Market

Legal Case to Last Until July 2025

Published

5 hours ago

October 18, 2024

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The US Securities and Exchange Commission (SEC) filed its appeal on Thursday regarding the Ripple (XRP) case. This high-profile case continues to draw significant attention from the community, as its outcome could have far-reaching implications.

However, there has been a minimal impact on the price of XRP.

SEC Files Appeal In Longstanding Ripple (XRP) Case

According to a Thursday filing with the US Court of Appeal for the Second Circuit, the SEC filed Form C in the Ripple case, effectively appealing the August 7, 2024 final judgment. This determination enjoined Ripple from further violations of Section 5 of the Securities Act of 1933 and imposed a civil penalty of approximately $125 million on Ripple.

The regulator wants the court of appeal to review whether Judge Analisa Torres’ landmark decision on July 13 in partial favor of XRP was erroneous. Ripple executives Brad Garlinghouse and Chris Larsen’s’ personal offers and sales of XRP are also brought into question. The US SEC wants all these issues reviewed “de novo,” which means from the beginning.

Ripple lawyer James K. Filan confirmed the filing, which is expected to prolong the already lengthy and complex legal battle.

As BeInCrypto reported ahead of the latest appeal, several legal experts recently weighed in on the matter. They argued that Judge Torres’ fact-specific ruling weakened the SEC’s grounds for appealing programmatic sales.

Notwithstanding, the Second Circuit’s future decision could also affect Ripple’s operations. For now, however, the overhang of this case is already stalling developments in the broader market, including prospects of an XRP ETF.

Next Step in Ripple vs. SEC Case After Regulator’s Filing

Setting a timeline for the process, Ripple CLO Stuart Alderoty said the case could extend through July 2025. Speaking to Fox Business correspondent Eleanor Terret, Alderoty indicated that Ripple would file its own Form C, detailing arguments for its cross-appeal. This will happen seven days after the SEC’s submission, which means sometime next week.

After Ripple submits its Form C, both parties will agree on a briefing schedule. The SEC will have up to 90 days to submit its opening brief. Alderoty expressed his expectation that the SEC would utilize the full 90 days to present a comprehensive account of its legal arguments.

Ripple will subsequently file a response and its own brief, kicking off an extensive briefing process. These sequential filing processes suggest a lengthy and complex legal battle. For now, however, the XRP community awaits Ripple’s Form C.

Amidst these uncertainties, the price of XRP has been stable. In the past 24 hours, the token has been down by just 0.8%, currently trading at $0.5498.

“No surprises here — once again it’s been made clear. The Court’s ruling that “XRP is not a security” is NOT being appealed. That decision stands as the law of the land. Stay tuned for Ripple’s Form C to be filed next week,” Alderoty indicated.

XRP Price Performance. Source: BeInCrypto

Nevertheless, this ongoing legal battle transcends Ripple or XRP. It could have far-reaching implications for the industry, influencing the broader debate over crypto’s classification and regulatory status.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Can PEPE Price Manage to Chart a 32% Rise This Week?

Published

4 mins ago

October 18, 2024

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PEPE price has been riding an uptrend recently, showing promising signs of bullish momentum. However, despite the optimistic outlook, the price has struggled to realize its full potential.

Negative signals from key network indicators are also clouding the situation. These factors have led to uncertainty about whether PEPE can maintain its upward trajectory or face a correction in the coming days.

PEPE Exhibits Mixed Signals

One of the most concerning indicators for PEPE is the spiking NVT (Network Value to Transactions) ratio, which has reached a four-week high. A high NVT ratio typically suggests that the network is overvalued relative to the number of transactions taking place.

This is often viewed as a bearish signal because it indicates that the price may not be supported by enough real-world activity on the network. With PEPE’s NVT ratio spiking, there’s a growing risk that its price could face downward pressure. This elevated NVT ratio could hinder PEPE’s ability to sustain its recent uptrend.

On the technical side, PEPE’s momentum looks stronger. The Relative Strength Index (RSI), a key indicator of market sentiment, shows that the coin’s bullish momentum is picking up.

After bouncing off the neutral 50 line, the RSI is now trending upward, which supports a potential price increase for PEPE. This suggests that despite some negative signals, the coin still has room to grow in the short term.

PEPE Price Prediction: Wait Ahead

PEPE has been in an uptrend over the last few weeks, but it is currently facing resistance at the $0.00001146 level. The meme coin has struggled to break through this barrier in the past, creating uncertainty about whether it can succeed this time. Overcoming this resistance is key to continuing its upward movement.

Despite the bullish momentum indicated by the RSI, the mixed signals from other indicators may keep PEPE subdued below the $0.00001146 mark. The coin has established an uptrend line as support, but if it loses this level, PEPE could fall to $0.00000839. This would represent a significant correction, reversing some of its recent gains.

PEPE Price Analysis. Source: TradingView

However, should PEPE manage to breach the $0.00001146 resistance, it could rally towards $0.00001369, forming a new four-month high. This would invalidate the bearish-neutral outlook and reinforce the coin’s bullish trend, setting the stage for further growth in the weeks ahead.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

WIF Price Approaches $2.89 Resistance As Bulls Regain Control

Published

1 hour ago

October 18, 2024

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Dogwifhat (WIF) has resumed its upward trajectory, with the price approaching the key $2.89 level as bulls take back control. After a period of consolidation, renewed buying pressure has fueled the meme coin’s rise, signaling that momentum is once again favoring the bulls. With increased buying pressure and positive market sentiment, WIF is showing signs of an impending uptrend.

