XRP holds steady above $0.53 as Ripple confirms cross-appeal, Bitnomial sues SEC
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
