TL;DR
XRP has been on an uptrend recently, with analysts predicting a potential sharp rise, possibly reaching $0.66 soon.Volatility is expected due to the ongoing Ripple v. SEC case, with the agency’s decision on whether to appeal the ruling still pending.‘I Think XRP is Ready’
Ripple’s XRP gained momentum in the past two weeks, witnessing a price increase of around 10%. It briefly reclaimed $0.60 several hours ago before settling at the current $0.58 (per CoinGecko’s data).
According to some analysts, XRP may soon make the headlines with a mind-blowing rally. One example is the popular X user Bitlord, who thinks the token is ready to experience a “parabolic explosion vertically“ in the following hours.
“The amount of hate XRP gets is phenomenal Fact is, last time I called ripple it moved a few billion. Topped it too. Now I’d like to see that party start up again,“ they added.
The Great Mattsby contributed too, finding similarities between XRP’s late performance and Tesla’s (TSLA) performance during the 2010s. During that decade, the valuation of the stock skyrocketed from less than $2 to as high as $30. The EV giant continued its uptrend in the following years, and currently, TSLA shares are worth nearly $240. This is an interesting comparison, to say the least, given that both assets have literally nothing in common.
For their part, Dark Defender claimed XRP could be on the verge of spiking to $0.66. “Jan-2018 Resistance will be eliminated above $1.03, yes, exactly that point, interesting,“ the trader added.
Volatility Ahead Based on the Ripple v. SEC Case?
The price of XRP may see further ups and downs in the following weeks due to potential developments surrounding the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
The legal battle is in its final chapter after Judge Torres ruled in August that the company’s sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, she ordered Ripple to pay a $125 million fine for violating certain laws.
The amount represents a 94% deduction on the amount initially requested by the regulator. As such, an appeal from Ripple’s side is highly unlikely. Moreover, CEO Brad Garlinghouse and CLO Stuart Alderoty said the firm will respect the court’s decision.
The SEC, though, might contend with the ruling. While the deadline for such a move is October 7, the agency remains silent on whether it will pursue that path.