XRP’s price is yet to witness an explosive surge like other dominating altcoins as investors are holding tight to their investment plans with the anticipation of Ripple’s win against the SEC in the lawsuit.
As the XRP investors eagerly await the outcome of the ongoing battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the heated debate over whether XRP will be treated as security continues to put the crypto world under pressure. Market experts believe Ripple’s win may strengthen long-term holders’ bullish goals and push XRP’s price by 10x.
“XRP Is Not A Security” Develops Bullish Hopes!
Controversies regarding whether XRP is a security have become headlines in the XRP community. Moreover, the recent settlement by the SEC against LBRY Inc marks a victory for Ripple Labs as the regulatory body admitted that the LBC token is not a security. Additionally, U.S. Attorney John Deaton relieved investors as he claimed that XRP could not be treated as securities despite selling it as an investment contract.
Moreover, Ripple’s projects on bringing tokenization will significantly benefit XRP’s price as Ripple’s XRP Ledger (XRPL) seeks to tokenize a wide range of digital assets, including stablecoins, NFT tokens, and leading assets like Bitcoin and Ethereum.
Additionally, the adoption rate of tokenization is moving fast and is predicted to touch the $1 trillion mark by 2024, which will bring notable achievements for the XRP community. A recent report from Ripple hinted at the domination of XRPL as it continues to witness increased on-chain activity.
Timeline For XRP’s Bullish Journey
All the eyes of the crypto market are now on the judge’s ruling, whose date is yet to be finalized. The motions for summary judgment were already drafted last year, and XRP’s bullish pump now depends on the judge’s conclusion. It is expected that the lawsuit may come to an end by March 2023, after which XRP may witness some price action.
As of writing, XRP price trades at $0.397, with a decline of 1.72% in the last 24 hours. A prominent analyst, Exactus, predicts that XRP price may break its previous year’s consolidation level if it opens a weekly candle above its resistance zone of $0.415-$0.42, sending its price back to all-time high or above $4.
The analyst noted that the RSI-14 level hovers near a stable region and has more room to continue an upward rally for XRP with ease. Furthermore, the tokenization initiative (XRPL) and Ripple’s win will undoubtedly create a bullish scenario for an exponential uptrend in the XRP price chart.
Traders should be cautious as a bearish reversal is expected if XRP heads below the support zone of $0.38-$0.39, which may dump the token to the bottom level of $0.3. However, this momentum is only possible if Ripple loses the lawsuit, which is unlikely to happen.
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Shayan Chowdhury
Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
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With the cryptocurrency market gradually rising in 2021, one of the front-runners appears to be a lesser-known digital asset – XRP (Ripple). XRP has been building a strong base recently, and the question now is: will a win for Ripple spark a 10x surge in its native cryptocurrency?
Ripple is making moves to increase its market share. Recently, the San Francisco based payment provider won a legal battle in the UK, where Ripple was victorious in its lawsuit against the Financial Conduct Authority (FCA). The win meant that Ripple could continue offering its services to British customers, which the FCA had attempted to stop; the ruling was a positive signal for the digital asset.
This legal victory has created some speculation that Ripple’s cryptocurrency – XRP – might experience a “10x” surge as a result. XRP is currently trading at around $0.50, with some analysts suggesting that it has formed a strong base that could trigger a strong move higher if key levels are broken. In particular, the breakout of XRP’s consolidation zone between $0.55 to $0.60 could signal the onset of bullish momentum and launching the digital asset to a whole new level.
This potential uptrend has already received some support from the crypto community, with many seeing XRP’s recent legal victory as a sign that it could become a major player in the crypto space. Additionally, the recent successful IPO of Coinbase also sent positive signals to investors and could result in more capital flowing into the crypto market, further increasing the chances of a breakout for Ripple.
In short, XRP’s recent win could be a major catalyst for the digital asset. If XRP further consolidates around this price range and breaks the $0.55-0.60 resistance, it could signal a 10x surge in its price. This would mark a major milestone for the cryptocurrency, and could help Ripple to become one of the biggest players in the crypto space.
