The XRP market has experienced a surge in recent weeks, following the landmark ruling on the SEC vs. Ripple lawsuit, which declared XRP primarily as a non-security. However, this decision has triggered mixed reactions from legal experts and lawmakers, raising questions about its implications for cryptocurrency adoption in the United States and the future of the industry.
The ruling has been met with resistance, as SDNY District Judge Jed Rakoff rejected its application to the Terraforms Labs and Do Kwon lawsuit, arguing that the Hawey test may have been misinterpreted in the Ripple case ruling. This has led prominent figures like John Reed Stark to suggest that further rejections of the Ripple case are likely to occur in the future.
Given the potential appeal by the SEC, crypto experts predict that XRP’s trading volume could experience a significant decline in the near future. Currently trading around 67 cents, the XRP price has seen a slight dip of over 5.5 percent in the past five days. From a technical standpoint, it is crucial for XRP bulls to maintain the current support level to prevent potential drops toward the next supply and demand zone, which lies between 58 and 64 cents.
On the other hand, there remains hope for a bullish scenario. If the bulls manage to break above the falling trendline of a symmetrical triangle on the weekly and daily timeframes, XRP’s price could rally toward a new high for the year.
As the XRP market navigates through uncertainty, investors and traders must closely monitor legal developments and technical indicators to make informed decisions. The outcome of the SEC’s potential appeal and its implications for XRP’s classification and trading dynamics could shape the future of the digital asset.
