- April 12 and 29 are set as pivotal dates for Ripple’s lawsuit with the SEC, with potential sanctions and outcomes likely to significantly influence XRP’s market value.
- Crypto analyst Zazu’s tweet suggests a bullish forecast for XRP, anticipating a dramatic increase to over $10 based on historical patterns observed in 2017.
The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), which is scheduled to reach a conclusion in April, has been the most awaited thing by crypto enthusiasts.
There are two important dates set, which will determine the outcome of the lawsuit, in which the court ruling is predicted to have a major impact on the fate of the XRP price.
First, April 12 is set as the deadline for filing motions against the proposed improvement, and secondly, April 29 is the deadlines for such improvements, including the imposition of sanctions on Ripple’s institutional sale of XRP.
Bullish Sentiment Fuels Surge
Both are considered very important by market observers and crypto users, as they believe that the court ruling will determine the next direction of the price of the Ripple crypto.
History has shown that XRP can experience a significant price hike following a court ruling that is considered positive. This was proven in July last year, when XRP experienced more than a doubling, shortly after the court ruled that the sale of Ripple tokens did not constitute an investment contract.
Many users are confident that a similar court ruling will push the price of XRP up to $1 this April.
The bullish sentiment is also evident from the recent price action of the altcoin, where the cryptocurrency has been up 30% earlier this week, without any non-technical factors supporting it. However, further analysis reveals that speculative actions by bullish traders have triggered the price rally.
Data from Coinglass indicates an increase in bullish betting against XRP since March 10th. The data also revealed a significant rise in XRPs bullish trading with leverage.
According to Coinlass data, the Volume-Weighted XRP funding rate rose from 0.0140% to 0.0933% between March 6th and March 12th, marking a strong bullish sentiment among XRP investors. For a deeper dive into these developments, you can check this Youtube video.
Bold Prediction for XRP
In that context, popular crypto analyst Zazu sparked more speculation with his tweet suggesting that the price of XRP is ready to slide from more than $10 in its weekly chart, following a historic pattern in 2017.
#xrp #xrpusdt #simpson #ripple https://t.co/snR9ItkSgM pic.twitter.com/Nlo6eKovjx
— zazuu (@zazuuaction16) March 14, 2024
This tweet must have attracted the attention of investors, reminding us of the big XRP rally a few years ago, which had been a primadona before its case against the US SEC, reflecting on ETHNews’s prior findings.
Amid these positive developments and predictions, the price of XRP dipped slightly in the last 24 hours, by 0.85% to $0.6905. This reflects an increase of 10.91% in the last 7 days.