Crypto
- XRP price is currently rallying, hitting new yearly highs.
- In the ongoing Ripple case, the SEC filed the opening brief on Wednesday.
- An expert has predicted that XRP will hit the $10 mark.
The U.S. Securities and Exchange Commission (SEC) has filed an appeal in the Ripple case. The filing, submitted late Wednesday, challenges a July 2023 court ruling that dismissed some of the SEC’s claims against Ripple.
The SEC disagrees with the court’s decision that XRP transactions aren’t “investment contracts” under the Howey test. Basically, the SEC wants to retry the parts of the case it lost. This process could drag on, and even if the judge sides with the SEC, a quick resolution seems unlikely.
However, experts think the timing of this appeal might be irrelevant due to the upcoming SEC leadership change. A new approach from the SEC, expected in a few days, could change everything.
Ripple’s legal team believes that once the new leadership takes over, the case will move in their favor. They think this appeal wastes resources, especially since the SEC may change its stance. With current SEC Chair Gary Gensler leaving on January 20th, Ripple believes the “war on crypto” will end, allowing them to reach a resolution.
Despite the appeal news, XRP price has surged to new yearly highs. The coin jumped over 15%, reaching above $3 for the first time since 2018. It’s clear that the ongoing Ripple-SEC news isn’t affecting the price, which is still up by 6%. Trading volume has also spiked by 147%, showing strong market interest.
XRP Price Prediction: Will it Hit $10?
Analyst Ali Martinez, in his latest analysis, explained that XRP is in the middle of a huge bullish breakout. On-chain data shows that whales are buying a lot of XRP. They’ve purchased over 1.10 billion XRP in the past week alone.
According to Martinez, this buying pressure is gaining momentum. He said that XRP has broken out of a bull pennant, a classic bullish pattern and if the buying pressure continues, he believes XRP could rise to $10.
Ultimately, it is the SEC who is under pressure to define clear rules for crypto. The market is reacting positively as regulatory shifts are on the horizon. This is why XRP, along with many altcoins, could continue rallying.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
