TL;DR
- XRP’s value has risen by 3% daily, outpacing other major cryptocurrencies, with multiple analysts setting ambitious price targets.
The final phase of Ripple’s legal battle with the SEC, which could significantly influence the asset’s price, begins today.
XRP Ready to Take Off?
In the last 24 hours, the majority of top cryptocurrencies such as Bitcoin and Ethereum have shown minimal price changes. On the other hand, Ripple’s XRP has bucked this trend with a 3% increase in value, peaking at $0.56 according to CoinGecko’s data.
Several experts believe that this marks the beginning of a substantial rally for the asset. Dark Defender, a XRP user, expressed his perspective that XRP is on the brink of a significant shift, potentially shaping its future, and suggested that it should not be considered as a security.
An analyst shared three potential “Fibonacci price levels” for consideration as potential XRP targets. In the optimistic forecast, XRP could reach a value of up to $20 in the upcoming period.
EGRAG CRYPTO joined the conversation, expressing their belief that the consolidation area for XRP is now functioning as a zone of supply. “The double bottom formation is sending us a powerful bullish indication,” they stated, “and I’m very certain that the upward trend will start soon.”
The X user advised the XRP army to “stay steady” since a possible price “ignition” is about to start.
Mikybull Crypto, another positive analyst, believes that XRP‘s current price level could trigger a powerful surge.
The Ripple v. SEC Trial
An important factor that could lead to a surge in XRP prices is the upcoming conclusion of the dispute between Ripple and the US Securities and Exchange Commission (SEC). The trial, which marks the final phase of this legal battle, begins today (April 23).
Previously this year, the United States Securities and Exchange Commission proposed a fine of $2 billion against Ripple for alleged XRP sales infringements. However, according to a report by CryptoPotato, Ripple has presented compelling reasons why the penalty should not exceed $10 million.
“Stuart Alderoty, Ripple’s Chief Legal Officer, expressed optimism that the judge will handle the last phase of remedies impartially.”
If you’re intrigued by the lawsuit involving those entities and its potential effect on XRP‘s price, check out the video we’ve prepared specifically on the topic below.
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2024-04-23 17:14