SEC v. Ripple Ruling Could Conclude This Month, Predicts Pro-XRP Attorney

SEC v. Ripple lawsuit
SEC v. Ripple Ruling Could Conclude This Month, Predicts Pro-XRP Attorney

NAIROBI (CoinChapter.com) — The Securities and Exchange Commission (SEC) v. Ripple (XRP) lawsuit could conclude by July 31, 2024, according to pro-crypto attorney Fred Rispoli.

The case, ongoing since 2020, has significantly impacted the altcoin’s price. On-chain data shows whales distributing XRP holdings while small investors accumulate the altcoin.

Analyst Sets Ambitious Price Target for XRP

XRP traders eagerly await the final ruling in the SEC lawsuit, a crucial market mover. Fred Rispoli’s tweet indicates a likely decision by the end of July. The case’s conclusion could significantly impact XRP’s price trajectory, which has seen fluctuations tied to the ongoing legal battle.

Meanwhile, the crypto analyst Egrag Crypto has set a $17 target for XRP by 2025, based on a Bent Fork chart. Currently trading at $0.44, the analyst’s projection outlines key resistance levels at $1, a psychological barrier, and $3.5, XRP’s all-time high. The analyst initially introduced this target in 2023, highlighting four critical tracks: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top. The latest update revises the target from $15 to $17, with the analyst favoring Track D as the most probable outcome.

SEC v. Ripple
Egrag remained very optimistic about XRP price.

On the XRP/USDT daily chart, XRP shows signs of recovery from a recent downward correction. If Ripple extends its gains, the altcoin could add 8.45% to its value, reaching resistance at $0.4760. This resistance level aligns with the July 2 low and the upper boundary of the Fair Value Gap (FVG). The Relative Strength Index (RSI) reading of 39.58 indicates underlying positive momentum for Ripple’s price trend.

The pending SEC ruling adds uncertainty to XRP’s price movements. However, the $17 target by 2025 offers a long-term bullish outlook. XRP’s short-term performance depends on legal developments and market sentiment.

Market Implications of the SEC Ruling

As of July 11, XRP is priced at $0.43755645, reflecting a 24-hour increase of 0.28%. However, the altcoin has seen a 5.57% decline over the past week. XRP’s market capitalization stands at $44.24 billion, with a 24-hour trading volume of $928.24 million.

SEC v. Ripple
XRP/USD 1-day price chart. Source: CoinMarkertCap

The outcome of the SEC vs. Ripple lawsuit will have significant implications for the broader cryptocurrency market. A favorable ruling for Ripple could boost investor confidence, potentially leading to a surge in XRP’s price. Conversely, an unfavorable decision might prompt further selling pressure.

This divergence in trading patterns underscores the mixed sentiment in the market. As the potential ruling date approaches, market participants remain on edge, closely monitoring legal developments and their implications for XRP’s future.

In conclusion, the SEC vs. Ripple case remains a pivotal event for XRP traders and the wider crypto community. With a ruling expected by July 31, market participants are bracing for potential volatility. The long-term price target of $17 by 2025, as suggested by @egragcrypto, underscores the altcoin’s potential despite current legal challenges.

Leave a Comment

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com