TL;DR
- Speculation is rising that the case between Ripple and the SEC could conclude before April 16, with the company supposedly negotiating a lower penalty.
- Analysts foresee a major price surge for XRP in the short term. The X user Crypto General targets $9, while EGRAG CRYPTO predicts an extreme rally to $27-$222, though such valuations would require a massive market cap increase.
- Dogecoin (DOGE) has dropped 15% in the past week. Analyst Ali Martinez suggests the coin remains bullish if it stays above $0.17, though it briefly dipped below before recovering.
Is the Case Inching Toward a Conclusion?
The US Securities and Exchange Commission (SEC) has changed its approach toward the digital asset industry following the departure of its former Chairman, Gary Gensler. Under the new regime led by Mark Uyeda, the agency has dropped or paused several lawsuits against crypto entities, including Coinbase, Binance, Uniswap, and Kraken. However, perhaps the most notorious case against Ripple is still waiting for a resolution.
Over the past several weeks, there has been rising speculation that the two sides could soon shake hands on a mutual agreement. Attorney Fred Rispoli has indicated that the legal battle might come to an end before April 16, coinciding with Ripple’s scheduled filing of their appellate brief.
Fox Business journalist Eleanor Terrett has claimed she has inside information suggesting that the lawsuit “is in the process of wrapping up and could be over soon.” According to her sources, the delay in reaching an agreement is attributed to Ripple’s legal team negotiating more favorable terms regarding the $125 million penalty ordered by Judge Torres last summer.
Furthermore, Terrett reported that the SEC’s new leadership appears uncertain about whether Ripple actually breached any rules, despite Judge Torres’ prior ruling that Ripple’s institutional sales of XRP did indeed violate federal securities laws.
XRP Price Outlook
An eventual conclusion to the case is expected to trigger substantial volatility in the price of Ripple’s native token. Currently trading around $2.30 (as per CoinGecko’s data), many market observers anticipate a significant bull run in the near future.
The X user Crypto General recently suggested that XRP has been holding above the breakout level of $0.94, which he describes as a “great sign of strength.” He mentioned that the valuation has retested key support levels and appears poised for an upward movement.
“My target for the short term would be around $9. But overall, I am even more bullish, considering the project’s roots in the USA and the SEC’s retreat on several cases. It is bound to pump hard,” he stated.
Not long ago, EGRAG CRYPTO presented an even more optimistic forecast, predicting that XRP could be gearing up for a price explosion in the $27-$222 range. However, such levels would necessitate a market capitalization surge to at least $1.5 trillion, rendering the assessment highly implausible.
How’s DOGE Doing?
Last but not least, Dogecoin has been experiencing a notable downtrend lately. Currently trading at $0.17, the meme coin’s value has dropped by 15% over the past week.
Earlier this month, analyst Ali Martinez noted that DOGE could maintain a bullish trajectory as long as it stays above the $0.17 support level. However, the price briefly dipped below this threshold in recent days before recovering, showcasing the volatility that characterizes this cryptocurrency.
The post is a recap of the ongoing developments surrounding the Ripple and SEC lawsuit, as well as noteworthy price predictions for XRP and Dogecoin, adding to the ever-evolving narrative in the cryptocurrency space.
