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 take a position 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 Nov. 15 in the event the motion 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 only take five seconds.
Amicus Curiae and recent developments
Based on the current circumstances around Ripple’s situation, observers shared their impressions of how the ongoing case between the blockchain company and the regulator is unfolding.
The SEC finally gave its approval to the Amicus Curiae after initially expressing numerous objections to it. The SEC informed the district judge Analisa Torres in a letter, as detailed by a tweet.
An amicus curiae is a third party who is not a party to the case but is granted access to court documents in order to provide information about the disagreement. Some XRP holders and companies have come forward to provide details that will determine whether or not XRP was promoted and sold by Ripple as a security.
XRP price & 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 capitalization 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 fight between the SEC and Ripple comes to an end, and investors appear to be bracing for an uptrend.
On a daily timeframe, 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 might 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 resolution of the court case, the odds of XRP price breaking its all-time high of $3.40 are high.
New crypto pre-sales
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 make big profits quickly, even in a crypto bear market.
We’ve been keeping tabs on the pre-sale of IMPT, a new cryptocurrency that recently raised over $11 million.
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