- XRP closed September at around $0.66, a level not seen since the March bull run, as the SEC appeal decision awaits.
- The SEC is expected to appeal the ruling on programmatic sales of XRP on Oct 7.
The global crypto market starts October, often called “Uptober,” with optimism, but it’s not without challenges. Also, many cryptocurrencies ended September on some positive note, and XRP was no exception, closing in the $0.65 zone—a level it last seen during the March bull rally. Further, Ripple’s ongoing battle with the SEC has been a major fuel for XRP’s price, and with the next key date set for October 7, the SEC must decide whether to appeal its recent losses in court.
Despite the current positive hint, October 1 has seen some downtrend movement for XRP, with the price showcasing a 4% dip but still holding above the crucial $0.60 support level. The global crypto market, including major players like Bitcoin (BTC) and Ethereum (ETH), also saw declines, adding to the mixed sentiment among investors.
Ripple’s recent court victories have fueled more optimism among XRP holders, but the looming SEC decision creates uncertainty. The possibility of an appeal from the SEC indicates that the legal battle isn’t over yet. If the SEC appeals, it could prolong the legal battles between the SEC and Ripple well into 2025. As history shows, markets do not react well to prolonged uncertainty, which may slow down any positive momentum XRP has been building.
On the other hand, Ripple supporters remain optimistic, believing that even if the SEC moves forward with an appeal, Ripple can continue to succeed in court. They argue that Ripple’s use case and technology remain strong despite ongoing legal issues, for example, Ripple is actively working on a stablecoin called “RLUSD” launch.
XRP 24-H Price Analysis: Holding Key Levels
Despite recent declines, XRP has managed to stay above both the 50-day and 200-day moving averages, which is considered a bullish indicator. If the altcoin can rally back to the $0.65 range, it can face the next resistance at $0.6713 and even the yearly high of $0.718 seen on March 12. Breaking through this level could send XRP to aim for $0.80.
On the flip side, if the price falls below the $0.6083 level, it could test the 100-day EMA and possibly drop to the support level at $0.5954. If the price moves below this support, it may fall further to the 200-day EMA, giving bearish an opportunity.
Currently, the 14-day RSI sits at 51.91, suggesting that XRP could revisit $0.68 before entering the overbought territory, opening a window for some positive price action. Moreover, XRP’s MACD stays above the signal line, indicating bullish momentum.
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