As WIF edges closer to this significant resistance level, this article will assess its recent price action, highlighting the bulls’ regained strength. Through an analysis of key technical indicators and market dynamics, this piece seeks to evaluate whether the current bullish momentum is strong enough to push WIF past the $2.89 resistance, signaling the potential for further upward movement.

Market Sentiment Shifts: Bulls Take Charge As Buying Pressure Increases

WIF has consistently held its position above the 100-day Simple Moving Average (SMA) on the 4-hour chart, signaling upside movement. Recently, the asset experienced a rebound from the $2.45 support level, further enhancing positive market sentiment.

If the price remains above the SMA, it could establish a solid foundation for another upward movement toward the $2.89 resistance level. This combination of support and bullish arrows suggests that WIF is well-positioned for more gains in the near term.

An analysis of the 4-hour Relative Strength Index (RSI) indicates renewed upside potential, with the RSI climbing to 49% after previously dipping to 41% suggesting that buying momentum is gaining strength as the market shifts from a bearish phase toward a more neutral stance.

Additionally, the daily chart shows that WIF is facing significant upward pressure, as evidenced by attempts to form bullish candlesticks. This positive trend is further supported by the asset’s position above the critical $2.20 support level and the 100-day SMA. As WIF continues on this path, it strengthens the optimistic sentiment in the market, paving the way for additional gains as it nears the $2.89 mark.

Lastly, the RSI on the daily chart is currently at 58%, having recently recovered from a dip to the 56% threshold. Should the RSI continue to climb, it could signal further strength in WIF’s price action. Furthermore, a sustained move above the 60% mark could enhance the likelihood of continued upbeat momentum and potential breakouts, reinforcing the positive outlook for the asset.

Key Resistance At $2.89: Can WIF Break Through?

WIF’s price could reach the $2.89 resistance level if it demonstrates sustained bullish pressure, bolstered by strong buying volume and positive market sentiment. A successful breakout above $2.89 may pave the way for further gains, possibly leading to new highs and increasing investor interest.

Conversely, if WIF fails to break through this level, it could lead to a pullback, causing the price to drop toward the $2.25 support level. Should it fall below this mark, the meme coin may continue its decline, potentially targeting the $1.50 level and beyond.

WIF

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Market

Why Are These Altcoins Are Trending Today, October 18?

Published

2 hours ago

October 18, 2024

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Today, October 18, several altcoins are seeing mild price increases, suggesting that many could finish the week on a positive note. Interestingly, while some tokens have managed to hold their ground, not all of today’s trending altcoins are performing similarly.

The top three for today are Solidus Ai Tech (AITECH), Turbo (TURBO), and Dog Food Token (OISHII). Here’s why these altcoins are trending and what could be next for their prices.

Solidus Ai Tech (AITECH)

AITECH is one of the top trending altcoins for the second consecutive day. Yesterday, BeInCrypto suggested that AITECH’s price might undergo a slight decline. As of this writing, the price has lost 3% of its value in the last 24 hours.

According to the daily chart, the altcoin has fallen below the 20-day Exponential Moving Average (EMA). Typically, when the cryptocurrency’s price rises above this indicator (in blue), it gives more credence to an upswing.

But a decline indicates otherwise. As such, AITECH’s value risks undergoing another decline. Furthermore, the token is around the same spot as the 50 EMA (yellow), suggesting an extended downturn to $0.082.

AITECH price analysis — Solidus Ai Tech Price Analysis. Source: TradingView

However, the altcoin’s price might rebound if bulls push it back above the 20 EMA. if that happens, AITECH could jump to $0.12.

Turbo (TURBO)

Turbo’s emergence as one of the trending altcoins marks its third consecutive appearance and is trending today due to increasing investor interest. Over the past 30 days, TURBO’s price has surged by 100%, making the AI-themed meme coin a token to watch closely.

However, its value has dropped by 5% within the last 24 hours. The daily chart shows that bulls are defending the $0.10 support so the crypto can escape another downturn. If sustained, TURBO’s price can bounce and move toward $0.015, which would represent a 47% price increase.

Turbo price analysis — Turbo Price Analysis. Source: TradingView

On the contrary, the altcoin might not be able to reach this point if bears push bulls out of the way. If that happens, TURBO might decline to $0.0079.

Dog Food Token (OISHII)

Out of the top altcoin trading today, Dog Food Token is the only one with a significant price increase over the last 24 hours. Within the mentioned period, OISHII, built on Ethereum, experienced an astonishing 565% price surge.

This remarkable increase is the key reason why it is trending. According to the daily OISHII/WETH pair, the Awesome Oscillator (AO), which measures historical price movements with recent ones, is positive. This positive reading suggests rising momentum with OISHII despite the massive increase.

Should momentum stay bullish and buying pressure increases, then OISHII’s price could break the resistance a $0.14. If that happens, the altcoin’s price could rally to $0.18.

OISHII price analysis — Dog Food Token Price Analysis. Source: TradingView

In the event that profit-taking climbs, this prediction might be invalidated, and OSHII could sink to $0.084 or as low as $0.054 in a highly bearish scenario.

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