With the Ripple Labs vs US SEC lawsuit almost over, traders are anticipating a huge XRP rally. The XRP price action has been sideways for more than two years, impacted by the bear market, the lawsuit, and Terra and FTX crises. The token can hit at least $2, if Bitcoin price gains momentum towards $100K-$150K after the most awaited breakout.
XRP Price Rally Holds Promise as Ripple Lawsuit Is Over
The US Securities and Exchange Commission (SEC) has only two weeks to appeal the remedies ruling by Judge Torres. The government agency hinted at not appealing summary judgment on XRP programmatic sales. It also regrets using the term “crypto asset securities” in crypto cases and decided to drop its use.
While the SEC deliberates to appeal against the remedies ruling, Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty indicated that the XRP lawsuit is over. They do not intend to appeal first, but cross-appeal is more likely.
Moreover, if the agency loses to Ripple in the Second Circuit Court, it will create a binding precedent over other courts. It discourages the SEC from appealing the Ripple case unless the agency has new clarity or evidence. This will boost XRP price.
Bitcoin Price Rally to $100K-$150K
Wall Street giants, analysts, and financial experts have predicted an average Bitcoin price rally to $100K-$150K in this cycle. Thus, the next wave of the bull market started with a 50 bps interest rate cut by the US Federal Reserve.
BTC price jumped nearly 10% this week, with the price currently trading at $62,814. The 24-hour low and high are $62,630 and $64,119, respectively. Furthermore, the trading volume has decreased by 21% in the last 24 hours, indicating a decline in interest among traders. The latest Bitcoin recovery was a bull trap as predicted by CoinGape Media.
However, Bitcoin price chart is forming a cup-and-handle pattern, which shows that a breakout could result in a massive bullish rally. But, Bitcoin needs to break above $67K and consolidate for a rally to $100K.
Why XRP Price Will Rally With Bitcoin?
Popular crypto analyst CredibleCrypto has predicted a 25% rally in XRP price to $0.75 in October. However, the price needs to first push below a range low before moving right back into the range and heading in the upside direction.
A rally to $1 will be supported by the historically bullish fourth quarter for the crypto market. Traders will also have more positive sentiment with no implications of elections and the Ripple vs SEC lawsuit. The XRP price target of $2 in 2025 is based on market demand and supply dynamics in the bull run.
Moreover, crypto analyst Ali Martinez revealed that whales have bought over 380 million XRP in the last 10 days. In total, whales purchased tokens for around $228 million. The buying activity started even weeks before the Fed rate cuts due to positive sentiments from Wall Street.
The above predictions coincide with the technical indicators, patterns and support-resistance levels in daily timeframe. Investors need to track this and chart in higher timeframes for potential entry and exit points to turn thousands in millions.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
