News Scrap

The rally in the trade price of $XRP has begun, sparking predictions among top crypto analysts.

Currently, XRP’s trade price stands at $0.71, reflecting a 16% increase over the last 24 hours. Notably, the price of this Proof-of-Stake (PoS) crypto token surged 40% in the past 7 days—a substantial rise, especially given the early phase of the bull run.

Despite ongoing legal challenges regarding the status of XRP within the US jurisdiction, the majority of crypto traders remain optimistic about this cryptocurrency.

Crypto price analysts believe current sentiment and technical analysis indicate that the price of XRP is set to surge, potentially reaching between $8 and $30. As such, they suggest this may be an ideal moment to buy XRP while it remains under $1.

In $XRP last time we saw a pattern like this, it went from pennies to over $3.

Now we’re seeing it again:

Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.

This is your last change for #XRP under $1. pic.twitter.com/n8aErJ342b

— Armando Pantoja (@_TallGuyTycoon) November 12, 2024

XRP and Legal Hurdles

XRP is developed and backed by Ripple Labs, a San Francisco-based fintech firm. Critics argue that Ripple controls the XRP Ledger (XRPL), a Proof-of-Stake (PoS) network on which XRP operates. However, Ripple’s leaders have clarified multiple times that they do not control the network, though some remain skeptical of these claims.

Since December 2020, Ripple has faced significant legal challenges due to a lawsuit filed by the United States Securities and Exchange Commission (SEC). The SEC alleges that Ripple executives violated securities laws by conducting financial activities using XRP, labeling XRP an unregistered security. However, a mid-2023 court ruling clarified that XRP is not an unregistered security. Last month, the SEC filed an appeal to object to this verdict, aiming to have XRP declared as an unregistered security.