Driven by renewed investor enthusiasm, XRP’s price increased by more than 6% today as a result of a broader recovery in the cryptocurrency market. Speculation is also building that the Ripple SEC case will be thrown out, particularly given the US SEC’s changing posture toward the crypto ecosystem.
A top analyst, though, dismissed worries about the lawsuit impacting XRP, confidently forecasting the cryptocurrency’s value to hit $8 no matter what the case yields.
What Comes Next After XRP’s Price Surged 6%?
Even though XRP’s trading volume declined by 32% to $5.16 billion, it still achieved an impressive 6.25% increase, trading at $2.15. XRP traded within a range of $2.21 and $2.02 over the last day.
The XRP Futures Open Interest has also increased by 7%, as reported by CoinGlass, which indicates a recovering market confidence. This was previously a worrying sign of a bearish market.
Market analyst CasiTrades predicts the end of the correction phase for XRP, suggesting the next major resistance level will be around $2.20. Should XRP rise above $2.50, there is potential for further appreciation.
Even though the market sentiment is optimistic, the crypto community continues to feel exasperated over the US SEC’s lack of action regarding the Ripple lawsuit.
Even after dropping a number of other major crypto cases during this week, the SEC’s silence regarding XRP is deafening. Legal expert John Deaton recently published an article advocating for a settlement and explaining why it will lead to the case being resolved quicker.
Will Ripple SEC Case Have An Impact On XRP’s Price?
Market expert Dark Defender appears to be very confident in his position that due to the the Ripple SEC case, XRP will rise to $8. This forecast comes after the coin’s recovery today, which indicates the bullish sentiment of XRP investors despite the negative factors surrounding the ecosystem.
Moreover, Dark Defender explained that, in his opinion, XRP is approaching the lowest Fibonacci level of its 4th wave, and the price is likely to enter into the range of $5 to $8 during the 5th wave. This prediction is extremely likely considering the market’s current circumstances.
Important Levels To Monitor
Experts have identified crucial price levels to keep track of as XRP appears to be recovering. Analyst Ali Martinez argues that XRP’s new support at 1.65 is necessary for the asset to continue trending upwards.
At the same time, Rose Premium Signals said that XRP is in a retracement period and is likely to rally after retesting the $1.2578 support leading to a bullish breakout. Should this come to fruition, price targets of $3.01 and $4.22 are possible.
With such positive assumptions, XRP seems likely to rally. One expert prediction suggests that Ripple could reach 320 by 2026 which is a substantial topic of debate in the market.
