By Michael Scott
Leading crypto commentator Ben Armstrong, popularly identified as BitBoy, asserts XRP is bound for a bull run despite recent actions by the US Securities and Exchange Commission (SEC).
BitBoy weighed on the XRP price movement despite the 1% intraday loss to change hands at $0.5467. The tumble hardly erodes the 4.6% two-weekly to $0.5463 per CoinGecko data.
XRP slip emerged after the Gary Gensler-led SEC officially filed documents in its appeal against Ripple Labs.
BitBoy forecasts arose a day after the SEC submitted Form C statement before the US Court of Appeals. The submission before the Second Circuit affirms the regulatory body is contesting the ruling by Judge Analisa Torres. The judge held that Ripple’s XRP programmatic sales on the crypto exchanges hardly constitute an investment contract.
The securities watchdog desires to revive the aiding and abetting charges it leveled against Ripple Labs chief executive Brad Garlinghouse and Chris Larsen initially dropped. Additionally, the SEC challenges the Court’s decision on Ripple’s utilization as a payment method.
BitBoy Optimistic of XRP Match to the Moon
The crypto community’s attention is drawn to recent updates from the SEC, with the majority speculating on its influence on XRP.
BitBoy’s commentary acknowledges concerns harbored by the XRP holders. Nonetheless, Armstrong calms the investors’ worry. He downplays the SEC’s action influencing the XRP price.
BitBoy stresses the XRP match to the moon is uninterrupted, irrespective of the ongoing appeal in Ripple Labs case.
Is XRP Status Sealed Under Law?
The SEC’s filing is behind the XRP’s downtrend witnessed today. BitBoy considers the present appeal to lack a direct bearing on the XRP pricing. Notably, the Commission is not challenging the ruling that XRP is inherently disqualified from being a security. Such is excluded from the Form C filing.
Surprisingly, the SEC, in its filing, identifies XRP as a crypto asset. Such departs from the usual reference of XRP as a crypto asset security.
Notably, the appeal hardly alters the fundamental ruling by the federal judge that XRP is not security. Consequently, the crypto exchanges listing XRP since the summary judgment delivered in July last year have no regulatory obligation to delist it. Such was not the case during initiation of the lawsuit four years ago.
Ripple’s legal executive, Stuart Alderoty, reiterated the XRP ruling is the law of the land. The statement by the chief legal executive reassures XRP holders the match to bull run is unhindered by the ongoing court case.
Will XRP Price Momentum Align With Bitcoin Rally?
Market analysts are keen on XRP price movement in Q4 amid bullish prediction of Bitcoin leading the industry-wide rally for digital assets. Crypto analyst Anu predicts XRP gains are imminent in two to three months.
The analyst predicts Bitcoin could retest $70,000 as it sets a new peak at $80,000. With BTC attaining an ATH, XRP climb is imminent as other digital assets realize upward trajectories.
Anu is optimistic that XRP will breach several resistance levels and potentially test the $1 price in three months. However, realizing this price would suggest an XRP rally of 81.7% from the present $0.549.
Anu considers XRP could witness levels last seen in December 2021 following the rapid plunge witnessed from April 2021 high at $1.96. The analyst is optimistic that if Bitcoin realizes $80,000, the momentum will likely carry XRP along.
The analyst acknowledges XRP should first overcome several hurdles, particularly with the SEC appeal behind the 20% collapse from September 30 to October 3. Beyond the SEC appeal notice in the Ripple lawsuit, the XRP has declined since October. Still, the XRP recently retained a $0.5425 – $0.5519 24-hour range.
BitBoy and Anu’s predictions acknowledge that XRP has a slight uptick in momentum, which indicates signs of early recovery. In particular, the XRP Relative Strength Index (RSI) estimates 51.34, indicative of growth opportunity and a potential surge to $1 in favorable market conditions.
Meanwhile, Anu observes that XRP must flip the current levels to a trigger bullish momentum to surpass the $0.5930 pivot point. The analyst considers the route will involve clearing key resistance levels at $0.6550, $0.6933, and finally $0.7553 before attempts at the $1.