TLDR
XRP price surged nearly 4%, reaching $0.5577
Analyst EGRAG CRYPTO predicts XRP to hit $1.5 in short-term, $7.5 long-term
Ripple-SEC case developments driving market sentiment
Speculation about SEC missing appeal filing deadline
Overall crypto market showing positive momentum
The price of XRP, the cryptocurrency associated with Ripple, has seen a notable increase, rising nearly 4% to reach $0.5577.
This surge comes as speculation mounts regarding developments in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
A key factor driving market sentiment is the uncertainty surrounding the SEC’s appeal in the Ripple case. There has been discussion about whether the SEC missed a deadline to file a crucial document, known as Form C, in its appeal process.
While initial reports suggested an October 16 deadline, more recent information indicates the SEC may have until October 18 to submit the filing.
Adding to the positive momentum, cryptocurrency analyst EGRAG CRYPTO has made bullish predictions for XRP’s future price.
The analyst forecasts that XRP could reach $1.5 in the short term, with a potential long-term target of $7.5. EGRAG CRYPTO’s analysis points to a possible breakout for XRP within the next 15 to 30 days, citing building pressure in the market.
Thank You @MoonLamboio for sharing #XRP Chart “Max-Max 70 Days”https://t.co/hTGI16fdAd https://t.co/Gj3VPHnxp7
— EGRAG CRYPTO (@egragcrypto) October 15, 2024
The analyst identified a critical resistance level between $0.61 and $0.62, suggesting that if XRP can break through this range, it could trigger a significant price increase.
However, EGRAG CRYPTO also cautioned that failing to surpass what they termed the “Genuine Wake-Up Line” or falling below the “Atlas Line” could indicate a bearish turn for the cryptocurrency.
XRP’s trading volume has also seen an uptick, increasing by 12% to $1.35 billion. The cryptocurrency touched a 24-hour high of $0.5635, reflecting growing market confidence.
Additionally, XRP Futures Open Interest rose by nearly 4% to $781.25 million, according to data from CoinGlass.
The broader cryptocurrency market has been showing signs of strength, with Bitcoin recently crossing the $68,000 mark and experts predicting new all-time highs. This overall positive sentiment in the crypto space may be contributing to XRP’s recent gains.
Ripple’s ongoing legal battle with the SEC continues to be a significant factor influencing XRP’s price movements. The SEC filed an appeal earlier this month, potentially extending the already lengthy legal proceedings.
In response, Ripple has filed a cross-appeal, a move that some market participants view as a sign of the company’s confidence in its legal position.
As the case progresses, investors and market watchers remain focused on any new developments that could impact XRP’s price.
The upcoming U.S. Presidential Election is another factor that some believe could influence market sentiment and potentially drive further gains for XRP and other cryptocurrencies.
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