The recent XRP news surrounding the SEC vs. Ripple lawsuit saw the US SEC Appeal the Southern District Judge Analisa Torres’ July 2023 and August 2024 ruling. But all of that might be irrelevant as this expert trader and analyst forecasts that XRP price could hit $120 in this bull cycle and “melt faces.
XRP Price is up 0.53% Today
On Tuesday, October 8, Ripple price is up 0.53% and trades at $0.530, in a period of low volatility for the fifth consecutive day after a 9.80% crash on October 2. Since then, Ripple has consolidated in a 7.72% range, extending from $0.506 to $0.545.
XRP News: Ripple vs. SEC Lawsuit Update
The US Securities and Exchange Commission (SEC) filed the “notice of appeals” on October 2, as a result, XRP price crashed 9.80%. The major development since then is Ripple (XRP) community filing a petition in disagreement to the SEC’s decision to appeal the July 2023 and August 2024 ruling. This petition has received 8,500 signatures since its filing on October 3.
In an adjacent development, Moon Lambo notes that the Ripple on September 9 and a month later was almost the same at $0.52. Due to this, the analyst adds that the market does not care about the SEC’s appeal.
On 9/6/24 $XRP price was $0.52. Right now, 1 month later, $XRP is just over $0.53.
The market has declared: The SEC appeal in the Ripple case DOES. NOT. MATTER.
— Moon Lambo (@MoonLamboio) October 6, 2024
Expert Analyst Predicts XRP Price to Hit $121 This Bull Cycle
Amonyx, a popular analyst posted on X to his 100K followers his take on what XRP price could do next. In his analysis, Amonyx showed how Ripple price is nearing the end of a 6.8-year downtrend and a breakout could trigger a volatile rally.
The expert also takes cues from the 2017 bull run. In this cycle Ripple price shot up 110,466% from $0.003 to $3.31 after four-year consolidation. Considering the 6.8-year downtrend that has been persistent since then, Amonyx hints that a similar uptrend could ensue for Ripple and could propel XRP to $121.
For XRP to reach this target of $121, it would need to inflate by 22,730% from the current price of $0.530.
With the short-term outlook bearish, investors need to be patient to get better buying opportunities. Furthermore, Bitcoin also looks ready to slide lower after a failed attempt to push through the $64K hurdle. From a long-term perspective, however, the bullish scenario is preserved unless BTC fails to hold $55K.
Frequently Asked Questions (FAQs)
The current XRP price is $0.530, with a 0.53% increase today.
The SEC appeal led to a 9.80% crash in XRP price on October 2, but the market seems to have stabilized since then, with analysts suggesting that the market doesn’t care about the SEC’s appeal.
Experts predict XRP could reach $121 in this bull cycle, driven by the end of a 6.8-year downtrend and a potential breakout, which would require a 22,730% increase from the current price.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/expert-trader-forecasts-xrp-price-will-melt-faces-when-it-hits-120/
✓ Share: