As a seasoned analyst with over a decade of experience in the financial markets, I have seen my fair share of regulatory uncertainties and their impact on various assets. The latest development in the Ripple case against the United States Securities and Exchange Commission (SEC) is no exception.
As an analyst examining the digital currency landscape, I believe that the recent move by the U.S. regulatory body in its dispute with Ripple could potentially lead investors to exercise a more cautious stance towards XRP in the near future. This is due to the increased uncertainty surrounding the asset class.
The comments come despite the recent filing not directly challenging the ruling that XRP is not a security. The appeal asked the court to review its decisions regarding Ripple’s XRP sales on exchanges and personal XRP sales by Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
The legal uncertainty could widen XRP’s (XRP) price volatility, pushing the asset to potentially fluctuate within a range of nearly 50%, the analyst believes.
Price projection ‘highly contingent’ on regulatory developments
According to Bitget’s chief analyst, Ryan Lee, it’s expected that XRP’s value may oscillate between approximately $0.50 and $0.80 by year-end. However, this forecast is largely dependent on regulatory decisions and changes in public opinion, particularly within the American market.
This hesitation could translate into short-term price volatility for XRP, as the market waits for more concrete results.
As a crypto investor, I remember vividly that the last time XRP breached the $0.80 barrier was back in March of 2022. Interestingly enough, this year’s peak price for XRP was $0.71, also attained in March, based on data provided by TradingView.
At the time of publication, XRP is trading at $0.55.
According to Ripple’s top lawyer, Stuart Alderoty, it seems that the briefing period could stretch out until the year 2025, ending in July.
Lee outlined that the end result may have a significant weight on XRP’s price.
According to Lee’s statement, if there is a positive court decision or more backing from other countries for Ripple, it could significantly boost the value of XRP. Conversely, any negative developments might cause a decrease in its price.
The appeal introduces ‘regulatory ambiguity’
Lee pointed out that the appeal adds even more uncertainty about regulations in the U.S. crypto market. As a result, investors might choose to be more careful because the ultimate legal resolution is still unclear.
October 16th saw CryptoMoon reporting that Tim McCourt, a high-ranking executive at CME Group, stated that the initial significant stride was made towards the approval of XRP Exchange-Traded Funds (ETF).
McCourt mentioned that we currently use both a benchmark rate for XRP and a live index, which serves as the foundation for expanding our ecosystem.
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2024-10-19 03:48