XRP Price Struggles Amid Regulatory Battles and Bullish Predictions
Ripple’s XRP cryptocurrency continues to face challenges as regulatory uncertainty and legal battles weigh on its price performance. Despite ongoing controversies, some analysts remain optimistic about XRP’s long-term potential.
Ripple CEO Slams SEC for “Overreaching” on XRP Regulation
Ripple CEO Brad Garlinghouse has intensified his criticism of the U.S. Securities and Exchange Commission (SEC), accusing the agency of ignoring a court ruling that XRP is not a security and overstepping its legal authority. His remarks came after Bitnomial Exchange filed a lawsuit against the SEC, disputing the regulator’s authority over XRP futures.
Garlinghouse stated on social media: “A new low for a renegade agency many thought couldn’t sink further. The SEC now believes it can operate above the law, ignoring a court’s ruling that XRP isn’t a security.”
The ongoing legal battles between Ripple and the SEC continue to create uncertainty in the XRP market. Earlier this month, the SEC filed a formal notice of appeal against a July 2023 ruling that programmatic sales of XRP on public exchanges did not constitute securities. Ripple has since filed a cross-appeal.
XRP/USD Technical Analysis: XRP at a Critical Juncture
XRP is currently trading at $0.5377, mostly unchanged in the last 24 hours. The cryptocurrency has struggled to recover following the SEC’s decision to file an appeal, with the price plunging from $0.66 to $0.51.
Crypto analyst Amonyx suggests that XRP is testing a crucial resistance level that could shape its price action in the coming weeks. He points to a potential ascending bull pennant pattern forming since June 2018, which could signal a buildup of buying pressure.
If XRP breaks above this resistance, Amonyx predicts a possible surge to ambitious targets of $70 or even $500. However, these predictions should be taken with caution given the current market conditions and regulatory uncertainties.
On the downside, if XRP fails to hold above the $0.51 support level, it could potentially test lower support levels at $0.42 or even $0.31.
Long-Term Outlook: Ripple’s Vision for XRP
Despite the current price struggles, Ripple remains optimistic about XRP’s future. CEO Brad Garlinghouse recently predicted that XRP could reach $10,000, citing increased adoption by banks and financial institutions for cross-border transactions.
Garlinghouse argues that XRP’s focus on efficiency in global finance could drive its value higher, potentially capturing a portion of the massive payment volume currently handled by traditional systems like SWIFT.
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