XRP Price Approaches Key Resistance as Legal Battle Takes Unexpected Turn

XRP’s price is steadily climbing towards the $0.65 resistance level it has faced for the past three months. This upward movement comes amid speculation that the U.S. Securities and Exchange Commission (SEC) may not file an appeal in its ongoing case against Ripple, generating optimism among XRP investors.

Currently trading at $0.5538, XRP has seen a 1.7% increase in the last 24 hours. This positive performance stands out against the broader cryptocurrency market downturn, with Bitcoin dropping to $66,835. XRP now ranks among the top five best-performing altcoins in the top 100 by market capitalization over the past day.

The potential dismissal of the SEC’s appeal has sparked debate about its implications for XRP. Attorney Jeremy Hogan noted on social media that the SEC’s filing deadline appeared to have passed without any updates on the court docket. However, Fox Business reporter Eleanor Terret later shared documentation indicating the appeal notice was filed on October 2nd but not docketed until October 4th, potentially extending the deadline to October 18th at 11:59 PM EST.

If the SEC misses this extended deadline, it could have significant ramifications for XRP’s price. The ongoing legal battle has been a major obstacle to XRP’s growth. Currently, XRP’s price is moving within a bullish rising channel pattern, suggesting the potential for further gains.

A missed deadline by the SEC would likely result in the case’s dismissal, meaning the court would not hear the SEC’s arguments against the previous ruling. This would solidify Judge Analisa Torres’s final judgment, requiring the SEC to accept the $125 million settlement and permanently end the lawsuit.

Such an outcome would represent one of Ripple’s most significant victories against the SEC since July 2023, when Judge Torres ruled that XRP is not a security. For comparison, XRP’s price surged 101% from $0.46 to $0.93 following that pro-XRP ruling last year. A similar performance now could see XRP climb from $0.55 to $1.12, potentially challenging Solana’s position as the fifth-largest cryptocurrency by market cap.

However, current market conditions suggest XRP could potentially surge even higher than $1.12. Two key factors support this possibility:

1. The upcoming U.S. elections on November 5th, with polls indicating a strong lead for Trump, have kept the crypto market generally bullish throughout October.

2. Historical data shows that bull runs typically begin shortly after U.S. elections, regardless of the outcome.

As the market awaits confirmation on whether the SEC will file its appeal before the deadline, XRP appears poised for a potential breakout. If the dismissal is confirmed, it could mark a turning point for Ripple and drive XRP’s price to new heights, especially given the favorable market conditions and upcoming U.S. elections. Investors should stay alert for official updates, as confirmation of the SEC’s missed deadline could serve as a critical catalyst for XRP’s next major price movement.