XRP Price Prediction as SEC Files Interlocutory Appeal Against Ripple – What's Going On?

cryptonews.com:

The XRP price has fallen by 2% in the past 24 hours, dropping to $0.630690 after the news that the SEC has filed to appeal the ruling handed out in July in its case against Ripple.

XRP is now down by 5% in the last seven days and by 11% in the past fortnight, yet the altcoin remains up by 33% in a month and by 85% since the beginning of the year, pushed up by the aforementioned ruling, which was largely positive for Ripple.

And while the SEC's move to appeal elements of the ruling could threaten XRP's price, it's certainly not guaranteed that its request to appeal will even be granted, let alone prove successful.

As such, XRP is likely to recover further in the coming weeks, with Ripple's recent expansion as a business helping to boost it further.

XRP had been enjoying a nice little rally up until yesterday, with its price and indicators rising steadily.

However, its relative strength index (purple) has now fallen below 50 after reaching almost 70, while its 30-day moving average (yellow) is struggling to pick itself up after reaching a bottom a few days ago.

Based on its chart, it's hard to say what it will do in the next few days, especially when its support level (green) has declined more or less steadily since the middle of July.

It's, therefore, possible that XRP could fall a little further, to $0.60 or even lower, before it stabilizes and begins rising again.

The reason for this is that the SEC has filed a request for an interlocutory appeal, with the regulator arguing in a filing that there remain issues with regard to which there is "substantial ground for differences of opinion."

However, not everyone is convinced that its request for an appeal will even be granted, while others suggest that an appeal, if granted,