Date: Thursday, August 08, 2024, 05:02 AM GMT
After nearly four years of battling the United States Securities and Exchange Commission (SEC), Ripple Labs has finally received clarity from the court regarding XRP sales. On Wednesday, US District Judge Analisa Torres ruled on the SEC’s motion for remedies and the entry for final judgment, granting and denying parts of it. Ripple was slapped with a $125 million civil penalty and ordered to stop further violations of securities laws.
XRP Price Surges
Following the favorable ruling, XRP’s price surged by over 17.06% in the past 24 hours, now trading at about $0.6062. The market cap also jumped 16.86% to reach $33 billion, with trading volume skyrocketing by over 200% in the last 24 hours, according to Coinmarketcap.
Analyst Makes Bold Price Prediction
Elite trader, analyst and the XRP investor “Doctor Profit” shared some bold predictions on his X account after the news. He called XRP a “masterpiece for the long term,” noting that the diagonal resistance from 2017 has been a significant barrier, rejecting XRP six times since then. However, he pointed out that the chart mirrors 2017, right before a massive 60,000% breakout.
$XRP – The Big Report:
— Doctor Profit 🇨🇭 (@DrProfitCrypto) August 7, 2024
Everyone who knows me understands that I'm a major investor in XRP. This report is going to lay out the facts and show you exactly where we’re heading next.
XRP is a masterpiece for the long term. If you’re thinking of making a quick buck with day trading… pic.twitter.com/w6ww9uSE6v
Dr Profit highlighted that resistance is at $0.72 and breaking through it, especially with the recent news, is a very bullish scenario. Even if XRP gets rejected at $0.72 again, he believes the breakout is inevitable, expecting targets way above $1 by Q1 2025. If XRP follows its 2017 pattern, it could potentially reach a top of $16!
Dr Profit’s XRP Price Targets
- Best case: $16 – $20
- Worst case: $4 – $7
- Timeframe: 1 year from today
However, it’s crucial to remember that the market is highly volatile, and past performance is not indicative of future results.
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