The prolonged court battle between Ripple and the Securities and Exchange Commission has been one of the major suppressants for the price of XRP. Since the case began in December 2020, XRP diminished in value, mostly trading between $0.4 – and $0.7.
However, recent partial victories coupled with the forthcoming resignation of Gary Gensler, the SEC chairman, has sent the tokens price above the $1 mark, the highest point reached in three years. The impressive movement has sent tongues wagging in the XRP community as many began to make bold predictions for its short-term movement. One such predictions were made recently by a prominent member of the crypto community.
XRP Could Hit $10 Soon
Edo Farina, the CEO of Alpha Lions Academy, and a notable figure in the XRP community, recently dropped a tweet with an audacious prediction that caused a stir. According to him, XRP is poised to smash $10 if the emergency settlement between Ripple and the SEC turns out to be true.
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Recall that a rumor has been swelling in the XRP community about an imminent settlement between the two entities, fueled by the notion of a new SEC regime. Gary Gensler’s resignation announcement coinciding with a closed-door meeting by the regulatory body further heightened this speculation.
It is on this basis that Farina predicts a potential XRP rally to heights never reached before by the end of 2024. However, the community exhibited mixed reactions to this forecast, while some agreed to the possibility, others dismissed it as an overreaching prediction.
Mixed Community Reactions
One community member, DOC Johnny, basically laughed at the prediction tagging it as merely hype. He added that XRP to $10 is “extremely unlikely” in the short term, noting that if it will happen, it will be in 2025. He went on to advise a strategy for investing in XRP. Johnny emphasized buying and holding till XRP reaches a clear top and then selling to take accumulated profit. Also, he advised reinvesting during market corrections.
Another community member, Crypto Candiru. noted that a settlement while Gary Gensler is still in charge is highly unlikely. He added that there would be no settlement until after Gensler leaves office on January 20, 2025.
Besides these naysayers, other commenters join in the optimism, with some even predicting a higher point for the coin. Particularly, a commenter, Nurse Puck, stressed that a settlement is still a viable option, adding that he wouldn’t be surprised if XRP rockets to $100 or even $1,000.
Ripple vs SEC Key Deadline
The SEC alleged that Ripple violated federal securities laws when it sued the blockchain company in December 2020. Part of the SEC’s claims was that Ripple offered unregistered securities in XRP to both retail and institutional investors. While the previous was ruled non-security by the U.S. court, the latter was deemed an investment contract by the same court.
This outcome brought a perceived victory for both parties who have moved on to file notices of appeal to challenge certain aspects of the ruling. The next critical stage of the case is the January 15, 2025 opening brief deadline for the SEC. If this deadline is not met, it could lead to a dismissal of the case.
The entire crypto community is watching to see the outcome of the most talked-about crypto regulation battle and how it will affect the classification of other crypto assets.
Read Also: Did Ripple Finally Defeat the SEC? Alderoty’s Cryptic Tweet Ignites Settlement Rumors
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.