The protracted legal conflict between the US Securities and Exchange Commission (SEC) and Ripple has finally reached a conclusion with Judge Analisa Torres issuing a judgment on August 7. With the lawsuit no longer looming, crypto analyst CrediBULL Crypto forecasts that the price of XRP could soon surpass its all-time high (ATH).
CrediBULL Crypto shared on X (formerly Twitter) that the conditions are optimal for an “inevitable mega run” for XRP. He emphasized that it’s not a question of if XRP will hit a new ATH, but rather when it will happen. XRP’s current ATH sits at $3.84, suggesting the possibility of the crypto token rising above this level soon.
Prior to this development, other crypto analysts, including RLinda, pointed out that the resolution of the SEC and Ripple case could act as a significant catalyst for a dramatic increase in XRP’s value. RLinda suggested that this event would provide XRP with a “second life” to successfully break through crucial resistance levels.
Crypto analyst JackTheRippler had even more audacious predictions, asserting that XRP could soar to $100 following the lawsuit’s conclusion. Analyst Common Sense Crypto also weighed in, proposing that the resolution could pave the way for the creation of a Spot XRP ETF, which could trigger an exponential surge in XRP’s value.
This legal battle, which commenced in December 2020, is widely believed to have stunted XRP’s growth, particularly during the 2021 bull market when the crypto token failed to achieve substantial gains or come close to its ATH. However, Judge Torres’ judgment seems poised to change that dynamic, at least temporarily, though the possibility of an appeal remains.
Judge Torres imposed a $125 million penalty on Ripple for securities law violations and issued an injunction against future breaches. Notably, this penalty is considerably less than the nearly $2 billion fine initially sought by the SEC. The court also ruled that the SEC cannot prohibit Ripple’s On-Demand Liquidity (ODL) sales.
Crypto analyst Mikybull Crypto remarked that the current rally in XRP’s value following the court’s ruling is just beginning, urging market participants to brace themselves for the forthcoming excitement. XRP holders are hopeful that the optimism surrounding the end of the lawsuit will propel XRP above $1 in the short term, a move that would boost investor confidence in reaching the ambitious targets set by analysts.
It is important to note that XRP previously failed to break the $1 resistance when Judge Torres ruled last year that the crypto token wasn’t a security. Therefore, XRP’s upcoming price movements will be closely monitored.
At the time of writing, XRP is trading at approximately $0.60, representing an increase of over 18% in the past 24 hours, according to data from CoinMarketCap.
