Outside Source
TL;DR
- XRP’s price jumped by 20%, reaching over $0.60 after a court ruled Ripple must pay a $125 million fine, far less than the SEC’s $2 billion demand.
- The decision is viewed as a major victory, sparking bullish sentiment and speculation of a potential bull run for XRP, with optimistic price targets from analysts.
XRP Bull Run Now in Motion?
Ripple’s XRP is one of the market’s best performers today (August 8), with its price soaring by 20% and surpassing $0.60. The rally followed a major development on the Ripple v SEC lawsuit front.
As CryptoPotato reported, Judge Analisa Torres ruled that the company must pay a $125 million fine. The sum is far less than the $2 billion initially sought by the regulator, causing many industry participants to declare the decision a major victory for Ripple. One of those is the company’s CEO – Brad Garlinghouse:
“The SEC asked for $2B, and the Court reduced their demand by ~94%, recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company,” the exec said.
The subsequent price surge of XRP has been among the trendiest topics on crypto X in the last several hours, with multiple analysts suggesting this is the beginning of a major bull run for the asset.
The popular X user Doctor Profit described the court ruling as “a massive, bullish event due to the newfound regulatory clarity and the flood of bullish rumors that will follow.” The trader believes the development would serve as a sign of confidence and attract an additional number of investors into the ecosystem.
“The lawsuit pressure is over, and remember, we didn’t have a bull run in 2021 for XRP! This means the indicators are not just bullish—they’re extremely bullish for XRP with a very healthy chart,” they added.
Doctor Profit went even further, speculating that Ripple and the SEC might even start working on an XRP ETF behind closed doors. The “best-case” price target set by the X user is in the range of $16-$20, while the “worst-case” one is between $4 and $7 with a timeframe of one year from today.
It is worth mentioning that a price of $20 would require XRP’s market capitalization to explode to approximately $2 trillion. The current market cap of the entire crypto industry is around $2.1 trillion, making the forecast sound unlikely.
Potential Turbulence in the Short-Term
CrediBULL Crypto and CRYPTOWZRD chipped in, too. The former claimed the court’s decision has cleared the stage for “a mega run” for XRP, arguing that a new all-time high (ATH) is just a matter of time.
CRYPTOWZRD maintained that the asset closed “extremely bullish” on its latest daily price chart, expecting enhanced volatility in the short term. “I will be looking to get a quick scalp tomorrow based on its lower time frame chart formation,” the trader added.
This article first appeared at CryptoPotato
