Cryptocurrency analyst Josh Moden marks November 9 as pivotal for Ripple’s XRP amid looming SEC discussions.
On November 9, a significant legal discussion between Ripple and the U.S. Securities and Exchange Commission (SEC) is slated to occur, marking a potential turning point for Ripple’s cryptocurrency, XRP. Esteemed cryptocurrency analyst Josh Moden highlighted this date, hinting at a possible market reaction post-meeting
The intrigue surrounding the Ripple-SEC feud heightened with a court order dated October 24, instructing both factions to delineate a briefing schedule concerning their legal dispute by November 9. This directive is pivotal as it aims to chart the course of institutional sales of XRP, a heavily debated subject in the ongoing case. The lack of new insights from either party since the court’s order has only intensified the market’s anticipation.
if the discussions culminate in a settlement, it may be a strategic triumph for the SEC, possibly catalyzing a review of a previous court verdict concerning XRP sales. The specifics of such a settlement are of high import.
For instance, a scenario might unfold where Ripple agrees to a monetary penalty in exchange for the SEC’s endorsement of the existing court verdict on programmatic sales. This comes after previous SEC attempts to withhold certain documents were rebuffed, setting a precedent for the upcoming dialogues.
Currently, XRP is showcasing robustness, priced at $0.61, despite facing resistance. The bullish market players are adamant about driving the price beyond the $0.65 threshold. Achieving this could set the stage for a rally towards the $0.70 benchmark and potentially higher.
Key market indicators like the ascendant 20-day Exponential Moving Average (EMA) and a solid Relative Strength Index (RSI) signal bullish dominance. Yet, a bearish momentum could drag the value beneath $0.55, possibly propelling a downward trajectory toward the 50-day Simple Moving Average (SMA) at $0.50.
As the market holds its breath for the November 9 event, the tussle between Ripple and the SEC remains a focal point for investors and analysts alike, with the repercussions expected to ripple through the cryptocurrency market.
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