The ongoing legal fight between the SEC (United States Securities and Exchange Commission) and Ripple Labs poses a major obstacle to XRP, one of the important figures in the cryptocurrency world. The popular altcoin is going through a period full of uncertainty due to this legal fight.
XRP’s price performance has been hampered by the lawsuit, which many analysts say has prevented XRP from reaching new highs during the 2021 bull market. The SEC filed a lawsuit against Ripple Labs with a number of allegations regarding whether XRP can be considered a security. This negatively affected the price of XRP and shook the confidence of investors, affecting the overall market performance.
However, a major turning point in the case appears to be approaching. Recently, a positive sentiment has begun to prevail towards XRP. While Ripple Labs continues to take steps in this legal fight with the SEC, XRP investors and followers began to renew their hopes for the future.
The final decision will have a huge impact on the future of XRP. It is stated that the decision depends on the resolution phase, which will determine the potential penalties it can impose on Ripple for alleged securities law violations through the sale of XRP to institutional investors. This milestone will affect both the price and reputation of XRP and will be an important step for the future of the cryptocurrency world.
Important Dates in the Ripple Case
While there is a period of intense uncertainty over the future of the cryptocurrency XRP, a recent court file indicates that critical dates that will shed light on these uncertainties are approaching. Accordingly, the SEC was given an additional period until March 22 for its summary of possible solutions. Then, a response from Ripple is expected on April 22. Finally, a timeframe of May 6 has been set for the SEC to make a final decision.
These dates raise hopes among XRP holders and the crypto community. While progress in the litigation process and possible scenarios on the future of XRP are discussed, many analysts predict that there will be an increase in XRP prices when the case is concluded.
In particular, well-known crypto analyst Blockchainedbb (@blockchainedbb) recently noted that he saw a potential rally signal on the XRP chart. While this situation creates excitement among investors, Blockchainedbb’s statements that it invests and believes in the future potential of XRP also attract attention.
$XRP opening brief is due on March 22nd .SEC ‘s reply brief to be presented by May 6th. Chart looks primed to me.
Loaded up in spot. I think it’s about time for $XRP. pic.twitter.com/mMr6xkgTGK
— Blockchainedbb (@blockchainedbb) March 19, 2024
Other analysts also share this bullish sentiment. Leb Crypto (@leb_crypto), a well-known crypto analyst, believes that XRP will surpass its all-time high of $3.84 before or shortly after the Bitcoin halving event scheduled for April 2024. believes.
Nick (@NCashOfficial), another prominent analyst and founder of Web3Alert, predicts that XRP will reach the $5 to $10 range during the current bull market cycle.
Popular crypto analyst Dark Defender (@DefendDark) also shared his optimistic outlook and predicted a price target of $5.85 in the coming weeks.
Additionally, there was a recent correction that led to price declines across the market, including XRP. After XRP reaches around $0.74 It dropped and is currently trading at $0.5975. However, although short-term price fluctuations are expected, the upcoming resolution of the SEC case could be a significant catalyst for XRP’s long-term potential and help it achieve these major goals.
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