The legal dispute between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs continues to overshadow XRP, the world’s sixth-largest cryptocurrency by market capitalization. The lawsuit has constrained XRP’s valuation, hindering its growth potential during the cryptocurrency market surge of 2021. Nonetheless, with a pivotal moment in the case imminent, market sentiment around XRP is becoming increasingly positive.
Legal Milestones Anticipated
A recent court document outlines the timetable for forthcoming summary judgment motions. Ripple is set to respond to the SEC’s initial brief by April 22, with the SEC then having until May 6 to reply. These submissions will be under seal for preliminary assessment. The key dates have sparked a wave of optimism among XRP investors, with predictions of a price uptick contingent on the lawsuit’s outcome.
Notable cryptocurrency analyst Blockchainedbb has pointed to XRP’s technical analysis as evidence for a possible price rally, endorsing the asset’s future performance, albeit without specifying a particular price goal.
Analysts Eyeing XRP Surge
The bullish outlook is echoed by several market experts. Crypto authority Leb Crypto anticipates that XRP will break its highest record of $3.84 around the upcoming Bitcoin halving in April 2024. Nick, the founder of Web3Alert, predicts an XRP valuation of $5 to $10 in the current market cycle. Additionally, the analyst Dark Defender projects an impending price peak of $5.85 for XRP, following its recent break above a critical $0.6649 resistance level.
Despite this optimism, XRP, like other cryptocurrencies, has seen its price correct after peaking at $0.74, now trading at $0.5975. While short-term fluctuations are anticipated, the resolution of Ripple’s legal confrontation with the SEC is deemed a crucial determinant for XRP’s long-term price trajectory and the attainment of these ambitious targets.