2024-10-3 23:16 |
XRP experienced a flash crash Thursday, dropping by around 15% just hours after news broke that the U.S. Securities and Exchange Commission (SEC) filed a notice of appeal against Judge Analisa Torres’ August ruling in the landmark Ripple lawsuit.
This development sent shockwaves through the crypto market, reigniting intense debates about the SEC’s motives and the future trajectory of XRP. Throughout Thursday, critics within the crypto community scrutinized the SEC’s decision, questioning its rationale and potential benefits.
Prominent attorney Jeremy Hogan weighed in, calling it a “big mistake” by the SEC.
“The SEC is very, very likely to lose. Even if the SEC were to ‘win’ on appeal, it’s unlikely to change anything regarding XRP and its use by Ripple; it would essentially come down to a financial issue.” He emphasized.
Hogan’s remarks resonate with many investors who feel the ongoing legal drama may not significantly affect XRP’s long-term prospects despite the recent sharp decline in its price.
Popular crypt analyst “Dark Defender” provided a critical perspective on the situation, describing the SEC’s appeal as a significant misstep. Like Hogan, he emphasized that nothing fundamental has changed for Ripple or XRP despite the ongoing legal challenges.
“The price is not dependent on this lawsuit, as we analyzed before,” he tweeted, affirming that his previous target of $18 for XRP still stands.
Elsewhere, analyst “TheBearableBull” urged his 310,000 followers on X to take advantage of the current price dip.
“This price drop following the appeal news, especially with an XRP ETF on the horizon, is absurd. Only the true investors capitalize on these levels and understand what’s coming next. No appeal or SEC delays can halt this momentum,” he wrote.
Notably, the anticipated approval of an XRP-based exchange-traded fund (ETF) filed by digital asset manager Bitwise this week is seen as a major potential catalyst for a future price surge.
Meanwhile, technical analysts such as Egrag Crypto reassured the XRP community, acknowledging that “the SEC appeal might feel like the end of the world, the chart has been signaling a retest was on the horizon.”
Notably, on Tuesday, he confidently projected that XRP could rise to $1.30 and $1.50 in the short term, provided it stays above key support levels. Looking ahead, he sees the potential for XRP to soar to as much as $7.50 this cycle.
However, analyst Chris McCrypto took a more cautious stance, stating, “XRP did not break out previously in 2017 from a high stoch RSI position, suggesting we might need to cool off.” He speculated that the price could dip to around $0.45 before a significant upward movement, with a potential breakout as early as January 2025.
At press time, XRP was trading at $0.525, reflecting an 8.56% drop over the past 24 hours.
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