By Michael Scott
The market expert issues the price target for XRP once the legal tussle involving Ripple Labs and the US SEC terminates.
The multi-year-long case where the US Securities and Exchange Commission (SEC) leveled charges against Ripple weighs heavily on XRP. With the case in its appeal stage, market analysts project that XRP could overcome suppression to stage an explosive rally.
XRP enthusiast Digital Asset Investor (DAI) offered an optimistic outlook. He outlined the commentary from the AI chatbot, indicating the XRP could realize new ATH as the case ends.
The Prolonged Legal Battle
Ripple Labs secured a critical win on July 13, 2023, when Judge Analisa Torres excluded XRP from the security classification. This became a pivotal declaration for the crypto assets as Judge exonerated retail XRP from securities, unlike institutional sales labeled securities.
While the District Court decision notably impacted the XRP’s market value, the final judgment delivered in August this year saw the SEC file an appeal on Oct. 17. However, the appeal challenges sections of the ruling.
The appeal process requires the securities agency to submit an opening brief by the timeline provided as the 15th of next month. Market participants believe that with Paul Atkins set to take over from Gary Gensler as SEC chair, the case could end. They anticipate the resolution harbors multiple consequences for XRP.
DAI’s Bollush Outlook for XRP Price
Despite the optimism, the extent to which XRP could stage an uptrend after the resolution is unclear. This prompted Digital Asset Investor (DAI) to seek insights from the AI chatbot.
DAI compared the market reaction to the charges, inquiring about the impact that a favorable resolution has on the XRP price. The XRP plunged 66% from $0.50 to $0.17 when the SEC filed the lawsuit in late 2020.
The AI Chatbot deployed the inverted historical percentage to calculate the XRP price of a similar uptick once the lawsuit concludes. DAI indicates that from the current price of $2.18, a 66% uptick will elevate the value to $3.62. The milestone represents the new potential peak.
DAI indicated that the possible resolution of the Ripple case is the catalyst for elevating XRP to the new ATH. He urged immediate entry into XRP as the likely surge could result in FOMO.
The projection is premised on past trends, though the AI chatbot indicated other factors could influence the XRP price action. The projection includes market sentiment, Ripple business expansion and regulatory clarity as significant catalysts for new highs.
Surge to Higher Levels Viable
Several crypto analysts are optimistic that XRP will be able to scale higher limits when the markets align perfectly. In October, seasoned analyst EGRAG Crypto October indicated the worst-case scenario for this altcoin price was $6 during the ongoing bull run.
In the insights shared by analyst Alex Clay on X, analyst Alex Clay indicates that XRP boasts a solid macro chart. He warned against overlooking that XRP recently witnessed a substantial breakout within the altcoin’s monthly chart that rests above the major resistance zone.
Clay projects a continuation of the bullish steam, implying that XRP would trade above $2. As such, the analyst sets the initial target of XRP at $5.365, which aligns with the 1.618 Fibonacci level. Its realization would involve a 251% rally from the present floor price.
The analyst identified the second target at $8.623, indicating that it corresponds with the Fibonacci level of 2.618 Fibonacci level. It requires XRP to rally 414% to accomplish this level. The analyst is bullish in his views to set sights at a possible $10, thus a 509% return from the present price.