XRP Stays Strong Above $3 Despite SEC Appeal Against Ripple
XRP holds steady above $3, showing resilience and strong momentum, despite the SEC's appeal to overturn Ripple's legal victory.
XRP has maintained its position above the $3 mark, showing resilience despite the SEC’s recent appeal in its ongoing legal battle with Ripple Labs. This marks the first time XRP has surpassed this threshold since 2018, and the token continues to show bullish momentum.
In a January 15 filing, the SEC formally appealed Judge Analisa Torres’ ruling from July 2023, which determined that XRP sales to retail investors did not qualify as unregistered securities. The SEC argues that the court misinterpreted the Howey Test, claiming Ripple’s promotional activities created profit expectations among investors, classifying XRP as an investment contract. This appeal represents the latest chapter in the legal battle that began in December 2020, when the SEC accused Ripple of using XRP as an unregistered security to raise funds.
Despite the legal uncertainty, XRP’s market performance remains strong. Following the SEC’s filing, XRP defied expectations of a price drop, instead experiencing increased accumulation. The Chaikin Money Flow (CMF) indicator, which tracks the flow of money into or out of an asset, shows positive momentum. This suggests strong buying pressure, reinforcing the idea that the current rally is supported by significant demand.
Similarly, XRP’s Awesome Oscillator reflects growing bullish momentum, with indicators signaling increased market strength. These metrics suggest that buyers are driving the uptrend, and the market may maintain its upward trajectory.
Looking ahead, if current accumulation trends persist, XRP could approach its previous all-time high, last seen in 2018. However, this bullish outlook depends on sustained market confidence. Increased selling pressure or a shift in sentiment could reverse recent gains, potentially pushing XRP below the $3 mark and closer to lower support levels.
As the SEC’s appeal moves forward, XRP’s resilience highlights its strong market presence. Investors remain optimistic, even as regulatory challenges continue to loom. For now, XRP’s position reflects a combination of strong technical indicators and unwavering market interest.
