According to a crypto analyst, XRP’s price is expected to fluctuate between $0.50 and $0.80 for the remainder of 2024, heavily influenced by regulatory developments. The latest appeal from the U.S. regulator concerning its case against Ripple, the blockchain payments firm, may lead market participants to adopt a more cautious approach to XRP in the near term.
Despite the recent filing not directly challenging the ruling that XRP is not considered a security, the appeal requests a court review of decisions regarding Ripple’s XRP sales on exchanges and personal transactions involving Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. This ongoing legal uncertainty could exacerbate XRP’s price volatility, potentially leading the asset to fluctuate within a nearly 50% range, according to the analyst.
Price Projections Depend on Regulatory Outcomes
In an Oct. 18 report, Ryan Lee, the chief analyst at Bitget, noted that the price projection for XRP is “highly contingent” on regulatory developments and shifts in market sentiment, particularly within the U.S. market. He remarked that the market’s hesitation may result in short-term price volatility for XRP as investors await clearer outcomes.
XRP last exceeded the $0.80 mark in March 2022, with its highest price this year reaching $0.71 in March, as per TradingView data. Currently, XRP is trading at $0.55.
Ripple’s chief legal officer, Stuart Alderoty, recently indicated that the briefing process could extend until July 2025, adding to the prolonged uncertainty.
Potential Outcomes for XRP Prices
Lee emphasized that the ultimate resolution of the legal matters could have a substantial impact on XRP’s price.
“A favorable ruling or increased international support for Ripple could significantly boost XRP’s price. Conversely, an unfavorable outcome could drive the price lower,”
he explained.
Furthermore, the appeal contributes to “regulatory ambiguity” in the U.S. cryptocurrency sector. Lee noted that this uncertainty might cause investors to take a more cautious approach as they await the final legal outcome.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
