One of the main factors holding down the price of XRP has been the protracted legal dispute between Ripple and the Securities and Exchange Commission. XRP has lost value since the case started in December 2020, primarily fluctuating between $0.4 and $0.7.
However, the price of the tokens has risen above $1, the highest level in three years, due to the recent partial win and the impending resignation of SEC chairman Gary Gensler. Many in the XRP community have started making audacious forecasts for its short-term movement in response to the remarkable movement. A well-known figure in the crypto community recently made one of these forecasts.
XRP Poised to Hit $10
A prominent member of the XRP community and the CEO of Alpha Lions Academy, Edo Farina, recently made a bold forecast in a tweet that created a stir. He claims that if the emergency settlement between Ripple and the SEC is confirmed, XRP is set to break $10.
Recall that rumors have been spreading in the XRP community regarding an impending settlement between the two entities, driven by the prospect of a new SEC regime. Gary Gensler’s resignation announcement, which coincided with a closed-door meeting of the regulatory agency, fueled this speculation.
Farina forecasts an XRP rise to unprecedented heights by the end of 2024. However, the community’s reaction to this statement was varied; some agreed with it, while others ridiculed it as an overreaching prediction.
Community Reacts
One community member, DOC Johnny, basically laughed at the forecast, dismissing it as mere hype. He said that XRP reaching $10 is “extremely unlikely” in the medium term and that if it does, it will happen around 2025. He went on to suggest an investment strategy for XRP. Johnny emphasized buying and holding until XRP reaches a definite high before selling to collect the accrued profit. He also suggested reinvesting amid market corrections.
Another community member, Crypto Candiru, stated that a settlement while Gary Gensler remains in charge is quite unlikely. He also stated that there would be no settlement until after Gensler leaves office on January 20, 2025.
Other commenters join in the optimism, with some even forecasting a higher point for the coin, despite these pessimistic views. One user, Nurse Puck, in particular, emphasized that a settlement is still possible and stated that he wouldn’t be shocked if XRP skyrockets to $100 or even $1,000.
Ripple vs SEC, What Next?
When the SEC sued Ripple in December 2020, it accused the company of violating federal securities laws. The SEC claimed that Ripple sold unregistered XRP securities to both retail and institutional investors. The former was pronounced non-security by the US court, whilst the latter was deemed an investment contract by the same court.
Both sides saw this outcome as a triumph, and they have since filed notices of appeal to contest some parts of the decision. The SEC’s opening brief deadline of January 15, 2025, is the next crucial phase of the lawsuit. Failure to meet this deadline may result in the case being dismissed.
Ultimately, the conclusion of the most discussed struggle over crypto regulations and its impact on the classification of other crypto assets is being watched by the entire crypto community.
Conclusion
The ongoing legal battle between Ripple and the SEC continues to be a significant factor influencing XRP’s price, which has recently surged past $1 for the first time in three years.
Speculation around a potential settlement and SEC Chairman Gary Gensler’s impending resignation has fueled optimism, with some XRP community members forecasting prices as high as $10 or more by 2024. However, opinions remain divided, with skeptics doubting such rapid growth and suggesting a more gradual increase by 2025.
As the lawsuit progresses toward critical deadlines, its resolution could have wide-ranging implications for XRP and the broader cryptocurrency market, making it a pivotal development closely monitored by investors.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.