The post Why XRP Price May Crash 21% in October appeared on BitcoinEthereumNews.com.

As the crypto market gears up for its traditional “Uptober” surge, XRP’s participation remains uncertain. The threat of an SEC appeal against the July 2023 ruling in favor of Ripple could result in a double-digit decline in XRP’s price. This analysis delves into what may happen. Ripple May Not Rally in October In a post on X, FOX Business journalist Eleanor Terrett noted that a former SEC lawyer informed her that the regulator plans to appeal Judge Analisa Torres’ July 2023 ruling on Ripple’s programmatic sales of XRP.  In July 2023, Judge Torres ruled that Ripple’s programmatic sales of XRP did not amount to unregistered securities offerings. The SEC filed a Motion for Interlocutory Appeal in August of the same year, seeking the court’s approval to challenge the ruling.  However, Judge Torres denied the motion in October 2023, asking the regulator to wait until the final judgment before filing an appeal. The final judgment was issued on August 7, 2024, with the judge levying a $125 million penalty against Ripple Labs for selling its XRP token without proper registration. According to Terret, the regulator believes the ruling is incorrect “and should be appealed.” All Rests With the SEC The SEC has until October 7 to file an appeal, a decision which may result in XRP shedding its recent gains. In fact, the token’s technical setup suggests that the talks of this SEC appeal may have already prompted some investors to start selling their XRP holdings. The asset’s negative Balance of Power (BoP) supports this outlook. This indicator, which measures the strength of buyers versus sellers in a given market over a specific period, is below zero at press time, at -0.03. Sellers have more control over the market when an asset’s BoP is negative. Read more: Everything You Need To Know About…

---

Filed under: News - @ September 27, 2024 12:29 pm