The long-running legal battle between the U.S Securities and Exchange Commission (SEC) and Ripple eventually ended up like this The judgment of Judge Analisa Torres on August 7. Now that the lawsuit is over, crypto analyst CrediBULL Crypto predicts that the XRP price could soon surpass its all-time high (ATH).
XRP price is set for a “mega run” to new ATH
CrediBULL Crypto mentioned in an X (formerly Twitter) after that the stage has been set for an “inevitable mega run for XRP. The analyst added that XRP reaching a new ATH is a matter of when, not if. XRPs current ATH is at $3.84, which means the crypto token could soon rise above this price level.
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Previously, crypto analysts like RLinda had done the same marked the conclusion of the case between the SEC and Ripple as one of the catalysts that could spark a massive rally for XRP. She claimed that this event would give XRP a ‘second life’ to achieve a successful break above critical resistance levels.
Crypto analyst JackTheRippler predicted that XRP would rise as high as $100 once the case between the SEC and Rippled ended. Crypto analyst Common Sense Crypto too alluded to to the lawsuit and outlines why XRP can reach $100. The analyst suggested that the conclusion of the case will lead to the launch of a Spot XRP ETF, which could trigger such a parabolic rally for XRP.
This lawsuit began in December 2020 and is believed have hampered XRP’s growth, especially during the 2021 bull run when the crypto token failed to post significant gains or even come close to breaking its ATH. However, that appears to be changing now that Judge Torres’ ruling has ended the lawsuit, at least for now, and an appeal is still possible.
Judge Torres imposed a $125 million fine on Ripple for violating securities laws and an injunction against future violations. However, the $125 million is far below the fine of almost $2 billion SEC had initially proposed. The court also ruled that the SEC cannot ban Ripple’s On-Demand Liquidity (ODL) sales.
XRP is just getting started
Crypto analyst Mikybull Crypto stated that XRP’s current rally following the court ruling has only just begun, as he urged market participants to prepare for the “real fun.” Whatever happens, XRP holders will hope that the excitement over the end of the lawsuit can help push XRP above $1 in the near term.
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Such a move will undoubtedly increase these investors’ confidence that XRP can reach the expected heights these analysts say it will reach. It is worth mentioning that XRP then failed to break the $1 resistance Judge Torres stated last year that the crypto token was not a security. As such, Price action of XRP will be one to watch.
At the time of writing, XRP is trading around $0.60, up over 18% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com