XRP Price Prediction: Bull Run Or Crash? What Awaits Ripple As SEC Mulls Appeals

by

As a researcher with experience in the cryptocurrency market, I believe that XRP is gearing up for a significant price movement towards $0.6 and potentially beyond to $1, based on current market trends. However, this bullish outlook comes with some caution due to the ongoing legal battles between Ripple and the SEC.

The XRP price forecast indicates that this prominent digital asset for cross-border remittances is gearing up for a significant price surge. Should bulls successfully seize control of the market trend, we may witness a substantial jump toward $0.6 in the coming days, potentially paving the way to reach $1 within the following weeks.

In order to reach this notable accomplishment, traders must disregard market disturbances as Bitcoin and other prominent altcoins attempt to recover their bearings.

Previously mentioned, Bitcoin’s price has failed to hold its ground above the $70,000 mark and is now hovering above support at $68,000. If bulls successfully regain control of the $70,000 level, the probability of Bitcoin reaching a fresh all-time high will become more likely.

XRP Price Prediction Amid Growing Risks From The Ripple vs SEC Lawsuit

I analyzed the cryptocurrency market trends and noticed that XRP‘s price remained stable above $0.5 during Monday’s American trading session. In the past hour, there was a 1.4% price increase, while over the last 24 hours, XRP experienced a noteworthy surge of 1.8%. According to CoinGecko data.

The anticipation is high within the cryptocurrency sphere regarding the outcome of the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). It’s been rumored that the SEC could be mulling over the possibility and making preparations for an appeal of the judgments.

Beginning in December 2020, Ripple has been contending with accusations from the SEC regarding potential violations of US securities laws. In July, the court reached a significant decision, ruling that the secondary sales of XRP did not qualify as securities – granting Ripple a partial victory.

If Ripple sells its cryptocurrency directly to institutional investors, it may be considered a security sale. Consequences of this classification include potential fines and an injunction against such sales.

The Securities and Exchange Commission (SEC) has asked the court to impose a penalty of $2 billion on Ripple for ignoring security laws. Such a sanction could prevent Ripple from selling XRP coins directly to institutional investors, and may have significant implications for the company’s strategic initiatives in the United States moving forward.

The SEC’s decision to challenge the July ruling permitting secondary XRP sales may leave doubt hanging in the air after the case has been decided.

The uncertain future of XRP may become even more complicated if the SEC declines to endorse a spot Exchange-Traded Fund (ETF). Conversely, Ethereum ETFs have been given the green light to debut on stock markets, with actual trading set to commence in the coming months.

Brad Garlinghouse, the CEO of Ripple, has expressed confidence that a spot XRP Exchange-Traded Fund (ETF) is a foregone conclusion. Nevertheless, this largely hinges on the outcome and consequences of the ongoing lawsuit in 2024 and beyond.

XRP Price Nurturing The Next Breakout

On Friday, XRP experienced a significant drop in value, falling below the $0.5 mark but managing to stay above $0.49. Following this downturn, there has been a recovery, pushing the price back up and trading at around $0.55 as of now.

As a researcher studying the price movements of XRP, I can share that the 20-day Exponential Moving Average (EMA) currently sits at approximately $0.5116. Notably, XRP has formed two successive green candles in the past four hours. This means that the EMA now functions as an immediate support level for the cryptocurrency’s price.

As a crypto investor closely following XRP‘s price action, I notice that its Relative Strength Index (RSI) has rebounded from last week’s oversold territory, currently standing at 51. This recovery indicates potential for XRP to resume its uptrend towards $0.6.

XRP Price Prediction: Bull Run Or Crash? What Awaits Ripple As SEC Mulls Appeals

On the four-hour chart, a double-bottom formation indicates a potential increase of around 12% for the asset, surpassing the resistance level between $0.52 and $0.53. Keep an eye on notable resistances at the red 50-day moving average and the purple 200-day moving average as key references.

Traders are eager to place additional buy orders above the double-bottom pattern’s resistance level at around $0.6, in anticipation of a possible price surge. Should this breakthrough occur, the XRP value may spark fear of missing out (FOMO) among investors, potentially leading to a more significant upward trend towards $1.

Read More

2024-06-10 19:23