“XRP may be thrown in the choppy sea”

Bitget chief analyst Ryan Lee evaluated the course of the XRP price along with the developments between the SEC and Ripple.

According to crypto analyst Lee, the latest objection made by the US regulatory body SEC against Ripple may distance market participants from XRP in the short term. The analyst thinks that XRP, which is classified as a “risky asset” due to the litigation processes, will start to lose blood.

Referring to the speculations that XRP will rise, Lee argued that the popular altcoin will not be able to rise amid the current uncertainties. The analyst predicted that the XRP price will fluctuate between $ 0.50 and $ 0.80.

Bitget crypto analyst Ryan Lee argued that the $XRP price will not exceed $ 0.80 for the rest of 2024.

The SEC's move against Ripple shook the crypto market. The SEC appealed the case, which resulted in Ripple's victory. The move was met with a response from Ripple that “we will continue to fight.”

The SEC did not appeal the decision that XRP was not a security. In its appeal, the SEC asked the court to review the decision regarding Ripple’s $XRP sales on exchanges and the personal sales of Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

The legal process, which is considered by the XRP community to have “no major impact,” could affect the XRP price, according to Lee. The analyst thinks that legal uncertainty will increase price volatility in the popular altcoin.

Lee noted the following;

“The price of XRP is likely to fluctuate between $0.50 and $0.80 by the end of the year, but this forecast is highly dependent on regulatory developments, especially in the US market, and changes in the crypto market.”

Ripple’s chief legal officer Stuart Alderoty claimed that the litigation processes will extend until July 2025.

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