XRP: Legal Battles, Bullish Bets, and a Potential Breakout

XRP: Legal Battles, Bullish Bets, and a Potential Breakout

The world of XRP is buzzing with activity, from ongoing legal battles with the SEC to analyst predictions of a long-awaited breakout. Here’s a breakdown of the key developments:

 

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Ripple Ramps Up Political Efforts

Ripple CEO Brad Garlinghouse is confident about crypto’s influence in the US elections, believing it will be a “significant force.” Crypto industry leaders, including Garlinghouse, lobbied for pro-crypto regulations, culminating in the FIT21 bill’s passage in the House. The bill aims to shift some oversight from the SEC to the CFTC.

Garlinghouse urged Democrats to abandon “anti-crypto” rhetoric and collaborate with Republicans on fostering innovation.

Calls for SEC Chair Resignation

Pro-XRP lawyer John Deaton renewed calls for SEC Chair Gary Gensler’s resignation, citing the SEC’s approach to crypto regulation as overly harsh and stifling innovation.

XRP Price Predictions

Analysts remain divided on XRP’s future price path. Crypto analyst BarriC maintains his bullish stance, predicting XRP will eventually reach $1,000, citing historical growth patterns of other cryptocurrencies.

Moon Lambo argues XRP’s price lacks sufficient liquidity to break into three figures, and mainstream adoption might only push it to the triple digits. Other analysts like CryptoBull and JackTheRippler offer more moderate predictions, ranging from $100 to $154, potentially after the SEC lawsuit is resolved.

A Potential Breakout After 7 Years?

Crypto analysts Babenski and U-Copy believe XRP is nearing the end of its 7-year accumulation phase. Babenski predicts a significant breakout, with the price potentially surging over 1,200% to touch $6, surpassing its all-time high. U-Copy suggests XRP is nearing the end of a triangular formation and could experience a breakout by December 2024.

XRP on Binance Gets a Boost

Binance listed new trading pairs for XRP, including XRP/MXN, catering to the growing Mexican crypto market. The exchange also launched trading bot services for these pairs, potentially increasing trading activity for XRP.

XRP Price: Mixed Signals

Despite the positive developments, XRP’s price dipped 2% in the past 24 hours, currently trading at $0.52. Trading volume surged by 20%, indicating some short-term interest, but XRP futures open interest declined, suggesting a cautious outlook from some traders.

 

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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