bullish

Value

<ul class="wp-block-list">
 <li>SEC appeals Ripple case, focusing on proceedings involving executives.</li>
 <li>XRP price drops to $0.54, with NVT ratio reaching yearly high of 634.</li>
 <li>Potential targets: $0.38 if bearish trend continues, or $0.65 if bullish momentum emerges.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Ripple" target="_blank" rel="noopener noreferrer nofollow">Ripple’s</a> XRP finds itself at a critical juncture following the U.S. Securities and Exchange Commission’s (SEC) official appeal in its case against Ripple Labs.
This legal development has triggered a decline in XRP’s price over the past 24 hours, raising questions about the cryptocurrency’s short-term trajectory and long-term implications.
The SEC’s appeal, detailed in an October 17 civil appeal pre-argument statement, seeks clarification on the proceedings involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
Notably, the regulator is not challenging the ruling that <a href="https://thenewscrypto.com/?s=XRP" target="_blank" rel="noopener noreferrer nofollow">XRP</a> sales to retail investors through exchanges are not securities, a point emphasized by Ripple’s chief legal officer, Stuart Alderoty.
<h2 class="wp-block-heading" id="h-xrp-price-reacts-to-this-development">XRP price reacts to this development</h2>
XRP’s market reaction to this development has been swift, with the token currently trading at $0.54. Accompanying this price drop is a significant increase in XRP’s Network Value to Transactions (NVT) ratio, which has reached a yearly high of 634.
This combination of falling price and rising NVT ratio presents a bearish signal, suggesting potential overvaluation even as buying pressure weakens.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="347" src="https://thenewscrypto.com/wp-content/uploads/2024/10/image-54-1024x347.png" alt="" class="wp-image-111241" srcset="https://thenewscrypto.com/wp-content/uploads/2024/10/image-54-1024x347.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-54-300x102.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-54-768x260.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/10/image-54.png 1536w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://app.santiment.net/charts" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>
 </figcaption>
</figure>
Interestingly, long-term XRP holders appear unfazed by these developments. The age-consumed metric, which tracks the movement of long-held coins, has shown no significant spikes in the past 24 hours.
This stability implies that most of the current selling activity is concentrated among short-term traders, while long-term investors maintain their positions.
Looking ahead, XRP’s price action may hinge on the balance between short-term selling pressure and potential new demand. The token currently trades just above a crucial support level at $0.52.
A failure to maintain this support could potentially trigger a more significant decline towards $0.38, representing a 30% drop from current levels.

XRP’s Crossroads: Analyzing Price Action Amid SEC’s Ripple Appeal

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