Ripple Faces Legal Hurdles Amid Regulatory Appeals: XRP Price Analysis and Potential Outlook
Ripple’s XRP faces short-term volatility amid SEC appeals, but new RLUSD stablecoin and key technical levels hint at a bullish outlook ahead.
Ripple is dealing with short term volatility in an otherwise bullish market. Currently at $0.5468, XRP hit an intraday low of $0.544.
Over the past week XRP went from $0.5262 to $0.5627 but has since struggled to hold that level mainly due to the regulatory uncertainty surrounding the SEC’s appeal process.
The uncertainty has caused market to be cautious and price to fluctuate more.
Ripple Faces SEC Headwinds
Ripple’s legal woes continue as the SEC is appealing a court ruling on XRP sales. The appeal is focused on 3 main areas: XRP sales through exchanges, distributions to employees and transactions involving Brad Garlinghouse and Chris Larsen.
Ripple’s CLO says a Form C filing could be coming soon which might be a new defense strategy. Analysts think Ripple might argue that their transactions including those on the ODL platform are not investment contracts but rather for resale not direct investment in the company.
👉👉👉👉 XRP Lawsuit Appeal: Prominent Lawyer Breaks Down SEC Form Chttps://t.co/VqJxcvmzKc
— XRPatriot (@XRPatriot2303) October 19, 2024
The uncertainty has led to speculation that XRP could trade between $0.50 and $0.80 by end of 2024. Ripple’s CLO also said the appeals process could go until mid 2025 so any outcome favorable or unfavorable will be crucial for XRP’s future.
Investors are being cautious and waiting for more clarity before making a move.
Ripple’s RLUSD Stablecoin Launch: A Boost to Investor Confidence
In the midst of these regulatory issues, Ripple is looking to boost market confidence by launching a new stablecoin, RLUSD, pegged 1:1 to the US dollar. RLUSD will be released later this year and will run on both XRP Ledger (XRPL) and Ethereum networks.
Can the XRP Price Hit $1 When Ripple's Stablecoin Goes Live? (ChatGPT Analyzes) https://t.co/4EUFiujTlB
— 🛡️Billythecrypto🤑⚡️(💙,🧡)🛸Based🍌 (@McMoonboy) October 19, 2024
Ripple has already partnered with major exchanges like Bitstamp and MoonPay to onboard RLUSD. Analysts think the launch will help XRP’s market position by showing Ripple’s expanding tech capabilities and commitment to innovation.
Market sees RLUSD as a big deal that could push XRP higher. Experts think if it’s successful it could take XRP to $1 and a 3 year high.
Daily Technical Outlook: XRP/USD – October 19, 2024
XRP is in a critical zone after pulling back from $0.6536 high. On the 4-hour chart XRP has support at $0.5417 which is the 23.6% Fibonacci retracement. Below that is $0.5241 and then $0.5072. Resistance is at $0.5630 (38.2% Fibonacci retracement) then $0.5803 and $0.5977.
Indicators are mixed. RSI is at 48.60 which is neutral but could be bearish if it goes below 45. 50-day EMA is at $0.5440 which is a pivot point and could be consolidative in the short term.
A break above $0.5630 could be a bullish reversal, below $0.5417 could be more selling. Watch the RSI and 50-day EMA for any changes in momentum.
Summary:
- Resistance: $0.5630
- Support: $0.5417
- RSI: 48.60
Conclusion
Ripple’s regulatory issues and RLUSD launch are big stories for XRP investors. While the SEC appeal will continue to create volatility, a successful RLUSD launch will boost market confidence and demand for XRP. Watch key levels and legal developments carefully.