XRP has surged 47% over the past week, trading at $3.3 today, with a 24-hour trading volume exceeding $26.7 billion. This remarkable rally comes amid ongoing legal battles with the SEC, where Ripple’s leadership has confidently dismissed the regulator’s latest appeal. The momentum suggests that XRP may set its sights on the $10 milestone.
The SEC recently filed its opening brief in an appeal to the recent district court decision that favored Ripple. The SEC claims that XRP qualifies for securities according to the Howey Test, especially investment of money and an expectation of profits.
Still, Ripple’s legal department, led by Chief Legal Officer Stuart Alderoty, dismissed the filing as non-substantive and unhelpful. In a tweet, Alderoty referred to the SEC lawsuit as “just noise” and predicted its likely abandonment under a new administration.
Also Read: Ripple CEO Criticizes SEC Chair Amid Latest Filing in XRP Appeal Case
Technical Analysis Points to a $10 Target
Prominent analyst Ali, a Twitter user with the handle @ali_charts, has laid out possible steps that can lead to XRP reaching $10. At $2.05, there is a clear up-trending pennant, while the breakout point is $2.50, and both indicate that bulls will likely dominate the market and that the asset’s price will rise by a large margin in the next couple of weeks.
The technical chart drawn by Ali is a pennant formation, which is a continuation pattern that implies that the price will move higher. With this structure, XRP traders aim to accumulate and remove the psychological barriers of $4, $6, and $8, with the next target of $10 on the higher side. Ali’s analysis aligns with growing optimism as XRP maintains its upward trajectory.
Source:@ali_charts
XRP Gains Momentum Despite Legal Challenges
The 32% price surge reflects increased investor confidence in Ripple’s ability to navigate regulatory hurdles. XRP boasts a market cap of $ 190 billion, solidifying its position among the top cryptocurrencies. With a trading volume of over $26 billion in 24 hours, interest in XRP continues to grow as traders speculate on its potential to reach the $10 benchmark.
Conclusion
XRP’s recent price performance, fueled by strong technical indicators and investor enthusiasm, suggests the cryptocurrency could be on a path to $10. Despite regulatory challenges, Ripple’s confidence and XRP’s momentum have positioned it as a standout in the market. All eyes remain on its next moves as it navigates psychological barriers and market conditions.
Also Read: Ripple Lawsuit Update: SEC Yet to Submit Opening Brief as Deadline Looms
