SBI VC Trade, a Japanese-based crypto trading platform that affords users an avenue to buy and sell cryptocurrencies using fiat currencies, recently published a report containing its XRP price projection in line with several victories recorded by Ripple against the SEC.
SBI VC Trade’s XRP Price Projection
Notably, the published report was centered around how the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple progressed, especially the impact of the court decisions on the price of XRP.
At the time of writing, XRP is worth approximately $0.55. According to the report released by the Japanese crypto trading firm, a $0.62 price ascent is not far-fetched for XRP.
Citing a 100-day moving average, the report revealed that XRP would first attain a $0.5645 price mark before ascending to the projected $0.62 echelon.
The report read in part:
“For the time being, the top price will first be the 0.5645 level where the 100-day moving average is located, then 0.6297, which is a 38.2% reversal of the decline from the July 13th high of 0.9359 to the August 18th low of 0.4405, and then a 50% reversal”
For context, an increase to the predicted $0.62 price level would imply an increase of about 12.727%.
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Ripple and XRP Landmarks Against the SEC
The first significant landmark recorded in the protracted legal battle of about three years played out this year, precisely on July 13, when Judge Torres declared XRP as a non-security asset.
The above ruling culminated in a transient rally that saw XRP spike by over 90%, attaining a 2023 high of approximately $0.93. It eventually shed off most gains and even traded below the $0.5 for an elongated period.
Following the ruling in July, the SEC disclosed its intention to file for an appeal. As reported on August 18, the regulatory body filed a motion for leave to proceed with an interlocutory appeal against Ripple and its associated crypto asset XRP.
In what turned out to be a big win for Ripple, the court rejected SEC’s motion to file an Interlocutory appeal in early October. Following the court’s decline of SEC’s application, XRP recorded increments, though not as high as it rallied in July. The digital asset broke above $0.5, trading at about $0.54 at some point.
However, the spike described above was short-lived as XRP declined again to price lows of about $0.47. Meanwhile, part of the court saga saw an official end recently, following the signing of SEC’s case dismissal against Ripple executives by Judge Torres on October 24.
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