XRP Price Projection: Analyst Envisions Potential 50X Surge To $14, Here’s Why
04 Januar 2024 - 4:00AM
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Since the beginning of December, the XRP price has been range-bound
between $0.5762 and $0.6565, lagging behind other altcoins that
have seen significant gains due to increased market capital
inflows. However, recent developments surrounding the
potential rejection of Bitcoin exchange-traded fund (ETF)
applications by the US Securities and Exchange Commission (SEC)
have added to market uncertainty and triggered a 10% drop in the
XRP price, pushing it toward the $0.500 level. XRP Price Legal
Catalyst Despite these challenges, a significant
catalyst could potentially propel XRP to new heights—the
ongoing legal clash between Ripple Labs and the SEC regarding XRP
sales. Related Reading: Arbitrum Reaches Major Milestone In
TVL As Price Rallies Crypto analyst Egrag Crypto has expressed
optimism, stating that a 40X or even 50X boom is possible for XRP,
citing the impressive performance of the cryptocurrency in the
previous cycle despite the SEC lawsuit. Egrag Crypto stated: Last
cycle, despite the pesky SEC lawsuit, XRP surged almost 20X. This
time, with its unparalleled legal regulatory clarity, the potential
for a 40X or even 50X boom seems promising By the numbers,
according to Egrag Crypto’s analysis, at its cycle low of $0.28, a
40X surge could potentially push the price to around $11.
Taking it further, a 50X leap might see XRP soar to around $14. To
put this into perspective, Egrag, compared with Ethereum’s (ETH)
previous cycle multiplier of 58X, XRP at $0.28 could reach an
astounding $16. While XRP’s future holds promise, the Ripple
vs. SEC lawsuit remains a focal point for investors. Understanding
the key dates in the legal proceedings is crucial. Here is a
breakdown of the upcoming milestones: Key Dates Revealed For
Ripple-SEC Legal Battle In 2024 12th February 2024: Remedies
briefing begins: Ripple and the SEC will present their respective
arguments and proposals regarding potential remedies for the legal
dispute on this date. This briefing will provide insights into the
parties’ positions and suggested resolutions. 13th March 2024: SEC
files remedies brief: Following the remedies brief, the SEC will
submit a remedies brief outlining their proposed solutions to
address the alleged violations committed by Ripple. This filing
will further clarify the SEC’s stance and the actions they seek
against Ripple. 12th April 2024: Ripple submits opposition: Ripple
will have an opportunity to present their opposition to the SEC’s
proposed remedies. They will outline their arguments against the
SEC’s allegations and offer counterarguments and alternative
solutions. 29th April 2024: SEC replies: The SEC will be able
to respond to Ripple’s opposition. They will address Ripple’s
arguments and provide additional justification for their proposed
remedies. Related Reading: Why The Crypto Flash Could Be The Buy
The Dip Moment Currently, the XRP price has recovered slightly to
the $0.5715 level, with an eye on these key dates that could shape
the future, the legal denomination of the token, and its impact on
the future price action. Featured image from Shutterstock,
chart from TradingView.com
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