As an experienced analyst, I believe that XRP‘s price direction is heavily influenced by the ongoing lawsuit between Ripple and the SEC and the potential approval of an XRP ETF. The recent drop in sentiment in the crypto market, as evidenced by the declining prices of Bitcoin and Ethereum, has not helped matters for XRP.
The price of XRP is having a hard time determining its next move as it is the eighth largest cryptocurrency with a market value of $26.5 billion. The future direction of XRP is heavily influenced by upcoming events such as the potential approval of an XRP-backed ETF and the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC), which is set to go to trial soon.
The cryptocurrency market’s mood is predominantly pessimistic, with significant coins such as Bitcoin and Ethereum attempting to find their mid-year lows. This week, Bitcoin’s price momentarily relinquished its support at $60,000, intensifying the correction from the previous high of $70,000.
Investors’ disillusionment with the global economy’s broader picture, particularly the US, led to a significant drop in Ethereum’s price, falling beneath the $3,300 mark of support.
In spite of the decrease in inflation rates in the United States, the Federal Reserve remains hesitant about initiating interest rate reductions. The bank has revised its projections from an initial 3 cuts to just one. Some economists are hopeful for a rate reduction in September, while more cautious market observers anticipate this action may occur toward the end of the year.
Factors Likely To Drive XRP Price To $10
People who own XRP are hopeful that the cryptocurrency, currently held up in a protracted legal battle between Ripple, its creator, and the Securities and Exchange Commission (SEC), may surge in value and potentially reach prices as high as $10 in the future.
In December 2020, a case that had been filed reached the trial stage in the SEC’s court. Originally seeking a penalty of $2 billion, the SEC later reduced its demand to $102.6 million. Ripple’s legal team countered with a proposal for a $10 million penalty, which was only slightly more than 10% of the SEC’s revised amount.
Despite entering this critical stage, it is impossible to tell when the case will be laid to rest.
As a researcher studying the cryptocurrency market, I’ve come across some interesting developments regarding Ripple and its CEO Brad Garlinghouse. Despite being involved in a separate lawsuit in California, Garlinghouse remains optimistic about the future of a spot XRP Exchange-Traded Fund (ETF). This belief is supported by Ripple’s senior attorney, Stuart Alderoty. He stated that all allegations suggesting Ripple violated federal securities law were dismissed in the California case. Moreover, the New York ruling that XRP is not classified as a security remains unchanged.
As a crypto investor, I’ve noticed with concern the actions taken by Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), against various cryptocurrency firms and executives. I believe many pro-Ripple lawyers share my perspective, as they argue that if Gensler truly was “working for the American people,” he wouldn’t have overlooked the egregious misconduct at the defunct FTX exchange. In a recent X post on June 26, Alderoty stated that the court is finally shedding light on Gensler’s overreach of his “statutory authority.”
Gary Gensler, a reminder: The judiciary isn’t “modifying”…it is ruling that you have overstepped your legal bounds by wielding excessive power beyond your legislated authority.
— Stuart Alderoty (@s_alderoty) June 26, 2024
Last summer, a court decision partly ruled that selling XRP as a secondary market transaction on external cryptocurrency exchanges does not classify as the sale of a security.
As a researcher, I’m observing that Ripple is currently embroiled in legal proceedings over its sale of XRP to institutional investors. The resolution of this case remains uncertain, and it’s unclear how it may impact Garlinghouse’s aspirations for an XRP Exchange-Traded Fund (ETF) with a listing on major stock exchanges.
For investors, an XRP Exchange-Traded Fund (ETF) would help establish XRP as a legitimate cryptocurrency, similar to Bitcoin and Ethereum. VanEck’s recent application for a Solana ETF signifies growing interest in larger altcoins like XRP, Cardano, and Dogecoin.
The price of XRP reaching $10 could hinge on the overall market mood, heightened interest, and fear of missing out (FOMO) among investors. This significant milestone may take some time to attain.
XRP One The Move After Defending Key Support
The price of XRP has been growing steadily since finding support around the $0.45 and $0.46 levels, offering a positive perspective following a prolonged downtrend that saw its peak at $0.75 in March.
As a crypto investor, I believe XRP‘s price recovery will gather steam as the Relative Strength Index (RSI) recovers from its oversold state. Once the RSI breaks past its downward trendline and the XRP price surmounts the $0.5 resistance level, traders will confirm the uptrend.
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2024-06-28 19:30