Ripple, a major company in the cryptocurrency industry, is now looking to go public after successfully resolving its battle with the SEC. With top-level executives of Ripple now free from the SEC’s wrath, the company can breathe a sigh of relief. However, the same cannot be said for XRP Coin, as even its $0.53 resistance level continues to pose challenges.
The price of XRP Coin was expected to increase further with the SEC settlement. However, according to insider sources, investors prefer to remain cautious as the SEC is reportedly preparing for a new attack. Despite significant developments in favor of Ripple in the lawsuit, the SEC will strive to evaluate corporate sales under the investment contract and impose penalties on the company.
Furthermore, even when the lawsuit is completely over, there is a high probability of appeal against the summary judgment in the mass appeal period in July. Despite the increase in BTC price, XRP Coin’s failure to reach $0.7 is primarily due to this reason.
In the coming days, we may witness further actions from the SEC. The possibility of these developments negatively affecting the price is higher now, as it is the SEC’s turn to make a move at this stage. On the other hand, another SEC news that could positively impact the overall market sentiment is the reconsideration of GBTC’s application for conversion to an ETF.
An analyst named Egrag Crypto has been making ambitious price predictions about XRP Coin for a while. Recently, he shared his views again, implying that he would be proven right when the price approached the $1 mark a few months ago.
The analyst bases his outrageous prediction on Elliott Wave Theory, which is one of the most widely accepted and adopted models for providing technical analysis in the crypto space. According to the analyst, a movement that started years ago has trapped XRP Coin’s price in the dominant third wave on two different charts.
This situation suggests that the price could experience parabolic growth. At least from the analyst’s perspective, this seems reasonable. So, what will be the price? The first prediction suggests that the price will reach its peak at $6.57 from the third wave.
The second prediction targets $27, which would mean an increase of over 5000%. However, there is a detail that renders the analyst’s prediction meaningless. The supply of XRP Coin is 100 billion, which means that for the price to reach $27, the market value would have to be $2.7 trillion. Apart from the cumulative value of cryptocurrencies reaching the ATH level of $3.2 trillion, there is no problem. If XRP reaches this price, BTC will likely reach a market value of around $12 trillion. All of this does not seem logical. Therefore, it may be beneficial for investors not to rely on extravagant targets.