XRP Set for ‘Parabolic Explosion’ as Analysts Weigh In

TL;DR

• XRP has recently experienced an upward trend, with forecasts indicating a possible surge to $0.66 in the near future.
• Price fluctuations are anticipated due to the ongoing Ripple vs. SEC case, with the SEC’s decision on whether to challenge the ruling still awaited.

‘I Believe XRP is Primed’

Over the last two weeks, Ripple’s XRP has gained traction, showing an approximate 10% increase in price. It recently touched $0.60 just hours ago before stabilizing at around $0.58 (per CoinGecko’s data).

Some analysts suggest that XRP is on the verge of making headlines with a spectacular rally. Notably, the well-known X user Bitlord believes the token is primed for a “parabolic surge upward“ in the hours to come.

“The level of criticism directed at XRP is astonishing. Fact is, the last time I endorsed Ripple, it garnered a few billion. I accurately predicted its peak. I hope to see that momentum reignite,“ they remarked.

Additionally, The Great Mattsby added that he sees parallels between XRP’s recent performance and Tesla’s (TSLA) growth in the 2010s. Over that decade, the value of TSLA shares soared from less than $2 to about $30. The electric vehicle leader maintained its upward trajectory, and today, TSLA shares are priced around $240. This comparison is intriguing, considering both assets share little in common. 

Dark Defender asserted that XRP might be on the brink of skyrocketing to $0.66. “The resistance from January 2018 will be broken once it exceeds $1.03, yes, exactly that threshold, curious,“ the trader remarked.

Potential Fluctuations Due to the Ripple v. SEC Case?

XRP’s price may encounter additional fluctuations in the upcoming weeks as developments unfold regarding the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). 

The litigation is nearing its conclusion after Judge Torres determined in August that Ripple’s secondary market sales of XRP to retail investors did not qualify as securities transactions. However, she imposed a $125 million penalty on Ripple for breaching certain regulations. 

This amount represents a 94% reduction from the original figure sought by the regulator. Therefore, an appeal from Ripple seems quite unlikely. Furthermore, CEO Brad Garlinghouse and CLO Stuart Alderoty expressed that the company would comply with the court’s verdict. 

However, the SEC may contest the ruling. With a deadline for such action set for October 7, the agency remains silent on its intentions regarding this possibility.