Ripple (XRP) trades at $0.5189 on Wednesday, October 23. The key market movers for the native token of the XRPLedger are the Securities & Exchange Commission’s (SEC) lawsuit against Ripple.

Co-founder Chris Larsen recently made headlines for his XRP token donation to US presidential candidate Kamala Harris.

  • Ripple co-founder, Chris Larsen, missed the deadline to submit a notice of appearance, required for legal purposes.

  • Marc Fagel, an attorney specialized in SEC enforcement and securities litigation, explains in a recent tweet on X that if Larsen’s legal team fails to file the necessary paperwork by the November 5 deadline, they risk losing the right to present oral arguments.

  • This would end up weakening Larsen’s position in the case.

NOTE: This has nothing to do with the SEC, or any supposedly late filing (which wasn't late). This is directed at Larsen, who has not yet filed his appearance in this case. Marc Fagel (@Marc_Fagel) October 22, 2024

  • Larsen’s actions, however, do not influence Ripple’s position in the lawsuit, and Ripple’s Chief Legal Officer, Stuart Alderoty, assuaged XRP holder’s concern by confirming that the firm will submit its pre-argument by October 25, 2024.

  • Ripple’s submission will contest the SEC’s legal argument Judge Analisa Torres’ final ruling on XRP’s institutional sales.

  • A timeline for appeal briefs will follow. The US financial regulator will likely be given up to 90 days for its response, which may extend the legal battle into mid-2025.

Technical analysis: XRP could extend losses by nearly has been in a downward trend since its March 11 high of $0.7440. The Relative Strength Index (RSI) is sloping downward at 36. XRP could dip by 2.54% and sweep liquidity at $0.5000, the psychologically important price level for the altcoin.

Further correction could push XRP lower, and it could dip to the lower boundary of the Fair Value Gap (FVG) at $0.4780. This would imply a 7% decline in XRP price.

If XRP closes above resistance at $0.5550, it would invalidate the bearish thesis. XRP could rally toward the upper boundary of the FVG on the daily chart at $0.5778.

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