- Attorney predicts SEC appeal ruling on Ripple lawsuit will be delayed until 2026.
- On-chain data shows increased short positions against XRP, indicating bearish market sentiment.
SEC Ripple Case Update: Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) has taken a new turn, with the company seeking a stay on the $125 million penalty recently imposed. This comes amid rising concerns over a possible SEC appeal following the recent ruling in favor of Ripple. However, attorney Fred Rispoli has downplayed fears, emphasizing that even if the SEC files an appeal, a “final ruling isn’t expected until 2026,” which minimizes any immediate impact on XRP’s price.
Rispoli also pointed out that the SEC’s recent wave of lawsuits against crypto exchanges and various securities violations has somewhat reduced the importance of an appeal in the XRP lawsuit. He further explained that, while the Ripple lawsuit might still pose challenges, other external factors, such as market conditions and investors’ enthusiasm, will significantly determine the company’s future.
Interestingly, Ripple is continuing its efforts to expand the XRP ecosystem. CEO Brad Garlinghouse recently announced plans to introduce a USD-pegged stablecoin, RLUSD, and to enhance the XRP Ledger (XRPL) with smart contract capabilities. However, XRP Ledger announcements have not yet had the expected effect on XRP’s price, which remains down by 3.79% weekly, currently hovering around $0.5535.
Price Targets for XRP Amid Ripple Lawsuit
On-chain data shows a rise in short positions against XRP, signaling bearish sentiment in the market. Analysts have warned of a potential 10% drop from current levels, largely influenced by the broader bear market affecting cryptocurrencies.
Additionally, the 50-day MA has dropped below the 200-day MA, forming a ‘death cross,’ a bearish signal indicating a potential continuation of downward momentum.
Despite this, some experts anticipate a market recovery by late 2024, as the Ripple lawsuit impact could trigger a bullish run for XRP. The cryptocurrency’s September price targets range between $0.50 and $0.63, based on Fibonacci levels.
Can XRP surpass the $1 mark in 2024 with the Ripple lawsuit? Check out our detailed XRP price prediction from 2024 to 2030.
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