30s Summary
XRP’s value rose 3% to hit $0.54 on 11 October following Ripple’s official cross-appeal against the US Securities and Exchange Commission (SEC). Adding to the case, cryptocurrency exchange Bitnomial filed a lawsuit against the SEC, arguing that XRP should be classified as a commodity, not a security. Ripple’s cross-appeal led to substantial momentum for the cryptocurrency, further bolstering its value. However, potential drops are expected as XRP’s current rise follows a bear flag pattern. By November, XRP is expected to hit around $0.465, a nearly 14% decrease from current prices.
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The value of XRP jumped by more than 3% within 24 hours to hit $0.54 on Oct. 11. This boost came right after Ripple went toe-to-toe with the US Securities and Exchange Commission (SEC) with an official cross-appeal.
Adding fuel to the fire, cryptocurrency exchange Bitnomial decided to pile on with another lawsuit against the SEC. This stoked the flames even more for XRP’s popularity.
Ripple isn’t backing down in its fight with the SEC. It made an official cross-appeal against the SEC, just a week after the SEC itself made an appeal against a previous ruling.
On Oct. 2, the SEC was looking to overturn Judge Analisa Torres who had fined Ripple $125 million for stepping on US securities laws. The SEC initially requested an eye-popping $2 billion.
Ripple plans to rev things up and take the case to the Court of Appeals for the Second Circuit. It looks like Ripple’s actions have bolstered its own value, with a positive momentum being seen on the market after their cross-appeal.
On the day Ripple made its cross-appeal, cryptocurrency exchange Bitnomial went full throttle with a lawsuit against the SEC and its five commissioners. It accuses them of stepping over the line by labelling XRP as a security.
In the lawsuit made by Bitnomial in an Illinois federal court, it argued that XRP is already classified and regulated as a commodity under the Commodity Futures Trading Commission (CFTC).
The exchange claims that the SEC is overstepping its boundaries into an area that’s under CFTC’s sole jurisdiction, causing unnecessary regulatory overlap. This has boosted XRP’s value even more today.
However, XRP may see more dips in the future. XRP’s current rise is part of a rebound that began after testing the lower trendline of its prevailing bear flag pattern as support. This same pattern might indicate more drop-offs in the coming weeks.
According to the same technical rule to the latest XRP price trends, the downside target for November is around $0.465, down 13.65% from the current prices. But, remember, each investment and trade move comes with risks. Always do your own research before you make a decision.
Source: Cointelegraph