The XRP market experienced a modest 1.2% increase on Friday, reaching around $0.43 during the mid-London trading session. While Bitcoin and Ethereum faced a decline, XRP’s trading volume surged, possibly influenced by speculation surrounding the SEC vs Ripple case.
XRP Market Shows Strength
With a formidable market capitalization of over $43 billion, the XRP market demonstrated its resilience by recording a total trading volume of approximately $1.35 billion. Market observers speculate that the rise in trading volume is connected to the ongoing legal battle between Ripple and the SEC.
Lawsuit Outcome In 6 Months?
Prominent Ripple executives have recently expressed optimism regarding the SEC vs Ripple lawsuit, hinting that it may conclude within the next six months. This news has fueled speculation among XRP traders and investors, with expectations of a potential resolution in the coming month.
Related: Ripple vs SEC News: Empower Oversight Files Second Lawsuit Against SEC, Seeks to Give the Public Answers – Coinpedia Fintech News
XRP Price And Market Analysis
In a notable development, popular crypto YouTuber Blockchain Banter, boasting more than 274k Twitter followers, shared a speculative XRP narrative that has been gaining traction over the past two months. According to the analyst, the XRP price trajectory in the years 2021 to 2023 may mimic the movement observed during the 2014-2017 rally and subsequent retrace.
25% Decline For XRP?
Based on the model proposed by Blockchain Banter, the XRP price closely mirrors the projected trajectory thus far. As a result, the analyst forecasts a potential retrace of 25% from current levels, with XRP potentially reaching as low as $0.3. However, the analyst also highlights the existence of support levels that could temporarily stabilize the price during the retrace.
The XRP Community Awaits Ripple Lawsuit Verdict
The XRP community anxiously awaits the verdict of the SEC vs Ripple case, hoping that the Judge overseeing the lawsuit does not classify XRP as a security in its entirety. The potential reclassification could subject XRP to United States securities law, which might reduce volatility and impact profit margins.
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