XRP Price Prediction: How the Ripple vs SEC Lawsuit Outcome Could Skyrocket XRP Prices? (2024)

Doctor Profit, a prominent XRP investor, has shed some light on a comprehensive report published by BloFin on the long-term potential of XRP. According to the analyst, XRP is designed for long-term investors rather than those seeking quick gains through day trading. The coin has shown significant resilience, maintaining a spot in the top 10 cryptocurrencies despite a harsh 75% drop in 2020 due to the SEC lawsuit.

Resilience. Strong fundamentals. Everything is in place. Or is it?

Where Does XRP Stand Today?

Reflecting on XRP’s past, analysts point to its dramatic 60,000% surge in 2017 before the SEC’s intervention. Despite not reclaiming its 2017 peak of $3.20 and missing out on the 2021 bull run, XRP’s persistence is noteworthy. With over 300 financial institution partnerships and potential involvement in Central Bank Digital Currencies (CBDCs), XRP is positioned for promising future growth.

The recent court ruling, which declared XRP not a security, has been hailed as a significant positive shift. This decision could pave the way for an XRP ETF and attract renewed interest from major investors who had been deterred by previous legal uncertainties.

XRP Technical Analysis: What to Expect Ahead

Doctor Profit’s technical analysis suggests XRP is on the verge of new highs. The current chart reveals a resistance level at $0.72, with a potential breakout leading to a new bull run. He forecasts that if XRP mirrors its 2017 breakout, it could reach between $16 and $20. Even in a less optimistic scenario, he anticipates a price range of $4 to $7 within the next year.

The Investment Strategy You Were Looking For

The analyst advises buying XRP between $0.38 and $0.44, identifying these levels as key buying opportunities. Despite the positive indicators, XRP enthusiasts are hopeful that the recent court victory could push the token beyond its previous all-time high of $3.84. Currently trading at $0.6314, XRP has surged 23.8% in the past 24 hours but remains approximately 81.4% below its 2018 peak.

A Reality Check

On a cautious note, the crypto analyst known as “360 Trader” suggests that while recent developments are promising, a realistic target range for XRP this cycle is between $4 and $8. The recent legal clarity has removed previous restrictions, which could drive significant gains for XRP.

The Road Ahead

The pressing question remains: Could this momentum lead XRP to set new record highs soon? Time will tell, but the current outlook is certainly optimistic.

Also Check Out: Pro-XRP Lawyer Pushes Elon Musk to Add XRP to X Payments After Ripple’s Big Win

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