Is XRP Going to Skyrocket? Latest SEC Ruling Could Be a Game-Changer
Key Points
- The United States (Securities and Exchange Commission) has dropped the long-running legal dispute against Ripple, the company backing XRP.
- The crypto analysts predict that XRP may reach $31.34
- Currently, the XRP is holding around $2.95, and the overall trend remains bullish.
The United States SEC (Securities and Exchange Commission) has dropped the long-standing legal dispute against Ripple, the company backing XRP. The decision is seen as a game-changer for XRP, as the cryptocurrency currently has a market cap of $171 billion. In terms of market capitalization, it’s just behind Bitcoin and Ethereum. Amidst the favourable decision, currently, XRP is hovering around $2.95.
Why the SEC Ruling on XRP Could be a Game-Changer?
In the past month, the U.S. Securities and Exchange Commission (SEC) dropped its long lawsuit against Ripple Labs. Ripple Lab is the company behind the cryptocurrency XRP. The legal battle started back in 2020. The ending of the long, drawn-out battle is seen as a game-changer for XRP. The decision puts XRP in a favourable investment position. Along with the SEC ruling, the recent data and crypto market sentiments are pointing towards a possible consolidation and breakout.
Is XRP Going to Skyrocket? What Does the Latest Data Show
The XRP is showing a bullish trend with its value hovering around $2.95. The market capitalization is about $171 billion. The daily uptick of 2% is showing in the market. The optimism around cryptocurrency is driven by the real-world asset creation possibilities offered by XRP and larger macroeconomic trends.
The crypto analysts are predicting skyrocketing prices. EGRAG Crypto, the famous crypto analyst, predicted that XRP would reach $31.34. At such a high valuation, the cryptocurrency will have an impressive $1.8 trillion market capitalization. The prediction is based on fibbocci extension and by analysing the past bullish trajectory of the XRP.
Back in 2018, XRP hit around $3, followed by a steep downward path in 2020. But the currency consolidated in the years that followed and broke out in 2024. According to analysts, the aforesaid cryptocurrency is expected to follow a similar multi-year consolidation and breakout this time as well.
The analysts have identified critical points. They include $3.52, $15.23, and skyrocketing to $31.34. The $3.52 is the nearest breakout point, $15.23 is the mid-range critical point based on fibbocci extension, taking cue from the past price trajectory. Analysts and investors remain cautious as the prices of cryptocurrencies remain highly volatile. Factors affecting the prices of XRP include the changing regulatory framework, real-world asset creation backed by XRP, and institutional investments. As long as the fundamentals remain strong, according to experts, XRP can reach the predicted levels. But losing the current support level will dampen the hopes.
| Breakout Point | Price Level | Significance | Market Cap at This Level (Est.) |
|---|---|---|---|
| Nearest Breakout | $3.52 | Immediate resistance zone after current $2.95 levels | ~$204B |
| Mid-Range Critical Point | $15.23 | Based on Fibonacci extension & past trajectory | ~$883B |
| Skyrocketing Target | $31.34 | Long-term Fibonacci extension target | ~$1.8T |
Why Investors Flag Caution?
The prices are always volatile. Current interest in XRP is driven by its real-world payment utilities. But, as new competitors begin emerging with more utilities such as banking transactions, cross-border transactions, and remittances, interest in XRP may decrease. Other factors like changing regulatory regimes, technical reversals, and fluctuations in market optimism can also influence the investment trends of XRP.
Crypto & Blockchain Expert