XRP Price Set to Soar as per Analyst

The U.S. Securities and Exchange Commission (SEC) is facing a significant scrutiny following its appeal against a favorable ruling for Ripple Labs regarding XRP. On October 3, 2024, the SEC filed a notice to appeal a 2023 decision by U.S. District Judge Analisa Torres, which stated that XRP is not classified as a security when sold to retail investors on exchanges. This ruling had been seen as a victory for Ripple and the broader crypto industry. Amid this situation analysts believe that Ripple can reach its new all-time highs.

🚨 BREAKING:

THE SEC IS NOW UNDER MASSIVE SCRUTINY FOLLOWING ITS #XRP APPEAL WITH AN ANALYST PREDICTING RIPPLE WILL HIT A NEW ATH REGARDLESS! ⚖️https://t.co/CefddBWLU7 pic.twitter.com/ynLNQLav9t

— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) October 8, 2024

Ripple’s CEO Brad Garlinghouse criticized the SEC’s appeal as “irrational”, asserting that XRP’s status as non-security is established law. He emphasized that Ripple is prepared to defend itself vigorously in court. Chief Legal Officer Stuart Alderoty echoed his sentiments, expressing disappointment at the SEC’s actions and suggesting the possibility of a cross-appeal.

Ripple could reach a new All-Time Highs

Despite the SEC’s legal maneuvers, analysts predict that XRP could reach a new all-time highs (ATH) regardless of ongoing legal battle. Following the SEC’s announcement, XRP’s value dropped by over 9%, but market experts remain optimistic about its long-term potential.

Analysts highlight that XRP’s price is closely aligned with key higher timeframe moving averages, suggesting bullish trend similar to 2016. Analyst believes that potential factors, like Donald Trump’s re-election and current fundamentals, could drive XRP to new all-time highs. Analysts also assert that the XRPETH and XRPBTC charts indicate this is not the onset of prolonged bear market but rather a moment of potential capitulation at valued price levels, presenting opportunities for informed investors.

Also Read: BingX Hack: 700 Tokens Recovered, Platform Operations Resume