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Bulls of XRP have returned to the field after the court rejected the US Securities and Exchange Commission‘s (SEC) request to translate the temporary appeal application regarding the XRP case. Following the court’s decision, the price of XRP rose over 5% to $0.55. However, the popular altcoin has lost some of its gains and is currently trading at $0.5316, up 4.34% in the last 24 hours.
Court Decision Could Trigger Strong Rise in XRP Price
Judge Analisa Torres stated in the final hearing of the SEC‘s lawsuit against Ripple that the SEC did not provide any evidence for the court to consider its temporary objections, but instead focused on the court’s incorrect approach to the Howey test.
The recent court hearing reveals that the SEC’s attempt to classify XRP, the altcoin issued by Ripple, as a security has failed. The next hearing date has been set for April 24, 2024, by the Southern District Court of New York.
The court’s decision has led XRP investors to jump back on board and buying activity has started immediately. Shortly after the court decision in mid-July, the price of XRP made a strong breakout to $1, but after the SEC counterattack, it dropped 50% from its highest level in 2023, losing all its gains.
It is expected that the court’s rejection of the temporary appeal application of the US federal regulator could trigger a renewed rise in XRP’s price to $1. For such a rise to occur, XRP needs to break the resistance level at $0.55.
Cryptocurrency Expert Expects 1100% Rise in XRP Price
Since Ripple’s partial victory against the SEC in mid-July, cryptocurrency experts have started to lean towards expecting an extreme rise in XRP’s price. Some experts even anticipate that the altcoin will reach its all-time high of $5.85.
Cryptocurrency analyst Dark Defender predicted that the price of XRP could reach $5.85, an astonishing increase of 1100%, on October 1. The analyst’s prediction is based on XRP’s price performance at the end of September and its closing with a bearish Doji candlestick formation. The Doji candlestick formation indicates that the closing price of an asset is similar to the opening price of the month. In this case, XRP started September at around $0.511 and closed around $0.516, confirming the Doji formation.
Dark Defender interprets the Doji formation as a positive sign for XRP and expects a retest of $0.66 in the short term. Furthermore, the analyst’s analysis shows that XRP has already surpassed its first resistance level.
