XRP Price Eyes 50% Drop While Ripple vs SEC Case Drags On

XRP Price Eyes 50% Drop While Ripple vs SEC Case Drags On

YEREVAN (CoinChapter.com) – XRP price stood at $0.45 in the European session on Nov 3, after flatlining since Oct 20. As CoinChapter reported earlier, the digital asset could face a 50% decline within a bullish pattern, best visible on the daily chart.

XRP is a falling wedge

As mentioned, XRP formed a pattern dubbed the ‘falling wedge.’ The latter entails two converging trendlines with a negative slope that enclosed the price action and drove the XRP price incrementally lower. However, when the token exhausts the formation, it is likely to break above the resistance, which XRP retested on Oct 29.

XRP daily price chart featuring a falling wedge.
XRP daily price chart featuring a falling wedge. Source: TradingVIew.com

Additionally, with sufficient buying pressure, the falling wedge promises XRP a bullish move equal to the maximal distance between the trendlines; triple-digit growth with a target price of $1.7.

XRP price prediction bearish in the short term

Admittedly, the upside move is not likely to happen before the end of 2022. The declining trading volumes on the daily chart back the short-term bearish prognosis. thus, should the digital asset fall in the upcoming sessions, the next likely support would stand at $0.22, or 50% lower than the current value.

While the market uncertainty could lead to an XRP price slash, the token is influenced by the Ripple vs SEC case, which is still ongoing.

Ripple vs SEC case: latest developments

As CoinChapter reported in the previous lawsuit review, Ripple labs opposed the Securities and Exchange Commission’s (SEC) motion for summary judgment. The latter means that the SEC requested the court to reach a verdict based on the available pieces of evidence, drawing the lawsuit to a close.

Notable, both sides have previously filed the said motion. Ripple and SEC claimed in separate motions that the evidence they have already presented would be enough for a ruling. To support Ripple’s cause, Cryptillian Payment Systems, an online digital wallet service that uses XRP for transactions, asked the court to file an Amicus Brief.

Cryptillian standing up for Ripple

In detail, an Amicus Brief is a legal document containing advice or information relating to a case from a person or organization that is not directly involved in the case. Cryptillian appealed to Judge Torres, noting the adverse consequences for their company should SEC win the summary judgment motion.

Should the SEC prevail in the instant action, not only will it significantly hamper Cryptillian’s business, but it would retroactively make many of its customers unwitting violators of the Act. Cryptillian respectfully requests that the Court exercise its discretion to grant leave to file the proposed brief. […]

read the brief.

Also read: XRP could lose another 40% despite break in SEC vs Ripple case.

The attorneys also noted, that Cryptillian has a “unique perspective” to share with the Court. The latter will allegedly aid the Judge in resolving the cross-motions for summary judgment.

Further, Cryptillian is uniquely positioned to offer the Court real-world data on the use of Crypto on a daily basis by average Americans and non-online retail and service establishments, again in a manner that does not involve, or inconsistent with, Securities-related activities.

added Cryptillian.

What the information is was not disclosed. However, if the Ripple vs SEC case resolves to benefit Ripple XRP might also see an influx of funds and a subsequent price soar.

Click here for more news on all things crypto, and keep up with the ever-changing market!

Ripple vs SEC case, XRP Price Eyes 50% Drop While Ripple vs SEC Case Drags On

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