The altcoin unit Ripple (XRP), which came to the fore with the decision from the SEC case, brought huge profits in a short time. XRP, which rose more than 100% on the evening of July 13, surpassing the $0.93 level, has been depreciating since then. Investors who missed the opportunity to sell high after Judge Analisa Torres’ decision in favor of Ripple are looking for new opportunities.
Two different developments are of great importance for Ripple investors, who are also quite numerous in our country. Possible developments, one based on technical reasons and the other based on fundamental reasons, may cause movement in the XRP price.
How Will Ripple Respond to the SEC’s Appeal Request?
The decision by U.S. District Judge Analisa Torres in the SEC case has prompted the government agency to appeal. Torres ruled that Ripple does not have to issue a contract for the sale of XRP coins. The SEC, on the other hand, announced its intention to file an appeal in a text published. The government agency seeks permission from Ripple for an interim appeal.
This attitude of the government agency did not please Ripple Labs Chief Legal Officer Stuart Alderoty and other executives. Alderoty summarized the situation by giving the following statement to the press last week:
“The SEC does not yet have the full right of appeal. They are asking us for permission to make an interim appeal in the case. Ripple will submit its clear decision to the court next week.”
After this statement by Ripple’s leading name, investors are eagerly awaiting the response to the SEC application.
The second reason that can affect the XRP price comes from the technical situation. The cryptocurrency has approached a key support level.
XRP Price
Ripple’s altcoin unit has been facing a downtrend for about 1 month. Although the investors who sold their tokens during the rise are satisfied, the remaining ones are waiting for a new move.
According to the daily chart, XRP has come pretty close to the $0.565 level, which has acted as critical support in the past. If the altcoin unit makes daily closes below this level, the sale may continue.
Ripple is currently selling at $0.628.
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