By Nermeen Nabil Khear 
TL;DR
- The latest news on the Ripple v. SEC front pushed the asset to as high as $2.60 before settling at $2.48, fueling excitement across the XRP community.
- Some analysts foresee a breakout to $5+ for the price of the company’s native token, while others warn of a potential correction due to past “sell the news” patterns.
Time for a Parabolic Surge?
Ripple’s CEO Brad Garlinghouse took center stage on March 19, announcing that the US Securities and Exchange Commission (SEC) has dropped its appeal against the company.
The huge victory for the crypto firm triggered real euphoria across the XRP Army, while the price of the native token soared from $2.30 to $2.60 in a matter of minutes. In the following hours, though, the valuation retraced to the current $2.50 (per CoinGecko’s data).
Somewhat expected, the breaking news and the subsequent price resurgence have caused pro-XRP analysts to envision further gains in the near future. The one using the X moniker Dark Defender claimed that Ripple’s win has cleared the skies for a rally to a new all-time high of over $5.
CRYPTOWZRD also gave their two cents, describing March 19 as “a significant day” due to the SEC’s decision to terminate the legal battle with Ripple. The analyst now expects to see “a strong bullish move” from the XRP/BTC trading pair.
“A breakout will help XRP become strongly bullish in a very short period of time and get an impulsive spike upside. $2.80 is the next resistance target here, although BTC will still play a significant role tomorrow. My focus will remain on the lower time frame chart to get the next scalp opportunity,” they added.
How About a Potential Correction?
XRP’s price has indeed soared after Garlinghouse’s announcement, but its surge was not as impressive as many would have expected. After all, the valuation exploded by much more substantial percentages in the past when the developments in the lawsuit were seemingly less favorable for Ripple.
This might be so because the element of surprise was missing. Over the past several weeks, well-known legal experts and market observers have suggested that the case’s official end might be incoming. Earlier this month, former White House official Anthony Scaramucci even placed the lawsuit among those that the SEC had already dropped.
XRP is also not immune to the “buy the rumor, sell the news” effect. Its price experienced a bull run in the few months after the US presidential elections in November last year and peaked at almost $3.40 in mid-January (just ahead of Trump’s inauguration as America’s 47th President).
Since then, it has been on a downtrend, waiting for major catalysts to push its price up. We have yet to see whether the pump observed after the latest Ripple v. SEC development will be followed by a further bullish momentum or if the “sell the news” effect will apply again.
Additionally, the popular crypto analyst Ali Martinez revealed that the social buzz surrounding XRP has been going through the roof since the dropped appeal. While that might sound like good news, such high volumes can sometimes have the opposite effect on the price. That said, Martinez asked whether now is a “great time to be a contrarian?”
The post XRP Price Set to Explode? Wild Predictions After Ripple’s SEC Win appeared first on CryptoPotato.
XRP witnessed a solid price increase after the breaking news, but is there more room for growth? Crypto Bits, Crypto News, XRPBTC, XRPUSD, Ripple, Ripple (XRP) Price, SEC
This articles is written by : Nermeen Nabil Khear Abdelmalak
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