Ripple’s XRP faces issues from three sides: the US Securities and Exchange Commission, price fluctuations, and predictions by analysts. The token was down by 0.44% in the last 24 hours, at the time of drafting this article. While that still represents a jump of 13.50% in the last 7 days, the question remains if XRP will ever make a comeback from the fall.
XRP ended Tuesday’s market at $0.6877. It is at $0.6925. There is not precisely a huge difference. Slight, certainly; however, it would need a larger margin to make an impact.
XRP’s Legal Battle Heats Up
It all comes down to the Programmatic Sale of XRP. Judge Analisa Torres ruled in July 2023 that the token sale did not satisfy the third prong of the Howey Test. That instills determination in the agency to pursue the case further. Ripple and the Commission have not yielded any major updates this week to date. They would not settle so conveniently.
Coinbase versus the SEC will better shed light on how things roll out with Ripple. Coinbase filed a Motion to Dismiss in August 2023, challenging the SEC’s right to take control over the tokens and their offerings. Per statements, the Commission lacks statutory authority to regulate crypto exchanges. If successful, it would set a precedent for Ripple versus SEC.
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The agency is expected to file remedy-related briefs by March 22, 2024, and Ripple is expected to do the same maximum by April 22, 2024.
Price Volatility and Short-Term Fluctuations
Speculation around Ripple versus SEC will prevail over the market, setting sentiments to affect the XRP price. The token is currently dancing around the resistance level of $0.6600, poised to surpass $1 by the end of this year or next year if the bullish run continues after Bitcoin Halving.
The bull run is simultaneously visible on Litecoin’s LTC. The token is up by 0.35% in the last 24 hours, exchanging hands at $98.10 at the time of writing this article. The prediction is that altcoins will eventually break out amid the vine of owning a piece of BTC, a dominant yet expensive token.
However, actual profits are expected to be rolled out only when XRP does more than 2,600% against Bitcoin in comparison to the peak of 2017. Ripple and Litecoin are leading in social dominance with 2.24% and 1.2%, respectively. This is imperative because it goes on to signal how much rise a token can expect. XRP and LTC are now the top performers, with more than a 13% increase in market activity data, behind only Tron.
Looking Ahead: Long-Term Outlook for XRP
The psychological level of XRP is set at $0.6600; breaking the barrier can open the gates to touch the mark of $0.6400, followed by an undesirable level of $0.6000. The future will be affected by two scenarios: a favorable verdict for Ripple and a favorable verdict for the SEC.
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Clearly, the first scenario results in an increase in XRP’s value, whereas the second scenario collapses the cryptocurrency market. XRP remains the favored token to reach $1 as soon as possible. Continued volatility and XRP’s price stability are elements to be wary of.
Ending notes
There is uncertainty about what happens in the legal battle between Ripple and the SEC. XRP will be impacted if the Commission snatches the verdict, putting the burden on Bitcoin Halving to drive prices at a macro level for the crypto sphere. Traders, new or experienced, are recommended to consider several risks involved in crypto trading, XRP included.
