The ongoing legal battle between the SEC and Ripple Labs has cast a long shadow over XRP, the world’s sixth-largest cryptocurrency by market capitalization. XRP’s price performance has been hampered by the lawsuit, which many analysts believe prevented it from reaching new highs during the 2021 bull run.
However, with a key milestone in the lawsuit approaching, positive sentiment is returning for XRP. The final resolution hinges on the remedies phase, which will determine potential penalties levied against Ripple for alleged securities law violations through XRP sales to institutional investors.
Read Also: XRP Lawsuit: Ripple and SEC Tell Court When They Will Be Available for Trial in Q2 2024
Key Dates in the Ripple Lawsuit
A recent court filing proposes a schedule for the upcoming remedies briefs. The SEC will submit its opening brief by March 22, followed by a response from Ripple on April 22. The SEC will then have until May 6 to deliver a final reply, with all filings initially made under seal to allow for redactions.
These critical dates have spurred optimism among XRP holders, with many analysts predicting a price surge once the lawsuit concludes.
Analyst Predictions for XRP
Blockchainedbb (@blockchainedbb), a prominent crypto analyst, recently drew attention to XRP’s chart as a potential indicator of an upcoming rally. While he refrained from providing a specific price target, he revealed he is financially invested, suggesting he believes in its future potential.
$XRP opening brief is due on March 22nd .SEC ‘s reply brief to be presented by May 6th. Chart looks primed to me.
Loaded up in spot. I think it's about time for $XRP. pic.twitter.com/mMr6xkgTGK
— Blockchainedbb (@blockchainedbb) March 19, 2024
Other analysts share this bullish sentiment. Leb Crypto (@leb_crypto), a prominent crypto analyst, believes that XRP will surpass its all-time high of $3.84 before or shortly after the upcoming Bitcoin halving event scheduled for April 2024.
Additional Bullish Predictions
Nick (@NCashOfficial), another prominent analyst and founder of Web3Alert, anticipates XRP reaching a range of $5 to $10 during the current bull market cycle.
Popular crypto analyst Dark Defender (@DefendDark) has also shared his optimistic target, predicting a price target of $5.85 in the coming weeks. This prediction came after XRP briefly breached a key resistance level of $0.6649 in March.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Ripple vs. SEC Lawsuit Key Dates Revised. Here Are The New Dates
Is XRP Going Up?
It’s important to acknowledge that the broader cryptocurrency market is experiencing a correction, leading to price declines across various assets, including XRP. After reaching nearly $0.74, XRP has dropped and is currently trading at $0.5975.
However, while short-term price fluctuations are to be expected, the upcoming resolution of the SEC lawsuit could be a significant catalyst for XRP’s long-term potential, helping it reach these lofty targets.
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