XRP price surges with 50% increase in trading volume following Ripple’s cross-appeal announcement.
On-chain data suggests potential for extended rally.
Price targets: potential rise to $0.74 if bullish trend continues, or drop to $0.46 if bearish.
Ripple’s XRP has experienced a notable uptick in both price and trading volume, with a 50% increase in market activity over the past 24 hours. This positive momentum comes in the wake of Ripple’s announcement to file a cross-appeal in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The cross-appeal, filed with the United States Court of Appeals for the Second Circuit on October 10, challenges Judge Analisa Torres’ August 7 judgment, which imposed a $125 million penalty on Ripple for unregistered XRP sales.
This legal maneuver follows the SEC’s own appeal earlier this month, which seeks to overturn the court’s ruling that programmatic sales of XRP to retail investors did not violate securities laws.
Ripple’s chief legal officer, Stuart Alderoty, emphasized that the appeal aims to reinforce the argument that an “investment contract” cannot exist without specified rights and obligations in a formal contract.
Alderoty expressed confidence in Ripple’s position, predicting that the SEC will ultimately fail in its attempts to classify certain XRP distributions as securities.
XRP reacts positively
The market’s reaction to these legal developments has been decidedly positive. XRP’s derivatives market has seen a significant uptick, with Coinglass data showing an 88% increase in futures and options trading volume over the past day. This surge in activity suggests growing optimism among traders regarding XRP’s prospects.
On-chain metrics further support the bullish narrative. The ratio of XRP’s transaction volume in profit to loss has reached 4.32, its highest level in ten days. This indicates that for every losing transaction, 4.32 transactions are currently profitable, reflecting improved market sentiment and potential for further price appreciation.
Source: Santiment
Looking ahead, XRP’s price action appears poised for potential gains. A continuation of the current uptrend could see XRP targeting the $0.74 level, a price point not seen since March. However, this bullish scenario hinges on XRP’s ability to breach and hold above the key resistance at $0.66.
