- XRP climbs above $0.53 on Friday, Ripple confirms cross-appeal against SEC in four-year long legal battle.
- Derivatives exchange Bitnomial sued the SEC for regulatory overreach and claim that XRP is a security.
- XRP could gain nearly 5% and recover from recent losses.
Ripple (XRP) holds steady above key support at $0.5300. The altcoin gains as the payment remittance firm confirms the filing of a cross-appeal in the Ripple lawsuit with the Securities & Exchange Commission (SEC). Ripple is gearing up to introduce new features for its custody solutions for institutional investors.
XRP trades at $0.5370, early on Friday.
Daily Digest Market Movers: XRP gains as Ripple fights SEC’s appeal in lawsuit
- Ripple announced on Thursday that the payment remittance firm is filing a cross-appeal in response to the SEC contesting the final ruling in the four-year long legal battle.
- The US financial regulator challenged the ruling where Ripple was fined $125 million for its institutional XRP sales.
- Ripple’s Chief Legal Officer, Stuart Alderoty, says the SEC appeal does not affect the legal clarity of XRP.
- The firm’s cross-appeal has boosted the sentiment among XRP holders — the social sentiment is positive, while the Fear & Greed Index on CFGI.io shows neutral sentiment.
- Bitnomial, a derivatives exchange, filed a lawsuit against the SEC for its “regulatory overreach” and lack of clarity on XRP.
Bitnomial Exchange, LLC has filed suit against SEC to prevent them overreaching their statutory authority and asserting joint jurisdiction over Bitnomial’s $XRP futures contracts, which are under the sole jurisdiction of the @CFTC.
— Bitnomial (@Bitnomial) October 11, 2024
Read about the complaint here:…
Technical analysis: XRP prepares for nearly 5% gain
XRP has been in an upward trend since July of this year. The altcoin could extend its gains and rally toward the 10-day Exponential Moving Average (EMA) at $0.5618, nearly 5% above the current level.
XRP faces resistance in the Fair Value Gap (FVG) between $0.5778 and $0.5445. The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars, consecutively smaller in size, signaling a declining negative momentum in the XRP price trend.
The Relative Strength Index (RSI) reads 42.82, which is under the neutral level and signals declining momentum.
XRP/USDT daily chart
Ripple could sweep liquidity at the October 10 low of $0.5228 if there is a correction in the altcoin.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.