- XRP is trading around $0.5244, falling to capitalize on the broader market bull trend.
- Analysts note a bullish trend with the ADX indicator suggesting potential for a breakout.
- Ripple intensifies its legal challenge against the SEC, appealing the classification of XRP sales as securities.
XRP’s price remained stagnant around $0.50, despite bullish technical indicators and Ripple Labs’ escalating legal fight against the SEC. This contrasts with Bitcoin and Dogecoin, which have surged in the past 24 hours as the overall crypto market turned green.
Specifically, Bitcoin broke above $73,500 today, a seven-month high, with an 8% gain over the past week. Dogecoin also shows strong momentum, with a 23% weekly gain, now trading at $0.172 and approaching its yearly high. Meanwhile, XRP shows negative performance across weekly and monthly timeframes.
However, analysts are closely monitoring the resistance level at $0.60 for XRP, which could signal a significant shift if surpassed. Recent technical indicators on TradingView’s 4-hour chart show a bullish signal, with the Average Directional Index (ADX) reading at approximately 38.44.
This ADX level indicates moderate trend strength, suggesting that while bullish momentum is building, additional support from the broader market may be needed to push through resistance.
Adding to the optimism, a recent chart shared by AIM Buster on X highlights XRP’s extended triangle pattern. AIM Buster noted that the triangle “is almost done,” arguing that upon a breakout, there will be a “BIG BIG BIG reckoning.”
The chart suggests that XRP could soon complete this long-standing pattern, with a sharp upward movement expected if the breakout occurs. As a result, he urged XRP holders to “just relax” amid the current underperformance.
Ripple’s Legal Challenge Against the SEC
As XRP looks forward to a breakout, Ripple Labs has intensified its legal stance against the SEC. On October 25, Ripple filed a Form C with the U.S. Court of Appeals for the Second Circuit.
This filing is Ripple’s attempt to appeal the SEC’s ruling that classified its institutional XRP sales as securities transactions. Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed the filing on X, marking a key escalation in the firm’s ongoing legal battle.
Ripple’s appeal calls for a de novo review, allowing the court to reassess the legal interpretations applied in the original ruling. This filing follows an August decision by the U.S. District Court for the Southern District of New York, which fined Ripple $125 million for violations of federal laws.
XRP’s status is no longer a point of contention in the appeal, but market participants are watching the case closely for its potential impact on XRP.
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