The XRP price has risen by 0.5% in the past 24 hours, reaching $0.5317 as the crypto market tries to shake off some of last week’s declines.
Said declines mean that XRP is still down by 16% in a week, while the alt clings on to a very modest 1% gain in a month and 1.5% increase in a year.
The coin has really suffered in the wake of the SEC filing a notice of appeal against Ripple, yet some lawyers have been arguing that the latter may win even if an appeal goes ahead.
This is a view crypto-friendly attorney Fred Rispoli has recently voiced, giving Ripple a 70% chance of winning in the event that neutral judges preside over any appeal.
XRP Price Analysis: Ripple May Win Against SEC, Legal Expert Says — Key Levels to Watch
Speaking on the Thinking Crypto podcast, Rispoli reviewed a number of possible scenarios in the unfolding Ripple-SEC appeal scenario.
The worst case for Ripple involves an unsympathetic panel of judges, which would reduce the firm’s chances of winning an appeal to between 20% and 30%.
Yet Rispoli goes on to suggest that even a “fairly divided” panel of sympathetic and unsympathetic judges would give Ripple a better chance of winning than the SEC.
Indeed, he suggests that there would be a 70% chance that a neutral 2nd Circuit court would uphold Judge Torres’ original July 2023 ruling (on programmatic sales).
This is very positive for Ripple, yet one negative in Rispoli’s analysis of the current situation is that the appeal may not end until early 2026 at the earliest.
As such, it’s possible that the XRP price may have returned to the dark days of 2021 and 2022, waiting in limbo for concrete, positive news to emerge.
Looking at XRP’s chart today, it continues to look weak in the near term and is currently resting on long-term support.
Its indicator suggests that it may have to decline a little more over the next few days, before it rebounds more strongly.
Source: TradingView
Its relative strength index (purple) has dropped from almost 70 earlier this morning to just under 50 as of writing, a sign of weak demand.
Likewise, XRP’s 30-period moving average (orange) is struggling to climb back up toward the 200-period average (blue), another sign of a negative trend.
One positive sign amongst all this is that some whales are accumulating XRP again, a sign that they expect an upward correction to arrive soon.
Assuming that the XRP price can break through the $0.54 resistance level in the next few days, it could reach $0.60 by the end of October.
New Meme Tokens with Strong Fundamentals
Because the SEC has plunged XRP back into a long-term waiting game, many traders may prefer to turn to alternatives.
While there are many other major alts worth investigating, there are also numerous newer coins – including presale tokens – that are showing strong potential right now.
Crypto All-Stars is the first token in the market to offer a ‘MemeVault’, which enables holders of any meme token can stake their funds.
By harnessing the ERC-1155 multi-token standard, Crypto All-Stars’ contract is able to tokenize any cryptocurrency, including coins not running on the Ethereum blockchain.
This could result in massive adoption and usage for the token, especially when users who stake meme coins with its protocol will receive greater rewards if they hold more STARS tokens.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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