Analyst predicts Ripple (XRP) to hit $3 as Rakuten exchange gets ready to reinstate the token

Key Takeaways

• Analyst Michael Van de Poppe predicts Ripple (XRP) to reach $3
• Japanese exchange Rakuten announced plans to reinstate XRP on its platform as of September 8
• XRP rallied over 20% in the last week alone

YEREVAN (CoinChapter.com) — Much of the altcoin market, including Ripple’s XRP, registered a positive movement on the charts over the weekend. 

Amid the ongoing court case with the United States Security Exchange Commission (SEC), Ripple managed to get back into the game. 

The token is up over 90% since the beginning of August when it began rallying. 

In the last week alone, XRP rallied over 20%. 

Recommended: SEC compels Ripple to produce relevant video/audio recordings; XRP mum.

Ripple (XRP) could hit $3, Micheal Van de Poppe says

Talking to his followers on YouTube, crypto analyst Micheal Van de Poppe made bullish predictions for the XRP.

Poppe was speaking on the indicators that Ripple is finally breaking two-year accumulation. According to him, the combination of the lawsuit and the booming altcoin market might give way to great opportunities for XRP. 

“We Do Know We’re Creating Higher Lows, But You Actually Want To Break This High (0.000038 BTC) And Create A New Higher High Through Which Targeting A Level 0.00006 BTC ($3.00) Is Pretty Likely To Be Taking Place.”

the analyst said.

Recommended: SEC vs. Ripple lawsuit wages war on obscure definitions while XRP consolidates.

Japan’s Rakuten to Restart XRP trading

While most crypto exchange platforms have discontinued XRP trading due to the SEC’s ongoing court case, the Japanese Rakuten has announced it will relist Ripple on their platform. 

According to Rakuten, Target service XRP margin trading will restart tomorrow, September 8, 2021.

The firm had discontinued its XRP margin trading services last year, on December 24, in light of the SEC VS Ripple lawsuit. 

The news comes as an indication that the tides are changing for Ripple. With the company’s lawyers making a spectacle of the SEC, the decision of the Japanese exchange to relist the token can be a turning point. 

As the XRP continues to regain lost momentum, other exchanges may follow suit.

The XRP surged from the $1.25 support on Tuesday to cross $1.30. It currently faces a resistance level at $1.40. Once it breaks this resistance, the next resistance points will be at $1.50 and $1.54.

Should the bulls ensure the rally continues, it can even test the $1.62 resistance mark in the days to come.

However, in case of a price reversal, XRP will hope to find support is at $1.36. It can also come as low as $1.20 before finding support should the bears take over.

Recommended: SEC gets Ripple bashing for misrepresenting Slack communications in court.

Expectations from the Ripple VS SEC case remains high

Ripple has been hard by the ongoing lawsuit filed by the SEC. As a result, the token prices dipped in December 2020 when the SEC announced plans to go after the company. 

Since Ripple is the largest holder of XRP, the SEC case against the company has directly and negatively impacted XRP prices. However, the ingenuity of the Ripple legal team might help the company escape any permanent damage.

The Ripple legal team filed a motion asking the court to compel the SEC to reveal employees’ crypto holdings. As expected, the SEC moved to deny disclosing this information to the Ripple team. The SEC justified its denial by insisting that employees’ cryptocurrency holdings are “irrelevant” to the case.

A point of contention between Ripple and the SEC is that the SEC did not classify Bitcoin (BTC) and Ethereum (ETH) as securities but has made an exception in the case of Ripple. 

Meanwhile, the community of XRP holders, aka “XRP Army,” has rallied behind Ripple, bringing as much public attention to the case as possible.

The strategy to ensure the token remains relevant has started paying off.