A U.S. court, led by Judge Torres, has ruled that XRP is not a security as claimed by the SEC. This decision is poised to have an impact on XRP’s market, with the provided regulatory clarity.
Moreover, this will potentially attract large investors who were previously deterred by the ongoing lawsuit. Doctor Profit, a top XRP investor, shared his perception of this ruling and XRP’s future trajectory.
Related: Ripple Wins Lawsuit Against SEC, To Pay $125 million in Civil Penalties: XRP Price Pumps
XRP’s Resilience and Potential
Doctor Profit highlighted the crypto’s historical resilience and future potential. XRP has solidified its position among the top cryptos by market cap for the past decade, alongside Bitcoin.
Despite a 75% crash in 2020 due to the SEC lawsuit, XRP has shown strength. The coin’s price shifted between $0.42 and $0.72 over the past year, showing stability amid regulatory challenges.
$XRP – The Big Report:Everyone who knows me understands that I'm a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
— Doctor Profit (@DrProfitCrypto) August 7, 2024
The European Central Bank and the Bank of America are just two of the more than 300 financial institutions with which XRP has partnered to demonstrate its strategic significance.
Doctor Profit underlined that, given the European Central Bank’s intention to introduce the CBDC by year’s end, XRP is essential to the adoption of central bank digital currencies.
Implications of the SEC Ruling
The recent court ruling marks a turning point for XRP. This decision eliminates the primary legal hindrance to XRP’s growth, particularly during the 2021 bull market.
According to Doctor Profit, this ruling opens the door for the possibility of an XRP ETF, which could further enhance its market appeal. He predicts that XRP, alongside Bitcoin and Ethereum, could be among the first cryptos to receive ETF approval.
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Where XRP Price Might Be Headed
Doctor Profit’s analysis suggests that XRP’s price is about to break out. The diagonal resistance from 2017, which has resulted in six rejections, remains a critical level.
However, breaking through the $0.72 resistance, combined with the bullish news, could trigger a substantial rally. Doctor Profit anticipates XRP reaching targets above $1 by Q1 2025, with potential targets of up to $16 if it replicates the 60,000% breakout seen in 2017.
Doctor Profit remains bullish on XRP, holding his investments and buying more during market dips. His key buy zones are between $0.38 and $0.44, where he has been accumulating XRP over the past few months.
He forecasts best-case price targets between $16 and $20 within a year, with worst-case scenarios ranging from $4 to $7.
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