Depending on the overall crypto market’s condition—whether it’s bullish, consolidating, or bearish—the price of XRP will be affected. If the market is pumping and looks strong, we could see an even stronger reaction, leading to a trend continuation and a bullish uptrend for XRP.
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Analyst Max Price, is very bullish on XRP in the long term. Despite many challenges, XRP has stayed a top 10 cryptocurrency, which is important. In early 2018, XRP peaked at $3.20 when the total crypto market cap was about $750 billion. Max is currently bearish on XRP in the medium term but believes it could be a great investment next year.
Although XRP has underperformed, Max thinks that if it starts to rally, everyone will quickly jump on board. He predicts the crypto market cap could reach at least $15 trillion by the end of the decade, and his personal target for XRP is $10-20.
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YG Crypto observed that XRP might be gearing up for a breakout, as it consolidates near a support zone of $0.45-$0.473, possibly indicating investor accumulation. If XRP surpasses the resistance of $0.569-$0.592, a bullish breakout could happen. Analyst Myles anticipates XRP breaking out from its consolidation and pushing into a strong bullish trend, potentially reaching $1 to $1.20.
Why Is July An Important Month?
In July 2023, Judge Torres ruled that Ripple’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts. Shortly after, the magistrate dismissed the SEC’s appeal intentions. While CEO Brad Garlinghouse and Executive Chairman Chris Larson were cleared of all charges, the case entered its trial phase in April this year, with a resolution expected soon.
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However, the complexity of the legal process and other factors may prolong the lawsuit indefinitely. The potential penalty on Ripple remains a contentious issue. Initially, the SEC sought a $2 billion fine, but Ripple insisted on no more than $10 million. Recently, the SEC lowered its demand to $102 million, which is very bullish for Ripple.
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