- The XRP price prospect has kept community ecstatic amid Ripple and SEC lawsuit uncertainty.
- Prospects of XRP to soar to $0.8 remain high if legal odds turn in the coin’s favor.
Amid the ongoing legal battle involving Ripple Lab Inc. and the United States Securities and Exchange Commission (SEC), investors are left wondering if the price of XRP could reach $0.80 this week.
Impact of Ripple’s Legal Deadlines on XRP
Current data from MarketCap shows that XRP is trading at $0.608, demonstrating a 0.22% increase in the past 24 hours. Notably, XRP price has been facing major resistance to surpass the $0.60 mark since the beginning of the week.
This resistance corresponds with the impending deadline in the SEC vs. Ripple case, which is set for April 22. This date is notable because it indicates progress in the case as Ripple is expected to file its remedy-related opposing brief. Subsequently, on May 6, the SEC will receive its last chance to reply to Ripple’s opposition, as previously reported by Crypto News Flash.
As these deadlines approach, many majority legal experts believe that Ripple has a strong chance of winning the case. Their opinion is based on the fact that Ripple had earlier gained partial victory when District Judge Analisa Torres ruled in July that XRP can be classified as a non-security when trading on exchanges.
As for XRP investors, they are excited to learn more about the court case and are keeping a close eye on any remarks made by influential crypto figures and legal professionals. Notably, lawyer Bill Morgan, who supports Ripple, has recently given viewpoints on the SEC’s arguments against Ripple in briefings, which is important information for investors navigating the legal uncertainty.
Can XRP Price Climb to $0.80?
While it is difficult to predict the price of a cryptocurrency based on its volatile nature, the probability of XRP climbing to $0.80 this week is high. According to current market cap data, XRP’s trading volumes have increased by 60.69% to $2 billion in the past 24 hours. This phenomenal increase may suggest that investors’ appetite for the cryptocurrency is still very high. In terms of market capitalization, XRP is currently ranked 6 in the Layer 1 sector with $33.5 billion.
Moreover, the Fear & Greed Index shows an extreme greed situation at 80, while XRP’s current circulating supply is 55.05 billion out of the maximum supply of 100 billion XRP. Echoing earlier coverage by Crypto News Flash, Ripple’s CEO, Brad Garlinghouse believes that the crypto market will be worth a total of $5 trillion by this year’s end. Accordingly, he pointed out that this increase will cause a ripple effect on XRP. Should this scenario play out, the price of the XRP could soar to $1.50.
It is worth mentioning that Ripple has previously surpassed the $0.80 mark, so it shouldn’t have any trouble doing it again. Nonetheless, investors and traders are advised to exercise caution when investing in XRP, as there is no guarantee that the price will increase to $0.80 this week.
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