As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I must say that the recent XRP news has been nothing short of intriguing. The ongoing legal battle between Ripple and the SEC has certainly added an extra layer of uncertainty to the price action of XRP. However, it’s important to remember that markets often behave in ways that defy expectations, especially when it comes to litigation.
In the latest developments regarding the SEC vs. Ripple lawsuit, the U.S. Securities and Exchange Commission has filed an appeal against Judge Analisa Torres’ July 2023 and August 2024 rulings. However, this legal battle may not significantly impact the prediction of a seasoned trader and analyst who forecasts that XRP could reach $120 during this bull market, potentially causing quite a stir.
XRP Price is up 0.53% Today
On October 8th Tuesday, the price of Ripple increased by 0.53%, currently standing at $0.530. For five days running, there has been a period of low volatility following a significant drop of 9.80% on October 2nd. Since then, the value of Ripple has fluctuated within a span of 7.72%, ranging from $0.506 to $0.545.
XRP News: Ripple vs. SEC Lawsuit Update
On October 2nd, the U.S. Securities and Exchange Commission (SEC) submitted an “appeal notice,” which led to a 9.80% drop in XRP‘s price. Since then, a significant event has unfolded: The Ripple (XRP) community has filed a petition challenging the SEC’s decision to appeal the July 2023 and August 2024 rulings. This petition was initiated on October 3rd and has already garnered over 8,500 signatures since its inception.
In a related observation, Moon Lambo points out that the price of Ripple was nearly identical at around $0.52 on September 9 and one month later. As a result, this analyst suggests that the market is seemingly indifferent to the Securities and Exchange Commission’s (SEC) appeal.
On 9/6/24 $XRP price was $0.52. Right now, 1 month later, $XRP is just over $0.53.
The market has declared: The SEC appeal in the Ripple case DOES. NOT. MATTER.
— Moon Lambo (@MoonLamboio) October 6, 2024
Expert Analyst Predicts XRP Price to Hit $121 This Bull Cycle
Amonyx, a popular analyst posted on X to his 100K followers his take on what XRP price could do next. In his analysis, Amonyx showed how Ripple price is nearing the end of a 6.8-year downtrend and a breakout could trigger a volatile rally.
The expert is looking to previous events such as the 2017 bull market surge for insights. In this particular case, the price of Ripple skyrocketed by an astounding 110,466% from $0.003 to $3.31 following a four-year period of stability. Given that there’s been a continuous six and a half year downtrend since then, Amonyx predicts that a similar upward trend might occur for Ripple, potentially driving the XRP price up to $121.
To hit a goal of $121 for XRP, there needs to be an increase of approximately 22,730% starting from its current value of $0.530.
As an analyst, I find myself advising patience among investors given the current bearish short-term outlook. The recent failure to surpass the $64K resistance suggests that Bitcoin may be preparing for a potential slide lower. However, it’s important to remember that from a long-term perspective, the bullish scenario remains intact unless we see Bitcoin falling below the $55K mark.
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2024-10-08 17:04