Is XRP Heading to $1? Price Soars Following Latest Ruling in SEC v. Ripple Case
XRP is trading for $0.377, its highest point in the last 24 hours from lows of $0.3656 at the time of writing. Consequently, it is up 3.2% within the period, bucking an overall crypto market correction trend. For context, Bitcoin is down 0.57% in the same period.
The latest rally comes as the XRP community is awash with excitement following the release of Judge Analisa Torres’ ruling on Daubert motions in the United States Securities and
Deaton, who represents thousands of XRP holders in the case, pointed out that partially granting Ripple motions, the judge struck out SEC expert testimonies as to the perceptions of XRP purchasers and the risks to the XRP Ledger should Ripple cease to exist. It is a potential blow to the SEC’s claims that all XRP transactions represent unregistered security sales. This is because the SEC intended these testimonies to support its claims that XRP passed Howey’s test, particularly the last two elements of reasonably expecting profit solely from the efforts of others.
The ruling has dominated discussions within the community, with Judge Torres trending on Twitter with over 3,000 tweets.
Is XRP Heading to $1?
It is worth noting that XRP last clinched the $1 price point in December 2021, over a year ago. A price run to $1 would represent a 165% price surge at current prices.
Notably, this is not an impossible feat, as such volatility is common in the crypto markets. Moreover, analysts like EGRAG CRYPTO believe that the asset’s price will clinch double-digits this year. Recall that the analyst in January predicted that XRP would kick off a new bull market cycle this year.
In a tweet today, the analyst tapped XRP to clinch the $27 price point by Nov. 23. According to EGRAG, the asset is poised to complete a market recovery pattern dubbed as a “swoosh.” It represents a whopping 7,000% upside.
Thank you @digitalassetbuy for sharing “#XRP Chart” XRP Nike swoosh.
There is 6 types of market recovery:
V shape, U, Swoosh, Z, W, & L shape https://t.co/7mPhJs6knO https://t.co/kvbbv0SiKC pic.twitter.com/uoxlpMQdPy
— EGRAG CRYPTO (@egragcrypto) March 7, 2023
In the short term, the asset has managed to evade a potential drop to $0.33 that Duo Nine predicted following the previous week’s bearish close. According to the analyst, the key resistance for the asset is at the $0.40 price point.