- After consolidating for almost a month the price broke below the $0.52 support level.
- The price has been facing severe selling pressure lately and found support at $0.49.
Ripple is continuing its legal battle with the U.S. Securities and Exchange Commission (SEC) by pursuing a cross-appeal in the long running lawsuit. Ripple submitted a Form C on October 24, 2024, outlining the main points that will be discussed in the appeal.
On social media, Ripple’s Chief Legal Officer Stuart Alderoty discussed the submission in length, highlighting important aspects of the appeal and its impact on the company and the cryptocurrency market as a whole.
The question of whether Ripple’s digital asset XRP is fundamentally a security is not at the heart of the appeal. It has already been decided that XRP is not a security, and Alderoty has said again that this is not being contested in this appeal.
Bears in Control
At the time of writing, XRP is trading at $0.5149, up 0.53% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 57.35%. After consolidating for almost a month the price broke below the $0.52 support level. The price has been facing severe selling pressure lately and found support at $0.49 mark.
Prominent crypto analyst Dark Defender, whose XRP price forecasts tend to go viral, released another prediction yesterday. The research shows that XRP is now challenging a key blue support line around $0.4864, which is slightly higher than the $0.4850 level.
If the price manages to climb above $0.52 level, then it will likely climb further to test $0.55 resistance level. However, if the price falls below $0.49 level, then it will likely decline further to test $0.43 support level.
