9 August 2024
In a significant legal victory for Ripple Labs, Judge Analisa Torres recently ruled in favor of the company in its prolonged legal battle against the US Securities and Exchange Commission (SEC), ordering a payment of $125 million to the regulator. The ruling also clarified that XRP, the cryptocurrency at the center of the case, is not deemed a security, marking a pivotal moment for the token’s future outlook.
Analyst Sees Bright Days Ahead
Following this landmark decision, the sentiment surrounding XRP has turned increasingly bullish. Crypto analyst Doctor Profit, in a new analysis report published post-ruling, highlighted the long-term potential of XRP.
Contrary to short-term trading strategies, Doctor Profit emphasized that XRP is designed for investors with a patient outlook, citing its historical price range of $0.42 to $0.72 over the past year. Acknowledging XRP’s past performance, Doctor Profit pointed out that in 2017, XRP surged by a remarkable 60,000%, showcasing its potential for explosive growth.
Despite facing setbacks such as a significant crash in 2020 due to the SEC lawsuit, XRP has consistently maintained a position in the top 10 cryptocurrency market cap rankings alongside Bitcoin for over a decade.
Moreover, the analyst said the recent US court ruling confirming that XRP is not a security has provided much-needed regulatory clarity and optimism for the token’s future.
Doctor Profit speculated on the possibility of a spot XRP Exchange-Traded Fund (ETF) in the works, aligning with past ETF approvals starting with Bitcoin, followed by Ethereum, and potentially XRP.
Breakout Potential For XRP
With the lawsuit pressure lifted, Doctor Profit expressed strong confidence in XRP’s bullish prospects, emphasizing the positive signals from both a regulatory and technical standpoint.
The technical analysis highlighted a key resistance level at $0.72, with a potential breakout signaling a bullish scenario for XRP’s price trajectory. Currently trading at $0.6150, the token has gained 23% in the last 24 hours alone, outperforming most of the market.
If the current uptrend holds, this key resistance level outlined by Doctor Profit could be breached, given the bullish catalyst and regulatory clarity the token has gained following the court ruling.
If this and other higher levels are breached, Doctor Profit has outlined price targets for XRP, projecting a best-case scenario of $16 to $20 and a worst-case scenario of $4 to $7 within a one-year timeframe.
Lastly, leveraging insights gained over four years of investing in XRP, Doctor Profit advised investors to focus on strategic buy zones and remain steadfast in their long-term commitment to the cryptocurrency.
Featured image from DALL-E, chart from TradingView.com