The long-standing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has taken a significant turn. Ripple CEO Brad Garlinghouse announced on March 19 that the SEC would drop its appeal against the 2023 ruling that favored the company.
Following the announcement, XRP saw a surge in price, climbing to $2.57, marking a 14.79% increase on the daily chart. The development has strengthened investor confidence, leading to a 20.56% year-to-date gain for the cryptocurrency.
Source: Finbold
Also Read: Here is What Comes Next For Ripple Following End of Lawsuit – Legal Expert Explains
Market Reaction and Key Catalysts
Analysts say resolving Ripple’s legal issues has removed a significant barrier that previously capped XRP’s growth. With the SEC stepping back, market sentiment has turned bullish, pushing XRP closer to breaking key resistance levels.
Additionally, institutional investors have accumulated XRP, with reports indicating that approximately 150 million tokens were acquired in mid-March. The recent approval of Ripple USD (RLUSD), a stablecoin pegged to the U.S. dollar, has further contributed to the positive market sentiment.
Despite the optimism, some market observers caution that challenges remain. The recent 200 million XRP tokens unlocked from escrow, ongoing market volatility, and regulatory uncertainty could impact the cryptocurrency’s trajectory.
However, these concerns appear to have had a limited effect on XRP’s price momentum so far.
XRP Price Predictions for April 1
According to ChatGPT market projections suggest varying price outcomes for XRP by April 1, depending on different scenarios. A bullish scenario, where XRP sustains its upward trajectory and breaches key resistance, could push the token’s price to $4.01. This would mark a 56.03% increase from its current value.
Assuming stable market conditions, a neutral outlook places XRP at $3.16, reflecting a moderate 22.95% gain. Conversely, a bearish scenario driven by market corrections and resistance at key levels could see the price drop to $1.95, representing a 24.12% decline.
The SEC’s decision to drop its appeal has provided much-needed clarity for XRP, reducing uncertainty that had previously weighed on its market performance.
With improved sentiment and increased institutional interest, investors are closely watching for further developments that could shape the token’s price movement in the coming weeks.
At the time of writing XRP was exchanging hands at $2.28 which is an increase of 8.28% within 24 hours.
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