TL;DR
- XRP’s value has risen by 3% daily, outpacing other major cryptocurrencies, with multiple analysts setting ambitious price targets.
- The final phase of Ripple’s legal battle with the SEC, which could significantly influence the asset’s price, begins today.
XRP Ready to Take Off?
Most leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have experienced little-to-no substantial price movements in the past 24 hours. However, this is not the case with Ripple’s XRP, whose value has risen by 3% for the same period, briefly soaring to $0.56 (per CoinGecko’s data).
Multiple analysts think this is the start of a major bull run. The X user Dark Defender claimed XRP is “on the verge of a significant pattern, a moment that could shape its future,” arguing that the asset should not be classified as a security.
The analyst presented three “Fibonacci levels” as possible price targets. The most bullish scenario sees XRP trading at as high as $20 in the near future.
EGRAG CRYPTO chipped in, too, maintaining that XRP’s consolidation zone has become a supply zone. “The double bottom formation is giving us a strong bullish signal, and I’m highly confident that the thrust will soon begin,” they added.
The X user advised the XRP army to “stay steady” since a possible price “ignition” is about to start.
Another analyst who shared optimism is Mikybull Crypto. The trader thinks that XRP is currently at a level that “initiates an explosive rally.”
The Ripple v. SEC Trial
One essential element that could fuel an XRP bull run is the resolution of the legal spat between Ripple and the United States Securities and Exchange Commission (SEC). The case enters its final phase with a trial scheduled for today (April 23).
Earlier this year, America’s securities regulator sought a $2 billion fine on Ripple, alleging XRP sales violations. As CryptoPotato reported earlier today, the company gave some important reasons why the penalty should not exceed $10 million.
“We remain confident that the Judge will approach this final remedies phase fairly,” Stuart Alderoty – Ripple’s Chief Legal Officer – said.
Those curious to learn more about the lawsuit between the entities and its impact on the price of XRP, feel free to take a look at our dedicated video below:
