In the just concluded week, XRP displayed remarkable price actions, breaking above $0.6 and maintaining the level. In a recent tweet, an X user with the pseudonym BCBacker called the attention of his 298K followers to an XRP remarkable weekly close. Per the post on X, XRP's close for the just concluded week marks the tokens' highest for 2024.
Look, it isn't much to celebrate... but we'll take anything we can get at this point. 😂
— Blockchain Backer (@BCBacker) September 30, 2024
XRP has highest weekly close of 2024 and above .702 retrace of March-September range. pic.twitter.com/0rbfRkQKsL
Remarkably, the close is coming with just a few days remaining before the SEC's appeal window deadline. For context, any appeal in the case involving the United States Securities and Exchange Commission (SEC) and Ripple must come in on or before October 6. If none of such happens, chances abound that Ripple would have emerged victorious after years of legal battles.
It is no longer news that Ripple, XRP's leading distributors, and the SEC have been in a protracted legal dispute. The court battle became full-blown after the U.S. regulatory body declared XRP sales by Ripple as securities in late 2020.
History Repeating Itself?
Based on historical records, two things might happen to XRP's price depending on the SEC's next move. Any attempt by the SEC to further escalate the lawsuit could imply more woes for XRP. In the past, XRP suffered price expansion limitations, evidenced by when it attained its all-time high (ATH). For context, XRP's present $3.40 peak price played out in January 2018.
Contrary to most other cryptocurrencies that achieved peak prices in the 2021 market rally, XRP’s price ascent suffered suppression that saw it remain significantly below its ATH. Meanwhile, in 2023, XRP recorded a massive spike following Judge Torres’ ruling that ascribed an aspect of its sales non-security. Notedly, XRP traded at a yearly $0.93 price peak following the court’s pronouncement.
How is XRP Faring in the Market Today?
At the time of writing, XRP is changing hands at approximately $0.62, reflecting a 3.8% decline in the past 24 hours. While its short-term price change variable might have reflected a decline, chances abound that it has mirrored the broader market decline of about 4.4%. In conclusion, aside from the general market decline, XRP seems set to sustain its momentum, pending the SEC's line of action.
