Things are Looking Up for Ripple as Lawsuit with SEC Nears End
The second half of September was filled with some thrilling price action for Ripple (XRP). The sixth-largest cryptocurrency recorded a notable trading volume spike as recent developments in the ongoing US SEC vs. Ripple lawsuit rekindled some optimism for XRP investors.
On September 23, the cryptocurrency’s 24-hour trading volume recorded a yearly high of $7.8 billion as the price of the cryptocurrency soared to its highest point since early May at $0.5597.
Why Is XRP Rallying?
The recent rally can easily be attributed to the fact that the ongoing SEC lawsuit against the blockchain payment company is coming to an end. A few weeks ago, both Ripple and the US Securities and Exchange Commission filed for a summary judgment on the long-drawn case, with many expecting the final verdict to be in favor of the defendants.
Such a ruling would have a lasting impact on the price of the cryptocurrency. For instance, XRP broke the $1 mark for the first time in over three years after a judge in the case ruled for critical internal SEC documents to be handed to the defendants.
XRP Price Predictions Running Amok
A recent Finder survey conducted among a panel of 36 industry experts shows that the average price tag for Ripple by 2025 is $3.61, a massive 1,500% from its current price of $0.4600.
This polled result corresponds with data published on Nasdaq, which noted that the average price projection for XRP in 2025 was around $3.66.
Interestingly, the Finder survey showed that investors had a more conservative expectation for the price of cryptocurrency in 2030. The average price expectation for XRP in 2030 by Finder was $4.98.
However, data published on Nasdaq showed a starkly different price expectation, with the 2030 projection sitting around $18.39.
That said, the coming years should be interesting to watch for XRP. The factors most likely to influence the price of the cryptocurrency within the next three to seven years include the outcome of the SEC lawsuit, an IPO by Ripple after the lawsuit is settled, mass adoption of the cryptocurrency and XRP Ledger (XRPL), more partnerships with financial institutions, and CBDC projects by central banks.
XRP Price Action
The recent spike in XRP saw the cryptocurrency retest the $0.5500 resistance, albeit a futile attempt. After that rally, the cryptocurrency dramatically slumped past the $0.4400 support zone but was immediately arrested by a long-serving tripwire.
With the tripwire back in play, the cryptocurrency could see a steady bullish move over the coming weeks, with the $0.5500 mark as the primary target. However, as mentioned earlier, a ruling on the lawsuit could send the cryptocurrency skyrocketing past the $1 mark.
XRP Statistics Data
XRP Current Price: $0.4600
XRP Market Cap: $23B
XRP Circulating Supply: 49.90B
XRP Total Supply: 99.98B
XRP Market Ranking: #6
This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.