XRP (XRP), the cryptocurrency that powers the XRP Ledger launched over a decade ago by US fintech firm Ripple Lab, has jumped in the last hour following reports that the US Securities and Exchange Commission (SEC) has dropped lawsuits against two key Ripple executives.
XRP was last trading close to $0.51, up around 4% on the day, though the cryptocurrency has pulled back from earlier session highs above $0.52.
The SEC said in court papers that it was no longer pursuing claims that Ripple Labs CEO and the company’s co-founder Chris Larsen aided and abetted in the sales of $1.3 billion in XRP tokens, which the agency claimed classify as unregistered securities in its lawsuit launched against Ripple Labs back in 2020.
SEC DROPPING AIDING AND ABETTING CLAIMS AGAINST RIPPLE EXECUTIVES — COURT FILING – RTRS
— Tree News (@News_Of_Alpha) October 19, 2023
Back in July, the US judge presiding over this lawsuit said that these sales didn’t necessarily warrant a sale of unregistered securities.
That ruling was broadly seen as a (partial) defeat for the SEC, with XRP spiking over 70% in one day to hit highs for the year close to $0.95.
Since then, air has come out of the XRP market, with prices struggling in a $0.45-55ish range over the past two months.
But Thursday’s news of the SEC dropping its claims against Ripple executives emphasizes how Ripple has the upper hand in its ongoing lawsuit with the SEC.
Price Prediction – Can XRP Rally Back to $1?
While XRP’s intra-day price action is strongly bullish, XRP remains locked within recent ranges and is still struggling with resistance in the form of its 200DMA, which it hasn’t been able to break convincingly above since August.
But with things still looking good for Ripple in their lawsuit versus the SEC and sentiment in the broader market robust amid hopes that spot Bitcoin ETFs will soon garner approval, risks seem tilted towards a break to the north of this $0.45-55 range, as opposed to a break to the downside of this range.
If XRP can get convincingly above $0.55, a run back towards yearly highs in the $0.90s would be on the cards.
A run higher would be accelerated by any further major legal wins for Ripple against the SEC.
XRP might be one of the best blue chip cryptocurrencies to buy right now, thanks to its price which remains suppressed by US legal and regulatory uncertainty (though Ripple appears to be winning).
The cryptocurrency could easily surpass $1 in the next crypto bull market, having almost achieved this feat already once this year.
Crypto Alternatives to Consider
XRP’s outlook is strong, with 2x gains to $1 likely in the coming year.
For those looking for an even better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 13 of what the project deems as the best crypto presales of 2023.
See the 13 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Read the full article here
