XRP (XRP) Could Surge by 30% to US$0.75 (AU$1.08) If Positive Legal Progress Is Made, Bitget Research Predicts

The cryptocurrency market has bounced back since the US Federal Reserve cut its interest rate last week and China's decision to revive its economy

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Major cryptocurrency XRP is up by 5% in the last 24 hours, trading at an average price of US$0.644 (AU$0.93), recent data from CoinGecko shows. The coin has seen a slight increase of nearly 10% in the past month.

This comes as the crypto market has bounced back following the US Federal Reserve cutting its interest rate last week, while China has also decided to revive its economy with new policies after years of struggling with deflation and a real estate recession.

As a result, major cryptocurrencies like BTC and ETH have surged, while other top-ten crypto assets have also reacted positively.

Meanwhile, if you expected to read that XRP remains stagnant, well, not so fast. In fact, analysts are predicting that XRP could rise by 30% to US$0.75 (AU$1.08) if positive legal progress is made in Ripple’s case against the Securities and Exchange Commission (SEC).

Bitcoin Surges An Average Of Over 20% In October

And if you thought that’s bullish, get this: historically, Bitcoin has surged an average of over 20% in the month of October, according to Coinglass.

But let’s get back to XRP for a second. Technically, the coin is looking strong, having broken a key trendline and staying above crucial moving averages.

However, Bitget Research’s Chief Analyst Ryan Lee advises caution against a potential price drop, which could happen if Ripple’s legal situation worsens, causing XRP to drop to US$0.45 (AU$0.65).

That’s right, Ripple’s case against the SEC is not over, even after Judge Analisa Torres ordered the company to pay a US$125M (AU$180M) civil penalty to the regulatory agency for violating securities laws with the institutional sales of XRP.

The SEC has until October of this year to appeal the decision, prolonging the legal battle. With Q4 around the corner, it’s safe to assume it could be prolonged into 2025.

Furthermore, the widespread predictions of “parabolic growth” could lead to an unexpected downturn.

He’s referring to a quite common phenomenon in the crypto market in which, for some reason, traders, analysts, and market observers are extremely bullish, predicting exacerbated price increases.

But here’s the thing – when everyone expects a massive parabolic growth, the market tends to behave differently, sometimes even moving in the opposite direction, according to Lee.

So, while there are bullish signs, the analyst advises readers to avoid relying on extreme forecasts, set stop-losses, and make incremental investments rather than emotional decisions.

On the other hand, Grayscale XRP Trust has started trading for eligible accredited investors on the Genesis Global Trading, Inc. platform. The XRP Trust shares are being represented by Class A units of beneficial interest.

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