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- XRP reacted sharply to the latest resolution update between the US Securities and Exchange Commission (SEC) and Ripple Labs, rising to almost $3.4; however, this was short-lived.
- Analysts expect the price to freely move this cycle following its regulatory clarity with Zach Rector projecting a rise to $15.
XRP’s dramatic surge in its 24-hour trading window was thought to be the beginning of another week-long rally that could set a new all-time-high price. However, this was just for a moment as the price declined from $3.36 to $3.2 in an hour.
At the time of writing, XRP had taken a swift rebound to recapture the $3.31 level, facing a crucial resistance range at $3.30 to $3.3 while buyers defend the lower point of this boundary. According to analysts, breaking above the $3.3 level could confirm a bullish continuation as a bull flag structure forms above the $3.28 zone.
Reason for the Latest Bullish Sentiment
The US Securities and Exchange Commission (SEC) and Ripple Labs have asked the appeals court to dismiss their respective appeals, bringing the year-long legal battle to an end.
According to the news shared by Ripple Chief Legal Officer Stuart Alderoty and reviewed by CNF, the court has also recognized these joint dismissals with each party expected to pay their costs and fees.
Following the Commission’s vote today, the SEC and Ripple formally filed directly with the Second Circuit to dismiss their appeals. The end…and now back to business.
This development perfectly aligns with the previous explanation of former SEC official Marc Fagel. As indicated in our recent news coverage, Fagel clarified that both appeals were still intact and would jointly be dismissed after the Commission votes on its approval. After this, the penalty in the escrow would then be transferred to the US Treasury from Ripple’s counsel’s bank.
In context, the SEC and Ripple jointly requested that Judge Analisa Torres reduce the $125 million fine earlier imposed on the blockchain company to $50 million and also lift the injunction on its institutional sales. However, the judge dismissed this request, citing that both parties failed to prove the “exceptional circumstances” under which these proposed decisions should be made, as noted in our earlier discussion.
What Should be Expected From XRP?
XRP has been tipped to record another explosive run by August 15. This day marks the deadline for Ripple and the SEC to file their appeal status update.
According to analyst Zach Rector, the asset now has two important catalysts to fuel a rise to between $10 and $20. The first is the potential approval of the spot XRP Exchange Traded Fund (ETF). The second is the legal resolution of the SEC case. As highlighted in our previous news brief, Zach Rector expects XRP to specifically peak at $15 on average.
Earlier, another analyst called Mikybull Crypto highlighted that XRP is following a 2017 playbook which triggered a 1,300% surge to its all-time-high price of $3.8. As explained in our last analysis, Mikybull Crypto noted that XRP was also consolidating in a bull pennant recently. According to him, a breakout could send the price to $14.
