Lawyer Predicts XRP Price Poised for All-Time High amidst Escalating Ripple vs SEC Conflict
XRP, the digital asset created by Ripple, has had a turbulent journey in recent years, facing legal uncertainties and fluctuations in the cryptocurrency market. Despite no major updates in the ongoing SEC v Ripple case, there is still lingering uncertainty about the outcome.
Ripple and the SEC seem less inclined to settle as time goes on, increasing the risk of an SEC appeal regarding the ruling on the Programmatic Sales of XRP. New dates have been proposed, pushing deadlines further into the future: March 22, 2024, for the opening brief, April 22, 2024, for Ripple’s remedy objection, and May 6, 2024, for the reply brief.
The XRP community is frustrated with the SEC’s delays and is concerned about the potential impact on XRP’s performance, especially considering the expected bull run after Bitcoin’s halving event in mid-April. Surprisingly, while other cryptocurrencies have experienced surges, the price of XRP has remained relatively stable over the past two years.
There has been speculation on social media that the SEC may not challenge the ruling that XRP is not a security. However, there are broader legal issues that need to be addressed, including XRP’s status, its availability on US exchanges, and Ripple’s operational freedom with the asset, according to Bill Morgan.
Morgan believes that resolving the Ripple-SEC lawsuit is crucial for the future of XRP, going beyond its security status. It will ensure XRP’s availability on US exchanges and protect Ripple’s operational capabilities. These steps are seen as key to unlocking XRP’s true potential and achieving new all-time highs.
Some argue that the market had already taken into account the lawsuit’s impact on XRP’s price by early 2021, while others believe that a settlement is necessary to unleash the cryptocurrency’s full potential. Investors are seeking legal clarity and operational independence for Ripple and XRP, anticipating a boost in XRP’s value.
In the meantime, XRP, currently the sixth-largest cryptocurrency, has gained momentum recently due to the strength of Bitcoin’s market. A 15% rise last week has brought hope for further gains, with XRP climbing 1.6% to $0.60 in just 24 hours.
XRP’s price has surprised many by breaking above key technical levels, challenging a long-standing downtrend. Bulls are now aiming to overcome resistance between 68 to 73 cents. If XRP surpasses 70 cents, there could be a rally towards its all-time high of $1.90, especially if there is a favorable judgment from the SEC.
However, it is crucial for XRP to maintain support at 58 cents in order to sustain its bullish momentum. With improving metrics and growing speculative interest, XRP seems poised for a comeback in the top 10 of the cryptocurrency market.