How High Or Low Can XRP Go?
If one looks as the all-time-chart of XRP, two clear spikes stand out. The first one happened during the bull run of 2017-2018, and we all know how that ended.
The second spike started back in November of 2020, then descended in December when the SEC dropped its bombshell lawsuit, and shot back up since a few weeks ago when it became clear that Ripple Labs could actually win this lawsuit.
Thus as the market sees XRP rise towards the $2 level again (a bull run this website has predicted multiple times would take place), the question beckons, what happens next? How high or low, can XRP go?
XRP is involved in a high-level court case with the SEC. Whereas Tether saw its court case with the Attorney General of New York played out behind closed doors and end in a lofty settlement, XRP’s case versus the SEC is being played out on social media.
As such, any move that either party makes is highly scrutinized and magnified on Twitter.
Last week, the judge presiding over the case allowed the team of lawyers that represent Ripple Labs to check all the SEC’s documents that led to their conclusion of XRP being labeled a security. This is called discovery in a legal term and can be interpreted as good for one’s case, because it gives you the option to build your defense around it.
Judge Denies SEC Probe into Ripple Executive’s Personal Financial Recordhttps://t.co/yTuzZYgpCF— John Morgan (@johnmorganFL) April 13, 2021
Furthermore, yesterday afternoon that same judge denied the SEC their demand to look into the Ripple’s executive financial records.
However, even discovery does not mean a final ruling so far. Should XRP lose the SEC case, expect to see another drop after the spike. If XRP should win, the questions beckons how much of that win is already priced into the current run. Will be interesting to see some good technical analysis on this one.
A lot of top 10 cryptos already broke their all-time high of 2018 (Bitcoin, Ethereum and Cardano), some are fighting to reach their old all-time high (Litecoin and XRP) and some have a long way to go (Bitcoin Cash, IOTA, NEM and NEO). It is likely that when everything goes well for XRP and the bull market continues, it can break its past record.