Ripple is set to host a grand party in New York to celebrate its victory against the US Securities and Exchange Commission.
Interestingly, it is rumored that the blockchain company could unveil its Initial Public Offering at the event.
Amid the backdrop of the legal battle between Ripple Labs and the US Securities and Exchange Commission, the blockchain company is rumored to be contemplating announcing its Initial Public Offering. Interestingly, this could happen at the grand celebration party of its partial victory against the SEC, set to happen in New York on September 29. According to Ripple CEO Brad Garlinghouse, details of this event will be unveiled soon.
As promised – it’s time for that proper victory party. The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC.
This announcement could trigger a bullish run to $1 in the near time. For now, XRP is down by 24 percent in the last 30 days.
According to analysts, its volatility has drastically reduced and has failed to make any substantial price swing since declining from $0.55 on August 20. The price has, since then, hovered within the range of $0.5030 and $0.5398. The current movement within this range is said to indicate uncertainties among market participants and investors. The reduced volatility cut across the entire crypto market with the biggest assets failing to trade above or below their critical points. Another observation is that the asset has been consolidating a little above its 200-day EMA ($0.5171) with no direction in the past seven days. In all this, it has remained below its 50-day EMA ($0.5828),
There Could be a Setback for Ripple (XRP)
According to analysts, any movement from its current territory would determine its direction in the next few days. In this case, there could be a price pump when investors purchase the asset aggressively. When bears dominate the market, there could be another downturn. Regardless of the market struggle, XRP’s network activities have been on the rise since the start of August. XRP Network Value to Transaction Volume (NVT) ratio was said to be around 217 as of August 29, representing a 400 percent increase from the 51.85 recorded on August 18. This indicates that the current run of the asset is linked to factors outside the network.
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Another observation is that there could be a setback on its way to $1. Analysts have realized that there were price corrections of XRP on August 1, August 16, and August 25, and each was preceded by a huge fall in the Mean Coin Age. This metric measures the trading sentiment of long-term investors. In this case, long-term holders exit their positions during these periods. When this keeps happening, the market could experience a pullback in the next couple of weeks and invalidate the $1 prediction.
Court Decision on SEC’s Motion for Interlocutory Appeal Could be Another Price Determinant
On top of these, the XRP price could largely be affected by the decision of the court on SEC’s motion for interlocutory appeal. In its case with Grayscale, the court asked the Commission to review its rejection of the company’s Bitcoin Exchange Traded-Fund bid. Ripple’s Stuart Alderoty responded to this news, claiming “SEC is getting battered in the court.”
While these are great outcomes… and it’s feeling like a summer of justice…it’s sad that so many in the US crypto community have to resort to the legal process to prove this SEC is out of control and consistently WRONG on the facts and the law. https://t.co/sdZpaO4coh— Brad Garlinghouse (@bgarlinghouse) August 29, 2023
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