XRP Price To Hit $5 Despite US SEC Appeal, Top Analyst Predicts

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As a researcher with over a decade of experience in the financial markets and a keen interest in cryptocurrencies, I find myself intrigued by the current state of Ripple (XRP). The ongoing legal battle between Ripple and the SEC has undeniably left its mark on XRP’s price action, but it doesn’t deter me from seeing the potential this digital asset holds.

The XRP price was on the investors’ radar this week, with the crypto noting a sharp decline following the latest development in the Ripple SEC case. In the latest development, the US SEC has filed a Notice of Appeal, signaling that the legal battle is far from over for now. This move has sparked speculations in the crypto market, triggering a massive selloff in the crypto’s price.

Nevertheless, an influential expert asserts that Ripple’s indigenous cryptocurrency might reach $5, stirring up enthusiasm within the market. Additionally, this prediction arises during a minor price increase for the cryptocurrency, suggesting potential additional growth in the immediate future.

Top Analyst Predicts XRP Price To Hit $5

A renowned analyst remains optimistic about XRP price despite the recent decline in crypto following the US SEC’s notice of appeal in the Ripple case. EGRAG Crypto predicts that XRP could hit $5, citing two possible scenarios.

The analyst predicts that if the SEC appeal results in a repeat of December 2020’s scenario where XRP experienced a dip but ultimately achieved a 10-fold increase from its lowest point, it might reach the $5 to $6 price range. Furthermore, should Bitcoin surpass its current all-time high, ranging between $80,000 and $100,000, altcoins such as XRP could mirror these percentage gains.

XRP Price To Hit $5 Despite US SEC Appeal, Top Analyst Predicts

According to EGRAG Crypto’s analysis based on Fibonacci levels, if Bitcoin (BTC) reaches $80,000, Ripple’s native cryptocurrency could potentially rise to $2.31. If Bitcoin hits $100,000, the prediction suggests that XRP might go up to $2.88. These predictions by the analyst have ignited market optimism, particularly following XRP’s recent price increase.

XRP Price To Hit $5 Despite US SEC Appeal, Top Analyst Predicts

Despite the ongoing legal dispute between Ripple and the SEC causing market turbulence, analysts such as EGRAG Crypto continue to express optimism about XRP‘s long-term prospects. As the appeal process progresses, investors are adopting a cautious stance, but forecasts like these offer some encouraging signs for XRP’s future expansion.

What’s Next In Ripple SEC Case?

Based on recent remarks by attorney Fred Rispoli who supports Ripple, it’s looking unlikely that the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) will be resolved before early 2026. This statement has ignited much discussion, while many in the cryptocurrency community are criticizing the SEC for dragging out the case.

Meanwhile, Jeremy Hogan, an attorney supportive of XRP, has criticized the U.S. SEC’s recent appeal as a “mistake” on their part. This suggests that he is optimistic about the chances of the blockchain company succeeding if they decide to counter-appeal.

Moreover, Ripple’s General Counsel Stuart Alderoty has recently taken aim at the U.S. Securities and Exchange Commission (SEC), suggesting a possible higher court appeal in the ongoing case. Simultaneously, the value of XRP hovered around $0.523 today, having briefly reached $0.66 earlier this week.

At the same time, investors continue to be hopeful about cryptocurrencies. This optimism is especially evident after Bitwise submitted an application for an XRP Exchange-Traded Fund (ETF), which suggests increasing institutional interest in cryptos. Furthermore, a positive outlook on crypto by EGRAG Crypto has further boosted market confidence, hinting at a possible surge in the value of cryptocurrencies in the upcoming period.

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2024-10-04 15:05