XRP price has found a new lifeline after encountering headwinds following a breakout triggered by investors’ reaction to Ethereum futures exchange-traded funds (ETFs) launching for the first time in the United States.
The cross-border money remittance token reclaimed support at $0.5 before building the momentum to extend the uptrend to $0.55. As discussed previously, XRP was bound for another breakout if support at $0.5 remained intact.
SEC’s Motion To Appeal Ripple’s Partial Win Denied
District Judge Analisa Torres on Tuesday ruled to reject the US Securities and Exchange Commission (SEC) motion seeking to appeal the landmark loss against Ripple regarding the security status of the XRP token.
According to Torres, the SEC did not convince the court that the appeal was going to “materially advance the ultimate termination of the litigation.” The agency’s “request for a stay” was also rejected, implying that both parties can proceed with their preparations for the trial set for April 2024.
“For the reasons stated above, the SEC’s motion for certification of interlocutory appeal is DENIED, and the SEC’s request for a stay is DENIED as moot,” Judge Torres said in an order on Tuesday.
Ripple and the SEC have been instructed to file their pretrial motions before the end of the year. Torres added that “Prior to the final pretrial conference, counsel for both parties, along with the parties themselves, shall meet in person for at least one hour to discuss settlement of this matter.”
The SEC sued Ripple in December 2020 alleging that the company raised at least $1.3 billion selling unregistered securities thus violating the US securities laws.
After a long court battle, Judge Torres ruled in July that XRP sales made on third-party platforms like exchanges did not constitute securities. However, direct sales to institutions were determined to have constituted securities.
The SEC intended to appeal the section of the ruling that said that programmatic sales of the token are not securities.
XRP Price On The Move – Can It Rally To $1?
The latest court ruling boosted XRP price to retest highs achieved earlier in the week at $0.55. In addition to the growing interest among investors, the token holds above a symmetrical triangle pattern, with the potential to propel XRP price to $0.67.
Traders must, however, be deliberate about booking new long positions in XRP, bolstered by the bullish outlook of the Moving Average Convergence Divergence (MACD) indicator. When the momentum indicator climbs from the neutral area into the positive region, bulls tighten the grip leading to a breakout accompanied by a spike in trading volume.
An incoming golden cross may validate the expected rally. This bullish signal occurs when a short-term moving average such as the 50-day EMA crosses above a long-term moving average such as the 200-day EMA. The pattern assures traders of a continuing uptrend which helps to uphold bullish sentiment and investor interest.
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