Analysts Predict XRP Price Surge to $2 as SEC’s Credibility Wanes Ahead of Appeal
Highlights
- Crypto enthusiast Danny suggested that the SEC may avoid appealing the Ripple case, highlighting the agency's lost credibility amid growing institutional support for blockchain and crypto.
- The XRP Price is just 2% away from challenging the multi-year resistance trendline.
- A potential breakout from the overhead trendline will accelerate the bullish momentum and signal the end of the major accumulation trend.
The XRP price showed a neutral candle formation for over a week, struggling to surpass the multi-year resistance. This consolidation displaying multiple short-bodied candles with long wicks indicates a lack of initiation from buyers or sellers. The uncertainty can be attributed to crypto investors closely monitoring any SEC updates and regulatory shifts before a directional move.
Analysts See XRP Price Rally to $2 as SEC’s Credibility Erodes Before Appeal
In a recent tweet, crypto enthusiast Danny (@defiphvntom) sparked a heated debate about the potential SEC appeal regarding XRP on October 7th.
According to Danny, the SEC has lost credibility, and as XRP and the broader crypto market continue to gain traction, “their only saving grace is finalizing their decision to not appeal.”
The SEC has been embroiled in a long legal battle with Ripple, the company behind XRP, over whether the cryptocurrency qualifies as a security. As Danny highlights, U.S. elections are just 40+ days away, followed by mandatory ISO 20022 implementation in 2025, which could further solidify the use of blockchain technology across the banking sector.
The tweet further mentioned that institutional asset managers are bullish on crypto, and with banks’ growing interest in tokenization and blockchain use cases, the industry would continue to grow.
With the potential for new regulations supporting crypto looms, Danny hints the SEC is less likely to appeal.
XRP Inches Away From Major Breakout
By press time, the XRP price traded at $0.587, with an intraday loss of 0.56%. The modest pullback hints at the continuation of its 10-week consolidation and struggle to breach the overhead trendline intact since September 2021.
The coin price is just 2% away from challenging the overhead trendline. Crypto analyst Dark Defender pointed to the descending trendline, suggesting that a breakout from this resistance level is imminent.
A Star is formed, and we will see the nebula’s light.$XRP breakout is imminent.
Get ready, #XRPArmy. pic.twitter.com/01EkhNwk1L
— Dark Defender (@DefendDark) September 26, 2024
If successful, the XRP price could surge 61% to challenge the $0.93, followed by an extended rally to $2.
On the contrary, if the XRP price failed this breakout, the sellers could drive a sharp correction with renewed selling pressure.
Frequently Asked Questions (FAQs)
1. Why do analysts predict XRP’s price could surge to $2 as the SEC’s credibility falters?
2. Why is the XRP price consolidation happening?
3. What is the significance of the overhead trendline for XRP?
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