The uncertainty surrounding the Ripple and SEC lawsuit has created a great deal of excitement within the community regarding the future of XRP’s price. If legal odds favor the coin, there is a high likelihood that XRP could reach $0.80 in the near future.
Currently, XRP is trading at $0.608, showing a 0.22% increase in the past 24 hours. However, the price has been struggling to surpass the $0.60 mark since the beginning of the week. This resistance coincides with the approaching deadline in the SEC vs. Ripple case, which is scheduled for April 22. On this date, Ripple is expected to submit its opposing brief related to the remedy. Following this, on May 6, the SEC will have its final chance to respond to Ripple’s opposition.
Many legal experts believe that Ripple has a strong chance of winning the case, citing the previous victory in which XRP was classified as a non-security when traded on exchanges. XRP investors are eagerly following the case and paying attention to the opinions of influential figures in the crypto and legal community. Notably, lawyer Bill Morgan, a supporter of Ripple, has recently provided insights on the SEC’s arguments against Ripple in briefings, which is valuable information for investors navigating the uncertain legal landscape.
While predicting the price of a cryptocurrency is difficult due to its volatile nature, there is a high probability that XRP could climb to $0.80 this week. The trading volumes of XRP have increased by 60.69% to $2 billion in the past 24 hours, indicating a strong investor appetite for the cryptocurrency. XRP currently ranks 6th in the Layer 1 sector with a market capitalization of $33.5 billion.
Furthermore, the Fear & Greed Index shows an extreme greed situation at 80, and XRP’s circulating supply is 55.05 billion out of a maximum supply of 100 billion XRP. Ripple’s CEO, Brad Garlinghouse, believes that the overall crypto market will reach a total worth of $5 trillion by the end of the year, which will have a ripple effect on XRP’s price. If this scenario unfolds, XRP could potentially soar to $1.50.
It is important to note that Ripple has previously surpassed the $0.80 mark, indicating that it is capable of doing so again. However, investors and traders are advised to exercise caution as there are no guarantees that the price will indeed reach $0.80 this week.