- Crypto analyst Dark Defender forecasts a substantial upswing in XRP’s price, despite the ongoing legal battle against Ripple.
- Ripple’s ongoing class action lawsuit could potentially impact the predicted growth and future trading of XRP.
Analyst’s Forecast: XRP’s Potential 600% Price Rise
In recent updates, crypto analyst Dark Defender outlined significant breakthroughs for XRP. Bypassing two primary resistances, XRP achieved price points of $3.82 and $1.96. Dark Defender speculates these advancements suggest further gains for the cryptocurrency.
The third resistance level has reportedly been overcome, implying that XRP could potentially reach $3.39 in Wave 1 of the analyst’s projection. A more audacious target of $22 for XRP is predicted in Wave 3. As of now, XRP trades at $0.479278, with a 24-hour trading volume of $835,419,753.
An additional prediction model, considering various future events, estimates that XRP could reach $3.50 if Ripple settles its lawsuit, $5 if relisted on US exchanges, $7 with Ripple’s IPO, and $10 with potential banking partnerships.
Ripple’s Lawsuit: A Cloud Over XRP’s Future
However, the crypto community’s excitement is tempered by Ripple’s ongoing class action lawsuit. The legal action, instigated by a group of investors, accuses Ripple, its CEO Bradley Garlinghouse, and subsidiary XRP II of transgressing federal and state securities laws. They are alleged to have generated hundreds of millions of dollars through the unregistered security, XRP.
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Ripple has countered the lawsuit’s certification, claiming the plaintiffs have not sufficiently safeguarded the class’s interests. The case has stirred worries about XRP’s delisting from numerous US-based crypto exchanges.
Significantly, Bill Morgan addressed Paul Grewal, Coinbase’s chief legal officer, querying the rationale behind Coinbase’s decision to delist XRP while continuing to permit trading of other assets recognized by the SEC as securities.
The outcome of Ripple’s lawsuit and the expected Summary Judgement by the end of 2023 will be crucial in determining XRP’s future. Post-litigation, crypto exchanges may reconsider their decision to delist XRP, potentially paving the way for a significant price update.
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