Crypto analyst Egrag Crypto has expressed optimism regarding the performance of XRP.
Ripple is a decentralized payment system designed to transform how traditional money transfer works. Ranked as the fifth-largest digital currency by market value, Ripple (XRP) has seen major developments in 2023, most notably its back-to-back victories in legal battles with the SEC.
Since early December, XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows.
However, recent developments surrounding the possible rejection of Bitcoin Exchange Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) have increased market uncertainty and caused a drop of 10 % in the price of XRP, pushing it towards the $0.500 level.
Legal XRP Price Catalyst
Despite these challenges, one major catalyst could potentially propel XRP to new heights: the ongoing legal clash between Ripple Labs and the SEC regarding XRP sales.
Crypto analyst Egrag Crypto has expressed optimism, stating that a 40X or even 50X boom is possible for XRP, citing the cryptocurrency’s impressive performance in the previous cycle despite the SEC lawsuit. Egrag Crypto stated the following:
“In the last cycle, despite the annoying SEC lawsuit, XRP rose almost 20 times. This time, with its unparalleled legal regulatory clarity, the potential for a 40- or even 50-fold boom looks promising.”
By the numbers, according to Egrag Crypto analysis, at its cycle low of $0.28, a 40x rise could potentially push the price to around $11.
Going further, a 50x jump could see XRP skyrocket to around $14. To put this into perspective, Egrag, compared to Ethereum’s (ETH) previous cycle multiplier of 58X, XRP at $0.28 could reach a staggering $16.
While the future of XRP is promising, Ripple’s lawsuit against the SEC remains a focal point for investors. Understanding the key dates in court proceedings is critical.
Key Dates Revealed for Legal Battle Between Ripple and SEC in 2024
February 12, 2024. Remedies Briefing Begins: Ripple and the SEC will present their respective arguments and proposals regarding potential remedies for the legal dispute on this date. This briefing will provide information on the parties’ positions and suggested resolutions.
March 13, 2024. SEC Files Remedies Report: Following the Remedies Report, the SEC will file a Remedies Report outlining proposed remedies to address alleged violations committed by Ripple. This filing will further clarify the SEC’s stance and the actions they seek against Ripple.
April 12, 2024. Ripple Files Opposition: Ripple will have the opportunity to file its opposition to the SEC’s proposed remedies. They will present their arguments against the SEC’s accusations and offer counterarguments and alternative solutions.
April 29, 2024. SEC responds: The SEC may respond to Ripple’s opposition. They will address Ripple’s arguments and provide additional justification for the proposed solutions.
Currently, XRP price has recovered slightly to the $0.5715 level, with an eye on these key dates that could shape the future, the legal denomination of the token, and its impact on future price action.
While Ripple remains a major player in the cryptocurrency market, it faces new challenges as emerging technologies like Solana gain traction. Despite its established position and loyal user base, Ripple’s ongoing legal battles and increasing competition from newer blockchains have impacted its market position. Investors are now looking beyond Ripple and exploring other cryptocurrencies that promise innovation and growth potential.
By Leonardo Perez
