XRP Skyrockets Amid SEC Drama: $0.60 Breakout Imminent?

XRP prices are rising again as the long-lasting SEC drama unfolds. Many have wondered if it will soon break the $0.60 barrier, and that includes our Watcher Guru team. The crypto market is watching this situation closely, and we are doing the same.

Scroll down to explore this topic further and get a better understanding of the circumstances in which XRP finds itself in.

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Ripple’s Strategic Moves and Market Reactions: What You Need to Know

Recent Price Movements

XRP’s price has been up and down lately, but that’s just how the market is, right? It hit a value of $0.6075 on Saturday but then fell about 3.5% to reach the level of $0.5910.

Ripple’s On-Chain Activity

On September 23, 2024, Ripple moved a lot of XRP.

Whale Alert reported that Ripple sent 200,000,000 XRP ($117,619,123) to an unknown wallet (even though we found out after what wallet it was). This big move has had people guessing about Ripple’s plans and how it might affect XRP’s price. Although we can’t know for sure what triggered this, we can all speculate.

Regarding the target wallet of this transfer, we have some data from Bithomp that shows the transfer information. The sending address transferred 200 million XRP to the receiving address, as you can also see from the image above.

SEC Capitol Hill Testimony

SEC commissioners recently spoke to the U.S. House Committee on Financial Services. This affected how people feel about XRP. SEC Commissioner Hester Peirce’s words stood out.

Peirce said the SEC “failed in its duty as a regulator by using imprecise language and should have admitted a long time ago that the crypto asset itself is not a security rather than recently in a footnote in a case.”

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Congressional Criticism of SEC Chair

Lawmakers grilled SEC Chair Gary Gensler at the hearing. Congressman Tom Emmer asked Gensler tough questions. He said, “Your attorneys, who no doubt heard your anti-crypto rhetoric, which is not based in law, went out and deliberately lied to a court in order to effectuate the commands from their Chair to prosecute crypto companies.”

Potential SEC Appeal and Its Implications

The crypto market is waiting to see if the SEC will appeal in the Ripple case. The deadline is October 7, 2024.

Analysts say XRP could reach $1.00 if the SEC doesn’t appeal. But if they do, it might drop to $0.40.

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As October 7 nears, XRP investors are on edge. The outcome of this legal fight could change XRP’s price and crypto rules.

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