XRP has experienced a surge in the past few days, reaching a high not seen since March, despite ongoing worries about a possible U.S. Securities Exchange Commission (SEC) appeal set for October 7, 2024.
Over the weekend, the price of XRP surged from $0.59 on Friday to a peak of $0.63, indicating a notable 12.4% increase, the highest in six months, according to CoinMarket Cap.
Investors are optimistic about the ongoing positive market trend, with analysts considering a potential rise to $0.75.
Pseudonymous crypto analyst “Blockchain Backer” highlighted XRP’s substantial recent gains while sharing a chart showing that XRP closed the week at its highest level in 2024 and exceeded the 0.702 retracement level of the March-September range after a weekend surge.
In response, Analyst Van Winkle stated that XRP’s successful recovery indicates a potential target of $0.75.
As XRP holders enjoy the recent price increase, they also exercise caution in light of the upcoming October 7 deadline for the SEC to potentially appeal the case against Ripple.
Market observers believe an appeal could reverse some of XRP’s gains and reintroduce uncertainty to the market. Influencer Tony Edward expressed concerns about the SEC potentially harming XRP holders by filing an appeal.
In July 2023, a court ruled in favour of Ripple regarding penalties for violating security laws, effectively ending the lawsuit. However, potential appeals on all rulings made during the legal battle are still possible. The SEC’s potential appeal is reportedly focused on the selling of XRP through open market channels rather than XRP’s classification as a security.
Meanwhile, Ripple, a blockchain payments company, has recently announced plans to introduce smart contracts to the XRP Ledger (XRPL) mainnet. This upgrade aims to enhance the Layer 1 blockchain’s programmability and allow developers to build customized applications.
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