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Simon Chandler
Author
Simon Chandler
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The XRP price has jumped by 2.5% in the past 24 hours, rising to $0.54 after Ripple filed a cross appeal against the SEC yesterday.
XRP is also up by 3% in a week, a week in which legal experts have increasingly played up Ripple’s chances of emerging unscathed from the SEC’s latest attempts to hobble it.
Some experts believe that Ripple has a good chance of being successful with a cross-appeal, with lawyer James A. Murphy suggesting that sales of XRP to institutions weren’t investment contracts in the Howey sense.
This is now the argument that Ripple itself is putting forward in its cross appeal, while other legal experts have argued that the consequences of a successful SEC appeal wouldn’t be very steep for Ripple anyway.
As such, we can expect the XRP price to recover significantly in the coming weeks and months.
XRP Price Analysis: Pro-XRP Lawyer Breaks Down Ripple’s SEC Appeal — Here’s What it Could Mean for XRP
Speaking with CryptoLaw two days ago, James Murphy – AKA MetaLawMan on X – explained his view that Ripple should cross-appeal against the SEC, on the basis that sales of XRP to institutions aren’t investment contracts.
He said, “In my opinion, I would like to see Ripple cross-appeal and say, those transactions with the institutions, even though there were written contracts, were not investment contracts because we were simply selling to wholesalers a commodity that they made money on a markup to retail.”
Well, it seems that Ripple may have been listening to this kind of advice, since their legal counsel Stuart Alderoty announced yesterday that the firm has indeed filed a cross appeal.
And even if we entertain the possibility that Ripple will not be successful in its cross-appeal, some attorney’s have suggested that the consequences may not be that severe.
Jeremy Hogan has argued that the worst Ripple could possibly face is another financial penalty, although he affirms that “the SEC is very very likely to lose.”
Such arguments have helped to settle the XRP price, with the coin showing signs of renewed momentum.
Its 30-period moving average (orange) is rising towards the 200-period average (blue), a sign that the coin may be entering a period of growth.
And having been below 50 for most of the last week, XRP’s relative strength index (purple) has risen above 60 today and has space to continue rising.
It will be interesting to see whether the XRP price can breach its current resistance level (red) of around $0.55.
If it can, the coin may continue its current rally into next week, reaching $0.60 by the end of October.
New Meme Tokens Bring More Upside Exposure
Many traders continue to pin their hopes on XRP, but its gradual progress in recent years would suggest that they may have to continue waiting until the latest appeal issue ends.
In the meantime, traders hunting quick, above-average gains should probably diversify into smaller cap tokens, include presale coins.
Not all new coins will do well, but one interesting project gaining momentum right now is Crypto All-Stars (STARS), a new Ethereum-based token that has raised over $2.1 million in its sale.
Crypto All-Stars is preparing to launch the market’s first ever ‘MemeVault’, a staking protocol in which users can stake any meme token.
This includes tokens not even running on the Ethereum blockchain, with Crypto All-Stars making use of the ERC-1155 multi-token standard, which enables it to tokenize any coin.
Bullishly for STARS itself, users will earn greater rewards for staking other meme coins if they hold greater quantities of the platform’s native token.
This suggests that STARS could experience strong demand, with the coin having a max supply of 42.069 billion.
20% of this will go to its presale and 20% to staking, while another 25% will be dedicated to the MemeVault ecosystem.
Newcomers can join the STARS sale by going to the official Crypto All-Stars website, where they can buy the coin at a price of $0.0014947 per token.
With a strong online community (its X account has over 16,000 followers), and with its sale gaining strength, there’s every chance that STARS could rally big once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
