XRP (XRP) Sees Bright Days Ahead as Analyst Predicts Potential Spot ETF, Targets $16-$20 Price Within a Year

Following a landmark legal victory for Ripple Labs, the sentiment surrounding XRP has turned increasingly bullish. Crypto analyst Doctor Profit

In a major legal victory for Ripple Labs, Judge Analisa Torres has ruled in favor of the company in its prolonged legal battle against the US Securities and Exchange Commission (SEC), ordering a payment of $125 million to the regulator.

The ruling also clarified that XRP, the cryptocurrency at the center of the case, is not deemed a security, marking a pivotal moment for the token’s future outlook.

Following this landmark decision, the sentiment surrounding XRP has turned increasingly bullish. Crypto analyst Doctor Profit, in a new analysis report published post-ruling, highlighted the long-term potential of XRP.

As opposed to short-term trading strategies, Doctor Profit points out that XRP is designed for investors with a patient outlook, given its historical price range of $0.42 to $0.72 over the past year.

Highlighting XRP’s past performance, the analyst noted that in 2017, XRP surged by a remarkable 60,000%, showcasing its potential for explosive growth.

Despite facing setbacks such as a significant crash in 2020 due to the SEC lawsuit, XRP has maintained a consistent presence in the top 10 cryptocurrency market cap rankings, standing side-by-side with Bitcoin for over a decade.

Furthermore, the recent US court ruling confirming that XRP is not a security has brought much-needed regulatory clarity and optimism for the token’s future.

Doctor Profit speculated on the possibility of a spot XRP Exchange-Traded Fund (ETF) in the works, considering past ETF approvals starting with Bitcoin, followed by Ethereum, and potentially XRP.

With the lawsuit pressure lifted, Doctor Profit expressed strong confidence in XRP’s bullish prospects, highlighting the positive signals from both a regulatory and technical perspective.

The technical analysis pinpoints a key resistance level at $0.72, with a potential breakout signaling a bullish scenario for XRP’s price trajectory.

Currently trading at $0.6150, the token has surged by 23% in the last 24 hours alone, outperforming most of the market.

If the current uptrend persists, this key resistance level could be breached, considering the bullish catalyst and regulatory clarity the token has gained following the court ruling.

Doctor Profit has outlined price targets for XRP, projecting a best-case scenario of $16 to $20 and a worst-case scenario of $4 to $7 within a one-year time frame.

Finally, drawing upon insights gained over four years of investing in XRP, Doctor Profit advises investors to identify strategic buy zones and maintain a long-term outlook when investing in the cryptocurrency.

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