Today, XRP price has surpassed the $0.56 mark, with optimism running high amid speculation that the SEC missed the “deadline” for filing Form C in Ripple’s SEC lawsuit appeal. Amid the ongoing rally, a prominent cryptocurrency market expert has expressed optimism about Ripple’s native cryptocurrency. The analyst predicts that the cryptocurrency could reach $1.5 in the short term, further boosting market confidence.
Top Analysts Predict Strong XRP Price Growth in the Future
XRP has seen a lot of volatility in recent trading amid the ongoing tension in Ripple’s SEC case. As a backdrop, the U.S. Securities and Exchange Commission (SEC) filed an appeal earlier this month that could extend the protracted battle. In response, Ripple also filed a cross-appeal, which boosted market sentiment and indicated that the company is confident in the legal battle.
However, in the midst of this, well-known cryptocurrency analyst EGRAG CRYPTO predicts that XRP price will rise sharply, with a target price of $1.4679. In a recent X post, EGRAG shared a bullish cryptocurrency chart and predicted a strong rebound in the coming days. According to his analysis, driven by increasing pressure, XRP is expected to break out in the next 15 to 30 days.
Meanwhile, EGRAG has identified a critical resistance level between $0.61 and $0.62, which, if breached, could spark a significant price surge. Notably, he said the cryptocurrency is currently consolidating within an overlapping triangle pattern indicating tension between buyers and sellers.
Furthermore, the analyst’s long-term predictions for the cryptocurrency further fueled the optimism. As a background, he also said that in the long run, Ripple’s native cryptocurrency could reach the $7.5 mark, with a short-term target of $1.5. However, it is worth noting that a failure to break above the “True Wake Line” and falling below the “Atlas Line” could signal a bearish turn.
Will the price continue to rise amid Ripple’s SEC case?
As of writing, XRP prices are up nearly 4% today, trading at $0.5577, while its daily trading volume has surged 12% to $1.35 billion. The cryptocurrency hit a high of $0.5635 in the past 24 hours, indicating growing market confidence. Additionally, XRP futures open interest rose nearly 4% to $781.25 million, according to CoinGlass data.
However, despite EGRAG CRYPTO’s recent rally and optimistic forecasts, some investors remain wary. Market participants are closely watching the Ripple SEC case for potential clues on the future direction of cryptocurrencies.
For context, today’s optimism initially surged following speculation that the SEC had missed its deadline for filing a Form C in its appeal. Commenting on the legal dispute, Ripple CLO recently said the agency’s deadline was October 16, but the regulator had yet to submit any documents.
Nonetheless, as highlighted by Fox News reporter Eleanor Terret, recent discussions suggest that the SEC may have to file FORM C by October 18. For context, if the “14-day deadline” begins on the date of the appeal docket (i.e., October 4), then the agency’s deadline could be Friday.
Meanwhile, despite the legal developments, many in the market remain optimistic. For example, Bitcoin recently broke through the $68,000 mark, with experts predicting that the cryptocurrency will hit new highs. Following closely behind, other top altcoins have also seen gains recently, indicating strong market confidence. In addition, many investors say that the "Uptober" rally has begun.
That being said, currencies like XRP could continue to rise on the back of positive market sentiment. Additionally, the upcoming U.S. presidential election could also boost sentiment and push Ripple’s native cryptocurrency to its target level of $1.5.
