Analysts Predict XRP Price Surge to $2 as SEC’s Credibility Wanes Ahead of Appeal

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.

https://twitter.com/DefendDark/status/1839333634534482289?ref_src=twsrc%5Etfw” rel=”nofollow

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.