation now mirrors comedic elements similar to the movie “My Cousin Vinny.” This light-hearted comparison underscores the perceived overreach and determination of the SEC in its regulatory enforcement against Ripple.

Previous Rulings and Community Reactions

In the earlier stages of the litigation, the court ruled in favor of Ripple, rejecting the Securities and Exchange Commission’s arguments regarding XRP status as a security. Most recently, Alderoty shared updates with the XRP community, reassuring them that the verdict that “XRP is not a security” remains unchallenged. This clarification boosted community sentiment, with expectations of a potential rebound in XRP price.

In addition, legal analysts like James Murphy and Fred Rispoli, along with former Securities and Exchange Commission lawyer Marc Fagel, have commented on the proceedings. They highlighted that while the SEC opted not to appeal the decision on disgorgement during the remedies phase, the final judgment remains open for argument in the appellate briefs. 

However, despite the Ripple vs SEC legal challenges, the impending launch of its RLUSD stablecoin could elevate XRP price towards $2 milestone.

At press time, XRP price is $0.54, marking a 3.5% increase over the past week. The cryptocurrency’s market cap stands at $30 billion, with a 24-hour trading volume of $622 million.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC At $68K, XRP Lawsuit & Meme Coins Steal Spotlight

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1 week ago

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October 20, 2024

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The crypto market concludes another week with remarkable developments unfolding across the broader sector. Against the backdrop of an ‘uptober’ rally sentiment, Bitcoin (BTC) closed the week at the $68K level, whereas the meme coins sector stole the spotlight with attention-nabbing gains. Simultaneously, the XRP lawsuit saw new developments, sparking investor speculations over Ripple’s coin’s price.

Here’s a brief report on some of the top crypto market headlines reported by CoinGape Media over the past week, which have echoed a frenzy across the broader market.

Bitcoin Holds $68K Sparking Optimism

BTC price held the $68K level as this week ended, primarily due to bullish market dynamics. Spot Bitcoin ETFs recorded $2.13 billion in inflows over the past seven days, underscoring increased institutional interest in the asset. Simultaneously, Robinhood rolled out plans for Bitcoin and Ethereum futures trading this week, adding to optimism surrounding the assets.

Japan revealed plans to unveil a massive stimulus package, exceeding last year’s $87 billion injection, this week. This development has added to optimism surrounding BTC price movements.

Further, American entrepreneur Elon Musk’s Tesla moved a $760 million BTC stash this week, adding to investor speculations. Also, the leading publicly listed German firm Samara AG revealed plans to add more BTC to its holdings. In addition, Mike Novogratz’s Galaxy Digital also bagged nearly 500 BTC this week, sparking market discussions. Altogether, the flagship crypto leverages significant buying pressure this week amid recent market events.

XRP Lawsuit Sees New Developments

Simultaneously, the XRP lawsuit saw a riveting turn of events this week. The U.S. SEC filed Form C as a part of its appeals against Ripple recently. However, the XRP community rejuvenated as the XRP status as a non-security was not appealed.

Subsequently, attorney Fred Rispoli criticized Ripple execs Brad Garlinghouse and Chris Larsen for questioning some SEC charges rather than missing a chance for a full trial defense. On the other hand, Ripple announced Uphold and Bitstamp as exchange partners for the RLUSD stablecoin launch. Further, XRP whales continued dumping to exchanges, raising market speculations. Overall, the abovementioned developments brought significant attention towards Ripple’s native crypto, XRP, which closes the week at the $0.54 level.

Meme-themed Crypto Echo Frenzy

Simultaneously, the meme coins sector saw attention-nabbing developments this week. Dogecoin price kicked the week off optimistically, gaining amid Elon Musk’s donation worth $75 million to elect Donald Trump. Meanwhile, DOGE whales took action to accumulate heavily, adding to optimism over the asset’s price movements. DOGE price closed the week at the $0.14 level. Further, Grayscale hinted at a potential listing looming for the meme token.

In the interim, Goatseus Maximus (GOAT) price soared heavily amid a major listing this week, emerging as the talk of the crypto town.

On the other hand, Shiba Inu reverberated optimism in light of remarkable ecosystem developments. The SHIB burn soared remarkably in the past seven days. Whilst Shytoshi Kusama revealed a game-changing partnership for the SHIB financial layer.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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