As a seasoned crypto investor with a knack for spotting promising opportunities and a keen eye for market trends, I find myself intrigued by the recent developments surrounding XRP. The long-awaited resolution of the SEC vs Ripple case has undeniably opened up new possibilities for this digital asset.
As a crypto investor, I’m thrilled about the recent turn of events in the long-standing legal dispute between the US Securities and Exchange Commission (SEC) and Ripple. Judge Analisa Torres’ decision on August 7 has finally put this lawsuit to rest. Now, with the legal hurdle out of the way, renowned crypto analyst CrediBULL Crypto is optimistic that the price of XRP could potentially break its all-time high (ATH) soon.
XRP Price Is Set For A “Mega Run” To New ATH
CrediBULL Crypto mentioned in an X (formerly Twitter) post that the stage is set for an “inevitable mega run for XRP. The analyst added that XRP hitting a new ATH is a matter of when and not if. XRP’s current ATH stands at $3.84, meaning the crypto token could rise above this price level soon.
In the past, experts such as RLinda had pointed out that the resolution of the case between the SEC and Ripple might serve as a significant trigger for a major surge in XRP prices. She suggested that this development could provide XRP with a fresh opportunity to surpass crucial resistance barriers, effectively rejuvenating its growth trajectory.
Predictive analysis by crypto expert JackTheShredder indicates that the price of XRP could potentially surge up to $100 once the legal dispute between the SEC and Ripple is resolved. Similarly, Crypto Sage Forecaster hinted at the ongoing lawsuit in his explanation as to why XRP might hit $100. This crypto expert proposes that the resolution of the case may trigger the introduction of a Spot XRP Exchange-Traded Fund (ETF), which could in turn ignite such an extraordinary upward price movement for XRP.
The legal action against XRP started in December 2020 and is thought to have stunted its growth, particularly during the 2021 bull market when the cryptocurrency token failed to make substantial gains or even approach its all-time high. However, it appears that this situation might improve now that Judge Torres’ verdict has put an end to the lawsuit (for the time being), with the possibility of an appeal remaining.
Judge Torres declared a $125 million penalty against Ripple for violating securities laws and an injunction against future violations. However, the $125 million is way below the almost $2 billion fine the SEC initially proposed. The court also ruled that the SEC cannot bar Ripple’s On-Demand Liquidity (ODL) sales.
XRP Is Just Getting Started
According to crypto expert Mikybull Crypto, the surge in XRP‘s price following the court decision is just beginning, and he encourages market participants to brace themselves for an exciting ride. Regardless of the outcome, XRP investors can only hope that the buzz surrounding the end of the lawsuit will propel XRP over $1 in the near future.
As a crypto investor, I’m confident that recent developments will significantly bolster my belief in XRP reaching its predicted highs. It’s important to note that, despite not surpassing the $1 resistance following Judge Torres’ ruling last year that classified XRP as a non-security, the price action of XRP is now worth keeping a close eye on.
Currently, as I’m typing this, XRP is being exchanged for approximately $0.60, marking an increase of more than 18% within the past day, as per information from CoinMarketCap.
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2024-08-09 01:16