Ripple (XRP) has been in a negative mood since September 30, 2024, falling from $0.65 to a low of $0.50. The current price of XRP stands at $0.54, and the risk of further decline is still not over.
XRP’s sluggish price performance can likely be traced back to several factors, such as broader market sentiment and news specific to XRP. Notably, the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to weigh heavily on investor confidence, influencing price movements.
Although Ripple secured a partial victory in July last year, with XRP being declared a non-security, the SEC’s recent appeal has reignited uncertainty in the market. Investors are now closely watching for further developments, as the outcome of this legal battle could have major implications for XRP’s price. So where is the price of Ripple (XRP) going next, and what can we expect from November 2024?
Today, Crypto Lists will discuss Ripple (XRP) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Ripple and SEC are again in focus
Despite Ripple’s partial victory in July last year, which classified XRP as a non-security, the SEC’s recent appeal has brought renewed uncertainty to the market. On October 17, the SEC filed a Form C civil appeal, along with a pre-argument statement, challenging parts of the court’s earlier ruling that favored Ripple in the XRP case.
The SEC’s appeal, according to the filing, focuses on allegations against Ripple executives Brad Garlinghouse and Chris Larsen. The agency claims they violated securities laws by issuing and selling XRP, and that they “aided and abetted” Ripple in breaking those laws. However, some crypto analysts say that the SEC’s filing of the Form C civil appeal is a crucial step in its efforts to contest the July summary judgment ruling in favor of Ripple, viewed as a landmark decision for the crypto industry.
Crypto analysts agree that the argument that XRP is a security still remains in the ecosystem despite the clear stance of the Court on the subject. On the other side, Stuart Alderoty, Ripple’s chief legal officer, reacted to the SEC’s appeal on X, underscoring that the SEC’s Form C does not appeal the ruling that XRP is a nonsecurity. With the SEC’s appeal in the ongoing lawsuit, Ripple’s legal chief, Stuart Alderoty, has confirmed that the company will submit its response in the coming week.
Long road ahead
The legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) seems far from over and given the complexities of securities law and the SEC’s persistence, the road ahead for Ripple and XRP in their fight with the SEC is likely to be lengthy, with potential market implications along the way. Because of this, traders and investors should keep in mind that the price of XRP will continue to be significantly influenced by the decisions of the U.S. Securities and Exchange Commission (SEC).
This ongoing legal process introduces uncertainty, while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to XRP demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Now let’s turn on positive news and it is important to say that Ripple plans to launch a stablecoin, RLUSD, later this year, which could boost confidence in its technology and possibly result in a rallying XRP price. RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum while Ripple chose Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay as exchange partners of the initiative.
Technical analysis for Ripple (XRP)
Ripple has weakened from $0.65 to $0.50 since September 30, 2024, and the current price stands at $0.54. As the legal battle drags on, XRP’s price could face continued instability, leaving its future growth uncertain.
Important support & resistance levels for Ripple (XRP)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. The price of Ripple (XRP) remains under pressure, but if the price jumps above $0.60, the next target could be resistance at $0.70. On the other side, if the price drops again below $0.50, which represents important psychological support, the next target could be $0.40 or even below.
What speaks for the rise in the Ripple (XRP) price?
The legal battle between Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC) is still ongoing, but any positive news could significantly boost XRP’s price. The overall sentiment on the cryptocurrency market also plays a crucial role in XRP’s price trajectory, while XRP’s ability to maintain above $0.50 support is an encouraging sign, and it could potentially act as a strong foundation for a price bounce. A move above $0.60 would be beneficial for the bulls to take control of price movement.
What indicates further downfall for Ripple (XRP)?
The downfall of XRP can be influenced by a wide range of factors, including negative rumors, market sentiment, regulatory developments, technological advancements, and macroeconomic trends. Even though Ripple scored a partial victory last July by having XRP classified as a non-security, the SEC’s recent appeal has reintroduced uncertainty into the market. The highly volatile nature of the cryptocurrencies may scare investors again to sell XRP if some negative news happens and because of this, investing in XRP involves a significant degree of unpredictability and substantial risk.
What do analysts and experts say?
Last week, the U.S. Securities and Exchange Commission (SEC) filed a Form C civil appeal, along with a pre-argument statement, challenging parts of the court’s earlier ruling that favored Ripple in the XRP case. Some crypto analysts believe that the SEC’s filing of the Form C civil appeal is a critical move in its efforts to challenge the landmark July summary judgment that favored Ripple. This ruling has been seen as a pivotal moment for the crypto industry.
However, analysts also note that the debate over whether XRP is a security continues to linger in the ecosystem, despite the court’s clear position on the matter. In the weeks ahead, market sentiment and regulatory developments will continue to have a major influence in determining the price of Ripple (XRP). Keep in mind that the cryptocurrency market is highly dynamic; it can experience rapid falls, and it’s essential to conduct thorough research, stay informed about market developments, and be aware of the risks associated with investing in cryptocurrencies.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
