The XRP price has been unable to enter an upward trend since it struggled to surpass the $0.52 barrier. The Securities & Exchange Commission (SEC) v. Ripple lawsuit and XRP’s historical tendency of negative monthly returns in September are two catalysts that could influence price movements as the altcoin tries to rebound.
Lawyers for Ripple are getting ready to take on the SEC’s interlocutory appeal of Judge Torres’ decision. Attorney John Deaton for XRP turned the conversation to former SEC employee William Hinman’s comments and how XRP fits under the Howey Test.
According to statistics from cryptocurrency price monitor Cryptorank.io, September has historically resulted in losses for XRP investors. Three out of every five times since 2018 have seen this. If past trends hold true, the price of XRP could fall this month.
The Hinman Speech and the Howey Test are focused on as Ripple counsel prepares for the SEC appeal.
The SEC plans to submit an interlocutory appeal in response to Judge Analisa Torres’ decision regarding Ripple. Although the SEC is planning to appeal before the case goes to trial, the decision was seen as a partial victory for Ripple in the litigation.
Key material was supplied by pro-XRP lawyer John Deaton in order to enhance Ripple counsel’s readiness to counter the SEC’s appeal. Deaton offered his thoughts on a “memo” that the SEC’s enforcement attorneys had secretly drafted. Judge Netburn, according to Deaton, thought it was crucial to emphasise that the memo’s writers did not suggest that any action be taken against the XRP cryptocurrency.
Therefore, the memo’s declaration of XRP as a security or its allegation that Ripple sold unregistered securities did not merit any action to be taken in June 2018. Deaton claimed that the memo was probably not conclusive.
Historically, the XRP price ends September in the negative.
The possibility that the token would end September at a loss is the second factor that affects the price of XRP. Three out of five times between 2018 and 2022, XRP ended September at a loss. XRP’s price increased by 46.2% in 2022, going against the historical pattern.
It is possible that XRP will end September with losses for token holders as the altcoin’s price struggles to start its upward trajectory.
The XRP price is drifting at $0.52 and is probably going down.
The Cryptured team examined the XRP price trend and foresaw a decrease in the alternative coin, barring a clear breach above $0.57. According to the analyst, unless the trend is reversed, the price of XRP might plummet to the range low of $0.41.
The altcoin might reach a monthly high of $0.68 if XRP successfully breaks through the $0.57 barrier.