XRP ended September around $0.66, a level last seen during the March bull rally, as the crypto community awaits the SEC’s appeal decision. The SEC is expected to announce its appeal regarding programmatic XRP sales on October 7.
The global crypto market begins October, often dubbed “Uptober,” with optimism, although challenges remain. Many cryptocurrencies ended September on a positive note, including XRP, which closed in the $0.65 range—a level not reached since the March rally. Ripple’s ongoing legal dispute with the SEC has heavily influenced XRP’s price, and with the next significant date approaching on October 7, the SEC must decide whether to appeal its recent legal setbacks.
Despite positive signals, XRP experienced a 4% dip on October 1, although it remains above the critical $0.60 support level. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) also faced declines, contributing to mixed investor sentiment.
Ripple’s recent legal victories have bolstered optimism among XRP holders, but the uncertainty surrounding the SEC’s potential appeal remains. Should the SEC proceed, the litigation could extend well into 2025, which could dampen XRP’s positive momentum due to market aversion to prolonged uncertainty.
However, Ripple supporters are optimistic, believing that even if an appeal occurs, Ripple has the strength to prevail in court. They argue that Ripple’s use case and technology remain solid, pointing to initiatives like the upcoming launch of the RLUSD stablecoin.
- *XRP 24-Hour Price Analysis: Maintaining Key levels Despite recent declines, XRP has managed to hold above both the 50-day and 200-day moving averages, signaling bullish potential. Should XRP rally back to the $0.65 level, it could face resistance at $0.6713 and potentially challenge the yearly high of $0.718, seen on March 12. A breakout past this point could push XRP towards $0.80.
Conversely, if the price drops below $0.6083, it could test the 100-day EMA and potentially fall to the support level at $0.5954. A further drop below this support might lead it to the 200-day EMA, giving bears an opportunity.
Currently, the 14-day RSI stands at 51.91, indicating that XRP could revisit $0.68 before becoming overbought, suggesting room for positive price movement. Moreover, the MACD remains above the signal line, pointing to ongoing bullish momentum.
