Starting from December, the XRP price has remained within the range of $0.5762 to $0.6565, showing limited movement compared to other altcoins that have experienced notable increases driven by heightened inflows of market capital.
Nevertheless, recent events related to the possible rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have intensified market uncertainty. This development led to a 10% decline in the XRP price, pushing it down towards the $0.500 level.
Legal Developments Impacting XRP Price
Despite the obstacles faced, a noteworthy catalyst that could propel XRP to unprecedented levels is the ongoing legal battle between Ripple Labs and the SEC concerning XRP sales.
Crypto analyst Egrag Crypto has expressed optimism, suggesting that a potential surge of 40X or even 50X is feasible for XRP. This optimism is rooted in the cryptocurrency’s impressive performance in the previous cycle, even amidst the SEC lawsuit. According to Egrag Crypto’s analysis, starting from its cycle low of $0.28, a 40X surge could potentially drive the price to approximately $11.
Expanding on this, a 50X increase might witness XRP reaching around $14. To offer context, Egrag compared this with Ethereum’s (ETH) previous cycle multiplier of 58X, indicating that XRP at $0.28 could potentially achieve an impressive $16.
While the future of XRP shows promise, investors are closely monitoring the Ripple vs. SEC lawsuit. Understanding the key dates in the legal proceedings is imperative. Here is a breakdown of the upcoming milestones:
Critical Dates Unveiled for the Ripple-SEC Legal Dispute in 2024
12th February 2024: Commencement of Remedies Briefing – Ripple and the SEC will articulate their respective arguments and proposed solutions concerning potential remedies for the ongoing legal dispute on this date. This briefing will shed light on the positions of the parties involved and the resolutions they suggest.
13th March 2024: Remedies Brief Submission by the SEC – Following the remedies briefing, the SEC will submit a document outlining the proposed solutions to rectify the alleged violations committed by Ripple. This submission will further elucidate the SEC’s stance and the actions they are seeking against Ripple.
12th April 2024: Ripple’s Submission of Opposition – Ripple will present their opposition to the SEC’s proposed remedies, offering arguments against the SEC’s allegations. They will provide counterarguments and propose alternative solutions during this stage.
29th April 2024: SEC’s Response – The SEC will have the opportunity to reply to Ripple’s opposition, addressing Ripple’s arguments and offering additional justification for their proposed remedies.
Presently, the XRP price has experienced a modest recovery, reaching the $0.5715 level. Attention is focused on pivotal dates that may significantly influence the token’s legal classification and subsequent impact on future price movements.
Image credit: Shutterstock, Chart source: TradingView.com
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