XRP Price Rally to $2? Analysts Point to SEC Struggles Ahead of Appeal

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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September 28, 2024 06:20 EDT

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Ripple (XRP) is holding steady at nearly $0.6100, bolstered by positive sentiment in the crypto market and Bitcoin’s surge to $66,000. Analysts predict a potential rally for XRP, with some targeting a long-term increase to $31.

This optimism stems from rising institutional interest and expectations of favourable regulations, which could strengthen XRP’s position despite ongoing challenges with the SEC.

Unprecedented 888% Surge Predicted Despite Immediate Hurdles!

Market analyst EGRAG predicts XRP could surge by 888% if it reclaims its previous highs. He compares current price action to a 2017 pattern, where XRP hit a key support line four times before entering a massive bull run.

If XRP breaks its all-time high of $3.31, EGRAG targets a potential rise to $31, aligning with a major Fibonacci extension level.

This analysis highlights a promising bullish outlook that’s capturing strong interest from both traders and investors.

EGRAG’s bold forecast could fuel investor confidence, potentially driving higher demand and boosting XRP’s market performance.

Ripple vs. SEC: Legal Battle Intensifies as XRP’s Price Awaits Clarity

The Ripple vs. SEC lawsuit is drawing attention again as a former SEC lawyer suggests the agency may appeal Judge Analisa Torres’s July 2023 ruling, which determined that XRP itself is not a security.

With the October 7 appeal deadline approaching, legal experts are debating the potential impact on the case and the broader market.

Attorney John Deaton believes the SEC could face difficulties proving its case using the Howey Test, while others question whether an appeal truly aligns with investor protection goals.

Meanwhile, Ripple is moving forward with plans to launch its RLUSD stablecoin and expand the XRP Ledger, despite the regulatory uncertainty.

Some analysts argue that a potential appeal could further strain the SEC’s credibility, especially if new regulations favor the crypto market.

As Ripple’s legal saga unfolds, XRP’s price remains around $0.5840, consolidating amid ongoing speculation.

However, positive regulatory developments or a dismissal of the appeal could push XRP above key resistance levels and restore investor confidence.

Daily Technical Outlook: XRP/USD – September 28

XRP/USD is currently trading at $0.6070, maintaining a solid upward trajectory following a bullish breakout from the symmetrical triangle pattern.

This move occurred around the $0.5965 level, pushing XRP to an intra-day high of $0.6119 before consolidating slightly lower.

The symmetrical triangle breakout suggests strong bullish momentum, with the price now eyeing immediate resistance at $0.6178.

A successful break above this level could open the door for XRP to target $0.6228, followed by the key resistance at $0.6278.

On the downside, immediate support is positioned at $0.6032, with further support levels at $0.5965 and $0.5845.

The Relative Strength Index (RSI) is currently at 65.50, indicating bullish momentum but nearing overbought territory. Meanwhile, the 50-day Exponential Moving Average (EMA) at $0.5910 underpins near-term support.

Key Insights:

• Bullish Breakout: XRP has broken above the symmetrical triangle, suggesting further upside potential.
• Immediate Resistance at $0.6178: A break above this could see a retest of the $0.6228 resistance.
• Support at $0.6032: Holding this level is crucial for maintaining bullish momentum in the short term.

Overall, the breakout and solid buying interest suggest a continuation of the bullish trend, provided XRP remains above the $0.6032 support level.

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