The XRP price has been experiencing a significant bullish trend over the past few weeks despite fluctuations. Especially following the official settlement of the prolonged Ripple vs SEC lawsuit, the XRP token has been on a tear, with its value surging impressively.
The cryptocurrency’s unique position in the market, coupled with its growing adoption and increasing demand, has created a perfect stage for its sustained upward trend. With its strong community support and robust ecosystem, XRP seems poised to continue its bullish trajectory.
This article studies the reasons behind the Ripple token’s positive trend and the SEC lawsuit settlement’s impact on its price.
XRP’s Bull Run Isn’t Over, Says Analyst
Despite recent fluctuations in the XRP price driven by increasing selling pressure, analysts like Egrag Crypto remain optimistic about the token’s potential rally. The recent dip, which marked the lowest level since July has sparked anxiety among top traders, with some long-term holders expressing frustration and hinting at their massive selloff. This has raised concerns about the token’s further decline.
However, analyst Egrag Crypto dismissed these fears, asserting that the recent correction is merely short-term noise. He wrote, “No Wicks, No Price Noise!”
The analyst added that XRP’s bullish structure on the monthly timeframe remains intact. According to his analysis, the Ripple coin is expected to defy the anticipated broader negative market trend in September.
Notably, Egrag Crypto cited three key factors that drive his bullish perspective on the token. Firstly, the crypto has maintained its body candle structures on the monthly chart, indicating a strong foundation. Secondly, XRP has held above critical Fibonacci levels, with the $1.99 level providing robust support. Lastly, the price remains above the 21 Exponential Moving Average (EMA), a key indicator for sustaining long-term momentum.
He believes that Ripple coin will continue its bullish trend as long as these conditions hold. Thus, he refuses to believe that the XRP bull run is over. He expects one more upward leg, with a near-term target of $3.90. This marks a new all-time high that goes in line with the 1.272 Fibonacci level. As per his prediction, XRP will manage to sustain this bullish momentum until it reaches an ambitious point of $9.22, marking a 230% surge.
How the Ripple Lawsuit Affected XRP Price?
In 2020, when the US Securities and Exchange Commission filed a lawsuit against Ripple and its key executives, it fell on the XRP price as a major bombshell. The news sent XRP price falling by a massive 62%, triggering mass delistings and casting uncertainty over the crypto.
Soon, as Ripple persisted in its legal battle against the regulators, the token started gaining resilience slowly. The lawsuit’s gradual progression, especially Judge Torres’ 2023 ruling that XRP was a non-security, has significantly influenced the token’s growth. With this legal development, exchanges that previously delisted the token relisted it, further contributing to the positive momentum.
Finally, when both the SEC and Ripple jointly withdrew their appeals to dismiss the case, certainty has been restored around XRP. This has further bolstered XRP’s mainstream adoption and integration, with more and more institutions embracing XRP.
Currently, XRP is priced at $2.83, up 2.3%. However, the token has seen declines of 3.31% and 1.73% over the past week and month, respectively. With a market cap of $168.74 billion, XRP is ranked 3rd on CoinMarketCap.
This increased institutional adoption and regulatory clarity have sparked a renewed hope, suggesting that the token will continue to grow. As the legal landscape becomes more defined and the token gains wider acceptance, market sentiment is shifting positively, fueling expectations of a potential upward momentum for the Ripple coin.