XRP price predictions remain neutral with no clear resolution regarding the ongoing legal battle between Ripple and the SEC. James K. Filan reported that the SEC did not rule on requests to file amicus curiae briefs by Philip Goldstein, Investor Choice Advocates Network (ICAN), and SpendTheBits in the ongoing conflict with Ripple.
However, the SEC wants permission to file a document in support of its motion for summary judgment on November 15 in the event that the request is granted.
Phillip Goldstein, SpendTheBits and the International Cryptocurrency Action Network said they plan to file documents underamicus curiae to support Ripple in the ongoing litigation. According to SpendTheBits, bitcoin transactions on XRP take only five seconds.
Amicus Curiae and Recent Developments
Based on the current circumstances surrounding Ripple’s situation, observers shared their impressions of how the ongoing case between the blockchain company and the regulator is developing.
The SEC finally gave its approval to Amicus Curiae after initially expressing several objections to it. The SEC informed the district judge Analisa Torres in a letter, as described in more detail by a tweet.
An amicus curiae is a third party who is not a party to the case, but who is given access to legal documents to inform about the disagreement. Some XRP holders and companies have come forward to provide details that will determine whether XRP was promoted and sold by Ripple as a security.
XRP price and tokenomics
The current price of XRP is $0.463 and the 24-hour trading volume is $1.7 billion. XRP is currently ranked 6th by CoinMarketCap, with a live market cap of $23 billion. The total supply of XRP tokens is 100,000,000,000, of which 50,085,407,159 are currently in circulation.
XRP is gaining traction as the battle between the SEC and Ripple ends and investors appear to be preparing for an uptrend.
On a daily time frame, the XRP/USD pair is trading sideways, with immediate support located near $0.4415, extended by an uptrend line. Furthermore, XRP remains above the $0.4410 level thanks to the 50-day moving average.
XRP may face resistance near $0.520 and $0.557 on the upside. However, a further breakout of the $0.557 level could expose XRP to the $0.616 level.
After the ruling of the lawsuit, the odds that the XRP price will break its record high of $3.40 are high.
New crypto presale
The outcome of Ripple’s lawsuit against the SEC may not be known until the second quarter of next year, limiting profit opportunities. Pre-sales and new altcoins are an area where speculative traders can quickly make big profits, even in a crypto bear market.
We’ve been keeping an eye on the pre-sale of IMPT, a new cryptocurrency that recently raised over $11 million.
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