XRP Fundamentals Still Strong Despite SEC Appeal of Ripple Lawsuit: Analysts

TL;DR:

Nothing has changed for XRP’s fundamentals, despite the SEC’s appeal of the lawsuit between the two, analysts say. Some went further and predicted a decisive victory for the company led by Brad Garlinghouse.

Still bullish on XRP

The legal fight between Ripple and the US Securities and Exchange Commission is about to mark a four-year anniversary in December. The company is believed to have the lead, having won some important partial victories throughout the battle, notably after a US judge ruled this summer that it would have to pay a penalty of just $125 million. dollars instead of the regulator’s $2 trillion. initially searched for.

Many industry experts considered this to be the final nail in the SEC’s coffin, but it has not been. The Commission, quite unexpectedly for some, decided to appeal the court’s decision yesterday, still insisting that XRP is indeed a security.

The price of the underlying asset fell immediately after news of the appeal, and is currently down 15% on the day. It went from a daily high of $0.6 yesterday to $0.514 in less than 24 hours.

However, several analysts and long-term Ripple supporters seem unfazed by the SEC’s actions and the subsequent drop in XRP prices. Dark Defender told his 110k followers that the value of XRP is not determined by a lawsuit and that they should basically ignore the noise.

The SEC appeal is pure error and will alienate the 1% of the entire population with a poor mindset.

Nothing has changed for Ripple i $XRP.

The price does not depend on this demand, as we analyzed before.

Thank you Atty. Jeremy for the ideas. pic.twitter.com/LkQRJUkBii

— Dark Defender (@DefendDark) October 3, 2024

Buy more XRP?

Oscar Ramos is another popular X analyst who is still bullish on Ripple’s native token despite the SEC appeal. After summarizing the events of the past day, he predicted a win for the company and predicted another embarrassing moment for SEC Chairman Gary Gensler.

He also believes that XRP does not have a safe status under current US regulations, which is why he said he bought more of the asset.

IF YOU FIT $XRP I have breaking news for you
1. The SEC appeals the Ripple case
2. #XRP PRICE DROP after notice
3. Everyone agrees Gary is a big loser, Shame on you
4. Ripple will win again and defeat BAD Actors
5. I just bought more XRP, that’s what I did
6. Status of XRP as a… pic.twitter.com/ya8yRN4kdn

— Oscar Ramos (@realOscarRamos1) October 2, 2024

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!