The post XRP Unmoved by Ripple’s Cross-Appeal in the SEC’s Case  appeared on BitcoinEthereumNews.com.

Following the October 25 form C filing, XRP briefly slipped below the psychologically significant $0.50 mark but rebounded the same day and is currently trading above $0.51. The token has dropped 15% since the beginning of the month, falling from $0.61 to the current $0.51. The biggest drop in price occurred on October 3 in the wake of news that the Securities and Exchange Commission was filing a notice of appeal in its longstanding lawsuit against Ripple, challenging Judge Torres’ verdict that XRP is not a security. While XRP bulls may be hoping for a rebound, the general market sentiment around the token seems to be unsure about where it stands in the absence of positive developments in the SEC vs. Ripple case. As both parties had since appealed parts of the August 2023 ruling, the neverending legal battle over XRP status appears to be keeping investors on edge.  At the same time, while XRP holders await how cross-appeals will turn out for both parties, they aren’t rushing to sell. According to CryptoQuant, the latest exchange inflows had been minimal, standing at $10 million as of October 28, a far cry from this month’s maximum of $15 billion on October 20. The data suggests that many investors may have adopted a “wait-and-see” approach rather than reacting immediately to every legal update.  Exchange inflow tracks the amount of cryptocurrency, like XRP, being transferred to exchange wallets, which makes it a useful metric for gauging market sentiment. Large amounts of cryptocurrency flowing into exchanges would typically mean that holders are preparing to sell, potentially driving the asset’s price down. Current low inflows suggest that more holders are now committed to HODL, as most selling pressure was exhausted earlier this month when the SEC filed a notion of appeal.  The Relative Strength Index…

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Filed under: News - @ October 29, 2024 1:17 am