Key Takeaways
- SEC vs. Ripple ruling expected by July 31, 2024, potentially ending the long-standing legal battle.
- Analyst forecasts XRP price surge to $17 by 2025 using the Bent Fork chart, a bullish technical outlook.
- XRP trades at $0.44, gaining 2% amid anticipation of lawsuit resolution and rising on-chain activity.
Market Context: SEC vs. Ripple Lawsuit Nearing Conclusion
Ripple (XRP) traders await a pivotal ruling in the SEC’s lawsuit alleging unregistered securities sales. Pro-crypto attorney Fred Rispoli predicts a decision by July 31, 2024, which could catalyze significant price movement.
Lawsuit Developments:
- **SEC seeks $102.6 million in penalties**, down from initial $2 billion demand.
- Ripple cites the Binance lawsuit ruling as precedent, where XRP was deemed not a security in secondary market sales.
- Judge Amy Berman Jackson’s recent decision reinforces this stance, potentially limiting SEC’s leverage.
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XRP Price Prediction: Bent Fork Chart Suggests $17 Target
Crypto analyst @egragcrypto outlines a $17 price target for 2025 based on the Bent Fork chart, identifying key resistance levels:
- $1: Psychological barrier.
- $3.5: XRP’s all-time high.
- **$17**: Revised cycle top (up from $15 in 2023).
Technical Analysis:
- Current price: $0.44 (Binance).
- RSI at 39.58: Indicates undervaluation with upward momentum.
- Resistance: $0.4760 (July 2 low).
- Support: $0.4032 (July 8 low).
On-Chain Metrics Fuel Bullish Sentiment
- 27,000+ active addresses on July 10 (Santiment data) signal rising adoption.
- $4.42 million in realized profits after prolonged capitulation (Network Realized Profit/Loss metric).
SEC vs. Ripple Lawsuit FAQs
1. Is XRP a security?
- For institutional sales: Yes.
- For retail/programmatic sales: No (per July 2023 ruling).
2. What’s next for Ripple?
Pending final judgment, likely by July 2024. Appeals may follow.
3. How does this affect crypto regulation?
The case sets partial precedent but leaves decentralization and security definitions unresolved.
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Conclusion
With the SEC lawsuit nearing resolution and bullish technical/on-chain signals, XRP’s path to $17 by 2025 appears plausible. Traders should monitor the July 31 ruling and key support/resistance levels for strategic entries.
Disclaimer: This content is for informational purposes only and not investment advice. Cryptocurrency markets are volatile; conduct independent research before trading.
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