What influence does Ripple’s ongoing SEC case have on the possibility of XRP reaching an extraordinary $500? Read on
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Over the past seven days, Ripple (XRP) has surged nearly 40%, reaching $0.6034 as of July 17. This spike in value has been driven by speculation and rumors, particularly surrounding the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
The excitement began on July 12 when news broke about the SEC scheduling a closed-door meeting at their Washington headquarters.
This sparked speculation about a potential settlement in the Ripple case, causing an increase in XRP demand as investors grew hopeful for a favorable outcome.
However, not everyone is convinced by these settlement rumors. Former SEC lawyer Marc Fagel has dismissed these speculations, suggesting that both parties are still awaiting the district court’s decision.
Fagel pointed out that such closed-door meetings are routine and should not be seen as a sign of imminent settlement talks.
As the legal battle continues, discussions have shifted toward the potential financial penalties Ripple might face.
The SEC claims that Ripple sold XRP to certain institutions without proper registration. In response, Ripple has proposed a $10 million fine, a stark reduction from the SEC’s original demand of $2 billion, which has now been lowered to $102 million.
In July 2023, Judge Analisa Torres issued a summary judgment in the SEC v. Ripple Labs case. The ruling stated that Ripple’s sales of XRP through secondary trading platforms did not constitute securities transactions, while its direct sales to institutional investors did, granting Ripple a partial win.
As speculations of the case reaching its final verdict gain pace, let’s understand the latest developments and how they could affect XRP price predictions.
Latest developments affecting Ripple Labs
Ripple Labs has been making headlines not just for its market movements but also for its political engagements.
Recently, Ripple donated $1 million to the Commonwealth Unity Fund, a super political action committee (PAC), to support John Deaton’s campaign in the Massachusetts Republican senatorial primary on November 5.
Deaton is challenging the incumbent Democratic U.S. Senator Elizabeth Warren, a known critic of the crypto industry.
Deaton is the driving force behind the so-called XRP Army, a group of token holders who volunteered to serve as third-party defendants in the SEC’s lawsuit against Ripple. He has also submitted numerous amicus curiae letters in high-profile SEC cases against crypto firms.
The Commonwealth Unity Fund, established by lawyer James Murphy, aims to support Deaton’s campaign. According to the U.S. Federal Election Committee, the PAC has received $1 million from Ripple Labs and an additional $50,000 from Murphy himself.
In parallel with these political moves, large XRP movements have been observed in the market. Recently, 150 million XRP, valued at approximately $91 million, were transferred from a well-known Ripple address, as reported by Whale Alert.
This address was activated in 2023 with a transfer of 70 million XRP but has remained relatively inactive, suggesting it is not associated with any exchange.
Although the recent transfer raised eyebrows, it does not appear to be a sell-off since the tokens remain in the wallet, which now holds a total of 352 million XRP.
What is the market speculating?
The recent buzz around XRP’s price action has not gone unnoticed by analysts and the crypto community.
Santiment, a well-known market analytics platform, has highlighted the strong correlation between trader sentiment and price action. As XRP surged, bullish narratives have become more prevalent.
Crypto Michael, a seasoned trader, has identified a historic pattern forming in XRP’s price charts. He notes a seven-year-long bull pennant, a rare and extremely bullish technical formation.
According to him, this setup could lead to one of the most notable breakouts in crypto history. A bull pennant is a continuation pattern that often results in a sharp price increase once it resolves.
Amonyx, another crypto enthusiast, is confident that XRP will reach new all-time highs in this market cycle. He believes that the upward movement will happen rapidly.
Meanwhile, Dark Defender, an analyst focusing on technical indicators, has provided a detailed breakdown of XRP’s price levels. He mentions the approval of a highly bullish reversal signal from the Fisher Indicator on a weekly chart.
He anticipates the next resistance levels at $0.6044 and the critical level of $0.6649. If XRP surpasses these levels, Dark Defender predicts a series of “God Candles” – large, consecutive bullish candles – which could push the price even higher.
XRP price prediction: how far can it go?
As we look into the future, let’s explore what experts predict for XRP’s price in the coming years.
XRP price prediction 2024
For 2024, XRP coin price prediction varies among different sources. According to CoinCodex, the price of XRP is expected to rise by 20.72%, reaching $0.74 by August 16. Changelly’s forecast for August 15 is slightly lower, predicting XRP to be around $0.66.
Looking at Changelly’s detailed prediction table, the minimum price for XRP in 2024 is expected to be $0.69, the average price around $0.71, and the maximum price could reach up to $0.79.
XRP price prediction 2025
In 2025, the Ripple price prediction shows a more substantial increase. Changelly estimates the minimum price to be $0.95, with an average price of $0.99 and a maximum price reaching $1.18.
CoinCodex provides a wider range, with the yearly low at $0.39 and the yearly high at $1.92.
XRP price prediction 2030
Looking further ahead to 2030, the XRP price forecast becomes even more ambitious. Changelly projects the minimum price of XRP to be $6.15, with an average price of $6.33 and a maximum price of $7.54.
CoinCodex offers a slightly different perspective, with a yearly low of $0.50 and a yearly high of $2.04.
XRP price prediction 2050: the long-term view
Taking an even longer-term view, Changelly predicts that by 2050, the price of XRP could skyrocket, with a minimum price of $450.54, an average price of $475.41, and a maximum price of $525.55, suggesting that Ripple has a long way to go and could overcome the legal battles it is currently fighting.
While these XRP crypto price predictions offer an optimistic view of the future, it’s crucial to approach them with caution. The crypto market is known for its volatility, and prices can fluctuate widely due to various factors.
Remember, investing in crypto is highly risky, and it’s always wise to consult with a financial advisor to make informed decisions.
