Ripple’s Chief Legal Officer, Stuart Alderoty, revealed that the SEC lawsuit and the appeals process could extend all the way to July 2025.
XRP holders are analyzing the implications of Ripple’s cross-appeal and the significant announcements made at Swell 2024.
XRP experienced a nearly 2% increase, repositioning itself above $0.5400 on Wednesday.
On October 16, Wednesday, Ripple (XRP) maintained a trading value above $0.5400. The recent developments surrounding the Ripple Swell event and the ongoing SEC vs. Ripple lawsuit appeals process are driving factors influencing the altcoin’s market performance.
According to Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), the SEC lawsuit and the appeals process could potentially last until July 2025.
Ripple plans to counter the SEC’s appeal by filing its own Form-C to challenge the final lawsuit ruling from August 2024.
Anticipating a 90-day period for the SEC to file their initial brief, Alderoty expects a lengthy legal battle ahead between Ripple and the regulator.
The entire appeals process is estimated to extend until July 2025, showcasing the prolonged nature of this legal dispute.
NEW: Enlightening conversation with @s_alderoty of @Ripple regarding the appeals timeline.
The @SECGov is set to file Form C tomorrow, providing insight into their appeal strategy.
Ripple will respond with its own filing seven days later…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
During the recent Ripple Swell conference, the company unveiled plans for a stablecoin project, indicating readiness for launch post-regulatory approval.
President Monica Long detailed the integration of XRP alongside the stablecoin Ripple USD (RLUSD), emphasizing utility and functionality.
Technical Analysis: XRP Poised for Potential 8% Gain
XRP has been trading within a range-bound pattern, oscillating between the resistance at $0.6649 (September 29 high) and the support at $0.4319 (August 5 low) for over two months. There is a possibility for XRP to advance by 8.42%, aiming for the psychologically significant level of $0.6000.
If XRP continues its upward momentum, it may face resistance near the $0.6649 level, with the next target set at the peak of $0.7429 from March 2024.
The MACD indicator recently turned bullish, displaying green histogram bars above the neutral line, indicating positive momentum in the XRP price trend.
XRP/USDT daily chart
In the event of a correction, XRP could find support within the Fair Value Gap (FVG) range of $0.4780 to $0.5136. The $0.5000 level, representing the September 6 low, could serve as a critical support zone if tested.
Bitcoin, Altcoins, Stablecoins FAQs
Bitcoin is the leading cryptocurrency based on market capitalization, created as a digital form of money that operates independently without centralized control, eliminating the need for intermediaries in financial transactions.
Altcoins refer to cryptocurrencies other than Bitcoin. Some consider Ethereum to be outside the altcoin category due to its connection with Bitcoin through forking. Notably, Litecoin is considered the first altcoin, stemming from a fork of the Bitcoin protocol, presenting an enhanced version.
Stablecoins are digital currencies designed to maintain a stable value, typically backed by reserves of the asset they represent. By pegging their value to commodities or financial instruments such as the US Dollar, stablecoins aim to minimize volatility and provide a reliable gateway for cryptocurrency trading and investment.
Bitcoin dominance measures the ratio of Bitcoin’s market capitalization to the total market cap of all cryptocurrencies, indicating investor interest in Bitcoin. High BTC dominance precedes or coincides with bullish phases, while a decline suggests a shift to altcoins as investors seek higher returns, leading to increased altcoin rallies.
