SEC v. Ripple (XRP) Lawsuit Could Conclude by July 31, 2024, Analyst Sets Ambitious $17 Price Target for XRP by 2025

NAIROBI (CoinChapter.com) — The Securities and Exchange Commission (SEC) v. Ripple (XRP) lawsuit could conclude by July 31, 2024

The Securities and Exchange Commission (SEC) v. Ripple (XRP) lawsuit could conclude by July 31, 2024, according to pro-crypto attorney Fred Rispoli.

The case, ongoing since 2020, has significantly impacted the altcoin’s price. On-chain data shows whales distributing XRP holdings while small investors accumulate the altcoin.

Analyst Sets Ambitious Price Target for XRP XRP traders are eagerly awaiting the final ruling in the SEC lawsuit, a crucial market mover. Fred Rispoli’s tweet indicates a likely decision by the end of July. The case’s conclusion could significantly impact XRP’s price trajectory, which has seen fluctuations tied to the ongoing legal battle.

Meanwhile, the crypto analyst Egrag Crypto has set a $17 target for XRP by 2025, based on a Bent Fork chart. Currently trading at $0.44, the analyst’s projection outlines key resistance levels at $1, a psychological barrier, and $3.5, XRP’s all-time high. The analyst’s initial projection of this target in 2023 highlighted four critical tracks: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top. The latest update revises the target from $15 to $17, with the analyst favoring Track D as the most probable outcome.

On the XRP/USDT daily chart, XRP shows signs of recovery from a recent downward correction. If Ripple extends its gains, the altcoin could add 8.45% to its value, reaching resistance at $0.4760. This resistance level aligns with the July 2 low and the upper boundary of the Fair Value Gap (FVG). The Relative Strength Index (RSI) reading of 39.58 indicates underlying positive momentum for Ripple’s price trend.

The pending SEC ruling adds uncertainty to XRP’s price movements. However, the $17 target by 2025 offers a long-term bullish outlook. XRP’s short-term performance depends on legal developments and market sentiment.

As of July 11, XRP is priced at $0.43755645, with a 24-hour increase of 0.28%. However, the altcoin has seen a 5.57% decline over the past week. XRP’s market capitalization is $44.24 billion, with a 24-hour trading volume of $928.24 million.

The outcome of the SEC vs. Ripple lawsuit will have significant implications for the broader cryptocurrency market. A favorable ruling for Ripple could boost investor confidence, potentially leading to a surge in XRP’s price. Conversely, an unfavorable decision might prompt further selling pressure.

This divergence in trading patterns highlights the mixed sentiment in the market. As the potential ruling date approaches, market participants are on edge, closely monitoring legal developments and their implications for XRP’s future.

The above is the detailed content of SEC v. Ripple (XRP) Lawsuit Could Conclude by July 31, 2024, Analyst Sets Ambitious $17 Price Target for XRP by 2025. For more information, please follow other related articles on the PHP Chinese website!