XRP has dropped 2.76%, while the U.S. Securities and Exchange Commission (SEC) made hints about a positive development in Ripple's continuous battle. Fueling the discussion, whale investors grabbed more than 20 million XRP coins throughout the past 24 hours. Many are wondering if XRP might surpass $100 given the SEC may dismiss its action against Ripple.
For years, XRP has been shadowed by the legal dispute known as Ripple-SEC. Under Gary Gensler's direction, the SEC says XRP was offered as an unregistered security, which has hampered price increase. Recent events, though, are drawing questions.
Based on reports, SEC have decided to drop the action against Coinbase in response to commissioner approval—a decision that suggests Ripple's legal problems may also shortly be resolved.
If the SEC revokes its appeal in the Ripple case, XRP may at last be free from legal restrictions, therefore triggering a significant price increase. Legal clarity helps to release XRP's actual market potential at last.
XRP whales remain optimistic despite the latest price drop; they bought almost 20 million tokens in only 24 hours. Usually reflecting great market confidence, this kind of large-scale purchase is seen as a bullish signal.
Technically, the TD Sequential indicator lately showed a buy signal on the hourly chart of XRP, suggesting a possible rebound.
Given it would need a significant 3,450% increase from current levels, a price target of $100 would look like a moonshot. In cryptocurrency, however, where volatility rules, such spikes are not unusual. These elements could help this aspirational objective to be realized:
Legal Resolution: One of XRP's main challenges may be removed should Ripple's litigation terminate.
Wider Adoption: Ripple's expanding roster of bank and financial institution collaborations could inspire further practical application.
Strong whale accumulation along with positive technical signs might set off a significant climb in the market.
Analysts like Javon Marks think XRP may have an explosive 35x run and go close to $99 if all these components line up.
The current XRP/USD chart displays a rising channel pattern, typically viewed as a bullish continuation signal, though it also poses risks of a potential reversal if the price breaks below the channel's lower boundary. XRP has been moving within this upward-sloping channel, marked by higher highs and higher lows, recently testing the lower boundary around $2.20 and now trading near $2.59.
If XRP sustains support above $2.20 and breaks beyond the $3.00 barrier, it might gather even more toward the top limit of the channel, aiming for the $3.30 to $3.50 zone.
On the other hand, in a bearish situation, should XRP lose support at $2.20 and break below the channel, a more significant correction is probably in store, maybe dragging the price down to the next significant support zone between $1.80 and $2.00.
Though not totally out of reach, predicting XRP to reach $100 is optimistic. XRP might be about to undergo a significant surge with the prospect of a good legal decision, increasing whale activity, and strong technical signals.
For now, all eyes are on Ripple’s legal battle with the SEC. Any positive developments there could be the spark that ignites XRP’s next big move.
Also read: Why Is Ethereum Crashing Today: $1.4B Theft Triggers ETH Sell-Off
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