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09/08/24
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XRP Poised for Surge as SEC Lawsuit Ends: Analysts Predict Record Highs
The protracted legal showdown between the U.S. Securities and Exchange Commission (SEC) and Ripple has come to a conclusion, following the significant ruling by Judge Analisa Torres on August 7. Analysts are now poised to anticipate a potential surge in the price of XRP, with predictions suggesting that it could soon breach its all-time high of $3.84.
Market analysts have been vocal about the favorable conditions following the lawsuit’s resolution. One prominent crypto analyst indicated that XRP is on the brink of what could be described as a major upward movement. The consensus among experts is that the token’s achievement of a new record high is no longer a question of “if,” but rather “when.” This optimism is largely fueled by the belief that the end of the legal disputes will enable XRP to overcome critical resistance levels that have historically suppressed its price.
The lawsuit, which began in December 2020, has been a significant barrier to the growth of XRP, particularly during the bullish trends of 2021. Many analysts believe that the outcome of the case has revitalized XRP’s prospects and could trigger a significant rally. Predictions range widely, with some suggesting that XRP could see valuations as high as $100, driven by developments such as the potential launch of a Spot XRP ETF.
Despite Judge Torres imposing a penalty of $125 million on Ripple for securities law violations, this figure is considerably less than the nearly $2 billion initially sought by the SEC. Additionally, the court ruled that Ripple’s On-Demand Liquidity (ODL) sales cannot be restricted by the SEC, further boosting sentiment around XRP.
As the market reacts to this latest news, XRP is currently trading around $0.588, reflecting a notable decline of over 3% in the past 24 hours, having traded as high as $0.6416 within the period, per CoinMarketCap data. Investors are closely monitoring XRP’s performance, eager for signs that the recent legal resolution could propel the token beyond the crucial $1 mark in the short term, a threshold it previously struggled to overcome.
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