In recent days, XRP has seen a significant price increase, gaining an impressive 10%. This bullish momentum, evident against both USDT and BTC pairs, occurred after XRP successfully broke through key resistance levels. Notably, the token surpassed the 200-day moving average at around $0.55 and cleared the critical $0.66 mark, setting the stage for further potential gains. However, the price failed to approach the next major resistance zone of $0.70, resulting in a strong sell-off. With the RSI still in overbought territory, the correction may continue. At the time of writing, XRP has retraced to $0.60.
Turkey’s Second-Largest Bank Integrates XRP into Mobile Banking
This recent price rally may have been influenced by the announcement that Turkey's second-largest bank, Garanti BBVA, integrated XRP into its mobile banking app. This news has sparked excitement around the Ripple token. In response to growing demand for crypto custody and trading services, Garanti BBVA now supports XRP, positioning itself as a key player in the evolving Turkish cryptocurrency landscape, especially as regulatory clarity improves.
SEC Lawsuit – October 7th Appeal Deadline Looms
Despite these positive developments, Ripple still faces uncertainty due to its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). In July 2023, Judge Torres ruled that XRP sales on secondary markets to retail investors do not qualify as securities transactions. While this was a significant win for Ripple, it may only be temporary. The SEC has until October 7th to appeal the ruling.
Fred Rispoli, a former SEC attorney, shared his thoughts on X (formerly Twitter), estimating a 60% chance that the SEC will pursue an appeal. The regulatory body remains confident that the ruling is flawed. Rispoli further explained that if the SEC does not file an appeal, it may limit the Ripple ruling’s impact, applying only to secondary XRP sales by Ripple. However, if the SEC does appeal, it could have broader consequences and bring clarity to other companies facing similar legal disputes.
While the introduction of XRP into Garanti BBVA’s banking app and the recent price surge have provided some optimism for XRP enthusiasts, the looming SEC lawsuit and the October 7th deadline for appeal could undermine the current positive outlook if the decision ultimately favors the SEC.
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