Ripple Case Will Be Completed Soon, Can XRP Price Touch ATH?

Bittime – Ripple's case with the SEC has been going on for a long time. It is predicted that the Ripple case will be resolved soon. So, how does this affect the price of XRP? The following is a complete explanation.

Early Start Ripple and SEC Case

Ripple's legal journey began in December 2020 when the US Securities and Exchange Commission (SEC) filed a lawsuit, claiming that the XRP token was an unregistered securities offering.

Despite several legal wins and favorable court decisions over the past year, the price of XRP has remained relatively stagnant. This prolonged condition of low volatility has made many XRP investors question whether the resolution of the case will trigger a significant price increase.

Analyst: Impact of Ripple X SEC Case on XRP Price

Doubts among investors were recently expressed by Rachelle Renee, a prominent figure in the XRP community. In a tweet on Wednesday, Renee expressed doubts about the impact of the lawsuit settlement on the price of XRP. 

“I don't want to be the one to say this, but I don't think the Ripple/SEC/Torres end events will have any impact on the price of XRP,” he said.

Renee's argument is based on the observation that the price of XRP did not experience significant increases even when initial regulatory clarity was achieved.

He suggested that institutional investors may have already factored in legal assurances provided more than a year ago, meaning market reaction to the lawsuit settlement could be limited.

Read Also: XRP Price Plummets After Ripple Unlock Token

XRP Still Has Potential

While admitting the possibility of a small price increase, Renee believes that substantial growth for XRP is more dependent on real use cases and major global partnerships.

"What will move XRP?" he asked. "I think news about global players demonstrating their use cases and evidence that it's in play will be key."

According to Renee, partnerships with large financial institutions such as Bank of America could be the main driver of significant price growth.

Despite the skepticism, some investors and analysts remain optimistic about XRP's potential. Supporters argue that the resolution of the case could pave the way for increased regulatory clarity and institutional adoption, which could collectively drive major price increases.

Uncertain News in the XRP Community

Technical analysts also continue to observe XRP chart patterns. Notably, some experts, such as analyst JD, believe that XRP is on the verge of a significant breakout from its long-term symmetric triangle pattern.

JD predicts that this technical breakthrough could lead to a parabolic increase in the value of XRP, with projections showing a potential increase of up to 600x in a year.

Uncertainty among the XRP community has been further exacerbated by recent developments, including the sudden cancellation of the highly anticipated closed-door meeting between Ripple and the SEC.

Scheduled for August 1, this meeting was canceled just a week after the previous cancellation, fueling speculation that internal regulatory issues at the SEC might affect the progress of the case.

Read Also: KOSPI Index Falls 10%, Biggest Drop Since 2008!

XRP Price Today

Summer: Over

When this article was written on August 5 2024, XRP was trading at IDR 7434, which means it fell by -16.78%. This is quite a big decline considering that recently the price of XRP has been stable and even increased among other crypto coins.

However, the decline is natural because today's crypto market is mostly red.

As the legal battle continues, the future of XRP remains uncertain. While some investors are hopeful that the settlement with the SEC could spark a significant rally, others remain skeptical about the immediate impact on coin prices.

The prolonged consolidation phase and the recent cancellation of important meetings add to the complexity of the situation.

XRP Price Technical Analysis

As mentioned earlier, some technical analysts see a potential increase in XRP prices based on chart patterns. A symmetrical triangle pattern that has been forming for some time is considered a potential indicator for a breakout.

• Breakout Potensial: If the XRP price manages to break through the triangle pattern, there could be a significant price increase. Some analysts predict increases of up to 600% within a year.
• Resistance and Support: It is important to monitor resistance and support levels on the XRP chart. If the price manages to break through a key resistance level, this could be a strong bullish signal.
• Technical Indicators: The use of technical indicators such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Bollinger Bands can provide additional signals about price trends.

Market Sentiment and External Factors

Apart from technical analysis, market sentiment also plays an important role in XRP price movements.

1. Legal Decisions

The final outcome of the Ripple vs. Ripple case The SEC will have a significant impact on the price of XRP. A favorable decision for Ripple could potentially trigger a strong price rally, while an unfavorable decision could cause a price drop.

2. Institutional Adoption

Partnerships with large financial institutions and the use of XRP in global payment systems could increase demand and drive prices up.

3. Crypto Regulation

Changes in cryptocurrency regulations in different countries may affect the price of XRP. Favorable policies can create a better environment for growth, while restrictive policies can suppress prices.

4. Global Market Conditions

Global economic factors such as inflation, interest rates, and geopolitical conditions can also influence the price of XRP.

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Conclusion

The future price of XRP is influenced by various factors, including the outcome of legal cases, technical analysis, market sentiment, and global economic conditions. It is important to conduct a thorough analysis before making an investment decision.

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