As a seasoned crypto investor with over a decade of experience in this wild and ever-evolving digital frontier, I find myself both hopeful and cautious about XRP‘s current trajectory. While it’s heartening to see XRP touch the $0.60 mark again, it’s disheartening to see it trail behind many other cryptocurrencies in terms of weekly gains.
TL;DR
- XRP briefly touched $0.60 but trails behind many other cryptocurrencies in terms of weekly gains.
- However, analysts believe it can experience a significant rally under some important conditions.
Is It Time for XRP to Shine?
In the last seven days, Ripple‘s XRP has experienced a robust rebound, with its value increasing by approximately 14% and momentarily reaching $0.60. However, in the past day, it has slightly retreated and is now trading at around $0.585.
On a weekly basis, XRP is experiencing growth, but its advancements are relatively smaller compared to other prominent cryptocurrencies like Bitcoin (BTC), Cardano (ADA), and Dogecoin (DOGE). It’s important to note that BTC reached a new all-time high of over $84,000 just today (November 11), while ADA has soared by 80% within the past week. Additionally, DOGE has touched a three-year peak of $0.31.
Despite some analysts expressing optimism, Ripple’s native token has not yet garnered significant attention. A user named LEB CRYPTO, who is a trader, forecasted that XRP could surge in value once Ethereum (ETH) and Solana (SOL) experience a cooling down period.
It is worth noting that ETH had lost some steam in the past 24 hours, with its price dropping below $3,200. However, it’s up again to $3,250 as of writing these lines. SOL keeps pumping and is currently worth around $220 (after registering a 5% daily increase).
In response, Dark Defender pointed out that XRP momentarily reached $0.60, predicting it would surpass the resistance level of $0.6655. Meanwhile, CRYPTOWZRD suggested that for a bullish rally towards $0.65, XRP/BTC pair needs to show more signs of optimism.
To move forward, the XRP/BTC pair needs to surpass the 0.000007850 BTC resistance level. If this resistance is successfully broken, it could lead to a positive price rally for XRP, making the market more bullish overall.
The prediction is that Ripple (XRP) could experience a swift surge towards approximately $0.6500. For the time being, $0.5500 serves as the primary daily support level. Both Bitcoin and XRP relative to Bitcoin are expected to spearhead the upcoming price movement.
The Ripple v. SEC Case Remains an Obstacle
One potential factor putting the breaks on XRP is the ongoing lawsuit between Ripple and the US SEC. It dates back to December 2020, when the regulator accused the company and some of its executives of illegally raising more than $1.3 billion in an unregistered securities offering by selling its native token.
Over the subsequent years, the situation experienced several changes. Recently, the SEC chose to challenge a 2023 decision made by Judge Torres. This action is expected to postpone the ultimate conclusion for several more years.
Instead, an early conclusion could be possible if Donald Trump follows through on his pledge and dismisses Gary Gensler, the current SEC Chair. This view is held by legal experts Jeremy Hogan and Fred Rispoli from the United States.
Previously, this individual believes that the new regulatory framework might discard all past crypto lawsuits not related to fraud. He posited that the Ripple case could potentially be resolved with a settlement of the previously decided sum of $125 million.
Responding to Trump’s election, Rispoli suggested there could be drastic shifts at the SEC. Furthermore, he believed that the $125 million penalty might bring an end to the prolonged legal dispute.
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2024-11-11 22:34