XRP Price Prediction: Will XRP Pump in the Current Scenario? Analyst Unveils the Melting Point
- DDDOriginal
- 2024-10-21 15:34:141080browse
According to Bitget's chief analyst, Ryan Lee, XRP's price is likely to fluctuate between $0.50 and $0.80 for the rest of 2024.
Renowned cryptocurrency exchange Bitget has unveiled its XRP price analysis for 2024, predicting a price range of $0.50 to $0.80. This projection is largely contingent upon regulatory developments, particularly the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
According to the analysis, investors are advised to adopt a cautious approach, as the market is likely to remain in a wait-and-watch mode for optimal results. XRP’s price movements are expected to be closely tied to the legal proceedings, which could significantly impact the asset's performance.
The recent appeal by the U.S. regulator in its case against Ripple has introduced further market hesitation. While the appeal does not directly challenge the court ruling that XRP is not a security, it seeks a review of Ripple's XRP sales on exchanges and personal sales by Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. This could introduce more legal ambiguity, especially for U.S.-based participants.
As a result, XRP’s price is likely to experience heightened volatility throughout 2024, as the market anticipates potential legal outcomes and regulatory pressures. This could lead to the asset moving within a wide 50% range, presenting both opportunities and risks for investors.
Moreover, Ripple's chief legal officer, Stuart Alderoty, has indicated that the legal briefing process is expected to continue until July 2025. This suggests that regulatory pressure will continue to play a significant role in XRP's performance for the foreseeable future.
notably, the final ruling by the court on the matter of XRP sales will be crucial in determining the asset's price direction, as it could pave the way for XRP to be reclassified as a non-security or face further legal challenges.
In other developments, Tim McCourt, senior managing director at CME Group, stated on October 16 that progress has been made toward creating an XRP exchange-traded fund (ETF). The foundation is being laid with a reference rate and real-time index in place, although a fully-fledged ETF is still in the works.
This could potentially streamline the process for launching an XRP ETF in the future, subject to regulatory approval and market demand. However, until the legal dust settles, XRP's price will likely remain highly volatile, impacting investors' decision-making and strategies.
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