- Ripple’s legal battle with the SEC nears its end, influencing XRP’s price and market sentiment.
- A crypto analyst forecasts XRP reaching $17 by 2025, driven by technical analysis and market trends.
- XRP’s derivatives market shows declines in volume, but traders remain optimistic with long positions.
Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) continues to make headlines as a crucial ruling is expected soon. Ripple’s chief legal officer, Stuart Alderoty, pointed out ongoing confusion around the SEC’s stance on cryptocurrency regulations.
In an X post, Alderoty emphasized that while Ripple’s case is nearing its end, the SEC’s unclear messaging still raises issues for other companies. Specifically, he highlighted the SEC’s use of the 2017 DAO report, which has left many questioning the clarity of its regulations seven years later.
XRP Price Surge Predictions: Could $17 Be on the Horizon by 2025?
Besides the regulatory confusion, XRP’s price has garnered attention from crypto analysts, with some predicting a price surge by 2025. Notably, a crypto analyst, Egrag Crypto has projected XRP to reach $17 by 2025. XRP trades at $0.44, and the analyst’s bold forecast is based on a technical analysis known as the Bent Fork chart, which supports ambitious targets.
Read also: XRP Price Surges on Grayscale Trust News, Ripple CEO Predicts Growth
The SEC lawsuit against Ripple, originally accusing the company of selling unregistered securities, has played a key role in shaping market sentiment for XRP . The legal battle, ongoing since 2020, saw the SEC reduce its initial penalty demand from over $2 billion to $102.6 million in May 2024.
Ripple, in response, filed a letter of supplemental authority, referencing the Binance lawsuit, where Judge Analisa Torres’ ruling favored Ripple’s argument. The decision by Judge Amy Berman Jackson further strengthened Ripple’s case, ruling that XRP’s secondary market sales on exchange platforms do not constitute securities transactions.
Market Sentiment Shifts: XRP Traders Brace for Volatility
As the lawsuit nears its final stages, crypto attorney Fred Rispoli has stated that the court’s ruling could arrive as early as July 13 or by the end of the month. This decision could influence the future of XRP, which has seen its price fluctuate in response to developments in the case.
Moreover, despite XRP’s recent trading activity showing declines, some traders remain optimistic. XRP is valued at $0.567688 , with a 24-hour trading volume exceeding $1.16 billion. The market cap stands at $32 billion, with a circulating supply of over 56.38 billion XRP coins out of a maximum supply of 100 billion coins.
The XRP derivatives market has experienced a notable drop in trading volume, decreasing by 40.05%, while open interest has fallen by 2.03%. Options volume has plummeted by 85.39%, reflecting a diminished speculative interest. However, the long/short ratio indicates a bullish sentiment, with more traders holding long positions.
Source: Coinglass Data from Rekt revealed substantial liquidations in the last 24 hours, with long positions suffering $261.22K in losses. The sharp decline in options interest, combined with the liquidations, suggests traders should proceed with caution. Despite this, platforms like Binance and OKX show persistent optimism, as some traders continue to hold long positions on XRP.
Ripple’s case, along with the SEC’s regulatory stance, continues to be a key driver of market movements for XRP. With the final ruling expected soon, XRP traders and investors eagerly await the next development in this high-profile legal saga.
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