XRP could reach $17 by 2025 per analyst, SEC vs. Ripple lawsuit ruling awaited


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  • Ripple
    could
    see
    the
    end
    of
    its
    lawsuit
    with
    the
    Securities
    and
    Exchange
    Commission
    soon,
    per
    recent
    reports. 

  • An
    analyst
    predicts
    XRP
    rally
    to
    $17
    through
    the
    Bent
    Fork
    chart,
    a
    bullish
    thesis
    for
    the
    altcoin. 

  • XRP
    traders
    at
    $0.44
    on
    Wednesday,
    adding
    nearly
    2%
    value
    on
    the
    day. 

Ripple
(XRP)
traders
are
awaiting
the
final
ruling
in
the
US
Securities
and
Exchange
Commission
(SEC)
lawsuit
against
the
payment
remittance
firm.
A
pro-crypto
attorney,
Fred
Rispoli,
informed
market
participants
that
a
ruling
is
likely
by
July
31
2024,
through
a
tweet
on
X. 

XRP
traders
are
awaiting
the
ruling,
a
key
market
mover
for
the
altcoin,
in
July
2024. 

Additionally,
a
crypto
analyst
behind
the
X
handle
@egragcrypto
has
analyzed
XRP
price
trend
and
set
a
$17
target
for
2025.
While
XRP
trades
at
$0.44
on
Wednesday,
July
10,
the
analyst
presents
a
Bent
Fork
chart
as
a
thesis
backing
his
prediction
for
the
altcoin.

Daily
digest
market
movers:
Ripple
traders
await
ruling
in
lawsuit,
RLUSD
launch

  • The
    SEC
    alleges
    that

    Ripple

    sold
    unregistered
    securities
    (XRP
    tokens)
    to
    institutional
    investors
    and
    asked
    the
    court
    for
    over
    $2
    billion
    in
    penalties.
    In
    a
    development
    in
    May
    2024,
    the
    SEC
    quoted
    $102.6
    million. 
  • Ripple
    filed
    a
    letter
    of
    supplemental
    authority,
    citing
    the
    Binance
    lawsuit,
    where
    Judge
    Analisa
    Torres’
    ruling
    was
    considered
    as
    precedent.
    The
    ruling
    of
    Judge
    Amy
    Berman
    Jackson
    cemented
    the
    status
    of
    XRP
    as
    not
    a
    security
    in
    secondary
    market
    sales,
    meaning
    sales
    on
    exchange
    platforms. 
  • SEC
    filed
    its
    response
    to
    the
    supplemental
    authority
    letter.
    With
    both
    filings
    in,

    Ripple

    traders
    are
    awaiting
    a
    ruling
    in
    the
    lawsuit. 
  • Pro-crypto
    attorney
    Fred
    Rispoli
    says
    the
    ruling
    is
    expected
    as
    early
    as
    Saturday,
    July
    13,
    or
    by
    July
    31,
    2024. 
  • The
    lawsuit
    has
    been
    a
    key
    market
    mover
    for
    the
    altcoin
    since
    the
    legal
    battle
    commenced. 
  • Alongside
    lawsuit
    developments,
    on-chain
    metrics
    have
    influenced
    XRP
    traders’
    sentiment
    and
    the
    asset’s
    price
    in
    the
    past. 
  • Santiment
    data
    shows
    a
    large
    spike
    in
    active
    addresses
    in
    XRP
    on
    July
    10;
    over
    27,000
    addresses
    were
    active
    on
    the
    XRP
    Ledger.
    This
    supports
    a
    bullish
    thesis
    for
    the
    altcoin,
    signaling
    rising
    demand
    and
    relevance
    among
    market
    participants. 


XRP


XRP
Active
addresses
and
price 

  • After
    consistently
    realizing
    losses
    on
    their
    XRP
    holdings
    since
    May
    30,
    traders
    realized
    $4.42
    million
    in
    gains
    on
    July
    10.
    The
    long
    period
    of
    negative
    spikes
    on
    the
    Network
    Realized
    Profit/Loss
    metric
    is
    consistent
    with
    capitulation
    among
    investors. 


XRP Network


XRP
Network
realized
profit/loss

Technical
analysis:
XRP
analyst
predicts
rally
to
$17
by
2025,
altcoin
extends
gains 

Analyst
behind
the
X
handle
@egragcrypto
has
predicted
a
$17
target
for
XRP
by
2025
based
on
his
Bent
Fork
chart.
This
is
a
long-term
target
for
the
altcoin
that
currently
trades
at
$0.44
on
Binance. 

The
analyst
introduced
the
chart
with
key
resistances
at
$1,
a
psychological
hurdle,
and
$3.5,
the
asset’s
all-time
high.
The
analyst
introduced
the
target
for
the
first
time
in
2023
with
four
tracks,

A)
Major
Historical
Support 

B)
Ranging
Zone 

C)
Mid-Cycle
Top 

D)
Cycle
Top

The
analyst
considers
the
track
D
is
the
one
that
the
altcoin
is
most
likely
to
reach,
with
a
slight
variation.
The
target
has
been
increased
from
$15
in
2023
to
$17
in
the
latest
update. 


XRP


XRP/USD
chart 

On
the
XRP/USDT
daily
chart,
it
is
clear
that
XRP
is
recovering
from
its
recent
downward
correction.
If
Ripple
extends
its
gains,
the
altcoin
could
add
8.45%
to
its
value
and
hit
resistance
at
$0.4760,
the
July
2
low
and
the
upper
boundary
of
the
Fair
Value
Gap
(FVG),
as
seen
in
the
chart
below.

The
Relative
Strength
Index
(RSI)
reads
39.58,
showing
Ripple’s
price
trend
has
underlying
positive
momentum. 


XRP


XRP/USDT
daily
chart 

Ripple
could
find
support
at
$0.4032,
the
July
8
low.
In
the
event
of
further
correction,
XRP
could
sweep

liquidity

at
the
July
5
low
of
$0.3823. 

SEC
vs
Ripple
lawsuit
FAQs

It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.

The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.

The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.

The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.

The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.