It is no longer news that the United States Securities and Exchange Commission (SEC) already declared its intention to appeal some parts of Judge Torres’s ruling in the lawsuit against Ripple.
As reported earlier, the SEC has taken the giant stride to file a motion for leave to proceed with an Interlocutory appeal in the Ripple ruling.
While another round of legal proceedings seems imminent, approval from Judge Torres and the Second Circuit Court of Appeals remains a significant challenge that the SEC hopes to circumvent.
It is worth noting that the SEC stated that it is challenging mainly the aspect of Judge Torres’s verdict, which declared XRP’s programmatic sales as non-security transactions.
Amid the rising tension from the imminent episodes of court appearances that might likely ensue soon, XRP proponents appeared unperturbed.
XRP Proponents Are Bullish
Top crypto analyst and chartist Egrag Crypto, cited historical trends and noted that the next XRP rally could spike the token to price levels within the $1.3 – $1.5, after which it would surge further to a region between $2.8 and $3.
In addition, Egrag seemed convinced that XRP could attain its previous ATH and possibly attain a $27 price mark in the future.
Meanwhile, in other news, a different XRP incredible price prediction by Egrag has emerged. Egrag’s new price prediction centered around a technical indicator, the Average Sentiment Oscillator (ASO).
Per price analysis cited from ASO trends, Egrag notes that XRP could surge by 28,250% to attain a tremendous $144 price level.
Corroborating Egrag’s bullish claims on XRP, a yet-to-be-identified Youtuber has stated that XRP’s price patterns appear similar to trends observed before previous XRP rallies.
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Likely Impacts of Potential Proceedings on XRP Market
It is no longer news that XRP witnessed a rally above 90% after Judge Torres’s initial ruling, which declared most XRP sales as non-security.
However, XRP has since continued to decline. It even fell below the $0.5 price level at some point. The big question remains if XRP would drop further, following a clear indication of another round of legal battles occurring soon.
On a brighter note, XRP appears to be doing well. The token climbed above its previous 6th place position in CoinGecko crypto rankings. It is now ranked 5th.
XRP’s price at the time of writing is $0.518158, reflecting a 1.7% decline in the past 24 hours. XRP boasts a market capitalization of $27,423,920,536 and a trading volume of $1,269,512,633.
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