All of this recent volatility for XRP is theater; it has already been chosen. There is no suspense other than a question of when, not IF, but WHEN XRP will explode.
At least this is what r/XRP would have you believe.
However, as the XRP-SEC legal battle progresses, XRP is emerging as a contender for the next bull run. Recently, XRP flirted with $0.6075 before slipping to $0.5910, a 3.5% drop that mirrors this capricious market. Yet, bullish vibes are in the air, with community analysts like Egrag Crypto and Levi Rietveld predicting that “crazy days are coming.”
Here’s what’s next for XRP and their parent company Ripple.
SEC’s Influence And Market Reactions For XRP
Ripple’s legal skirmish with the SEC is a key force behind XRP’s market dynamics. Recent testimonies before the U.S. House Committee on Financial Services have stirred the pot, with Commissioner Hester Peirce leading the charge for XRP not to be labeled a security.
Peirce stated the SEC “failed in its duty as a regulator by using imprecise language and should have admitted a long time ago that the crypto asset itself is not a security rather than recently in a footnote in a case.”
All eyes are on the SEC’s next move in the Ripple saga, with the clock ticking towards an October 7, 2024 decision.
If the SEC appeals, analysts warn XRP could tumble to $0.40. But if they hold back, we might see a surge up to $1.00.
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Broader Market Trends And Predictions
XRP analyst Levi Rietveld is betting on big changes soon, as economic currents and liquidity surges might propel altcoins’ rise.
He also forecasts Bitcoin smashing past $100,000 by mid-2025 saying this will be the top of the cycle.
As the SEC ruling edges closer, XRP followers are on edge, dissecting Ripple’s latest on-chain activity.
On September 23, 2024, Ripple funneled 200 million XRP into an undisclosed wallet, a hefty $117 million move, as noted by Whale Alert. What this move means is anyone’s guess as of now.
Final Thoughts
The outcome of Ripple’s legal battle will reshape crypto regulations at large.
It’s more than just their own asset at play, however, if you’re thinking about loading up now might be the time to do so before the October 7 court date.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.