Since the beginning of December, the XRP price has been range-bound between $0.5762 and $0.6565, lagging behind other altcoins that have seen significant gains due to increased market capital inflows.
However, recent developments surrounding the potential rejection of Bitcoin exchange-traded fund (ETF) applications by the US Securities and Exchange Commission (SEC) have added to market uncertainty and triggered a 10% drop in the XRP price, pushing it toward the $0.500 level.
XRP Price Legal Catalyst
Despite these challenges, a significant catalyst could potentially propel XRP to new heights—the ongoing legal clash between Ripple Labs and the SEC regarding XRP sales.
Crypto analyst Egrag Crypto has expressed optimism, stating that a 40X or even 50X boom is possible for XRP, citing the impressive performance of the cryptocurrency in the previous cycle despite the SEC lawsuit. Egrag Crypto stated:
Last cycle, despite the pesky SEC lawsuit, XRP surged almost 20X. This time, with its unparalleled legal regulatory clarity, the potential for a 40X or even 50X boom seems promising
By the numbers, according to Egrag Crypto’s analysis, at its cycle low of $0.28, a 40X surge could potentially push the price to around $11.
Taking it further, a 50X leap might see XRP soar to around $14. To put this into perspective, Egrag, compared with Ethereum’s (ETH) previous cycle multiplier of 58X, XRP at $0.28 could reach an astounding $16.
While XRP’s future holds promise, the Ripple vs. SEC lawsuit remains a focal point for investors. Understanding the key dates in the legal proceedings is crucial. Here is a breakdown of the upcoming milestones:
Key Dates Revealed For Ripple-SEC Legal Battle In 2024
12th February 2024: Remedies briefing begins: Ripple and the SEC will present their respective arguments and proposals regarding potential remedies for the legal dispute on this date. This briefing will provide insights into the parties’ positions and suggested resolutions.
13th March 2024: SEC files remedies brief: Following the remedies brief, the SEC will submit a remedies brief outlining their proposed solutions to address the alleged violations committed by Ripple. This filing will further clarify the SEC’s stance and the actions they seek against Ripple.
12th April 2024: Ripple submits opposition: Ripple will have an opportunity to present their opposition to the SEC’s proposed remedies. They will outline their arguments against the SEC’s allegations and offer counterarguments and alternative solutions.
29th April 2024: SEC replies: The SEC will be able to respond to Ripple’s opposition. They will address Ripple’s arguments and provide additional justification for their proposed remedies.
Currently, the XRP price has recovered slightly to the $0.5715 level, with an eye on these key dates that could shape the future, the legal denomination of the token, and its impact on the future price action.
Featured image from Shutterstock, chart from TradingView.com
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