XRP Price Still Has the Potential to Soar by Dozens of Times Post Last Night's Fall

Renowned crypto analysts foresee the potential for XRP prices to skyrocket by dozens of times, despite its recent negative price action.

Since early December 2023, XRP has been trading in a narrow range between US$0.5762 and US$0.6565, lagging behind other altcoins that have seen significant increases due to the influx of market capital.

Recent developments regarding the potential rejection of the Bitcoin ETF spot application by the U.S. Securities and Exchange Commission (SEC) have added uncertainty to the market. This has led to a 10% drop in the price of Ripple's crypto, pushing it close to the US$0.500 level.

Despite facing these challenges, significant catalysts could propel XRP to new heights, such as the ongoing legal battle between Ripple Labs and the SEC regarding the sale of XRP.

Crypto analysis from Egrag Crypto expresses optimism, stating that the multi-fold increase is due to the impact of its case with the SEC.

"In the last cycle, despite disruptive SEC lawsuits, XRP surged almost 20 times. Now, with unmatched legal regulation clarity, the potential explosion of 40 times or even 50 times seems promising," it mentioned.

According to Egrag Crypto's analysis, at its cycle low of around US$0.28, a 40-fold increase could push its price to approximately US$11. Meanwhile, a 50-fold increase might make XRP skyrocket to around US$14.

Compared to the previous cycle's multiplier of 58 times for Ethereum (ETH), XRP at US$0.28 could reach an impressive US$16.

The pivotal legal battle for XRP's promising future is currently the lawsuit between Ripple and the SEC, which continues to be the primary focus for investors. Understanding the key chronology in this legal process becomes crucial.

On February 12, 2024, discussions on legal solutions between Ripple and the SEC commenced. Both parties will present their arguments and proposals regarding potential resolutions to the ongoing legal dispute.

This discussion phase is expected to provide insights into the positions and proposed solutions from both sides.

On March 13, 2024, following the discussion phase of legal solutions, the SEC will submit their discussion of legal solutions. This document will outline the solutions proposed by the SEC to address the alleged violations committed by Ripple.

This submission is expected to provide further clarification regarding the SEC's stance and the actions they plan to take against Ripple.

Then, on April 12, 2024, it's Ripple's turn to file a counter against the solutions proposed by the SEC. Ripple will detail their arguments in response to the SEC's accusations, as well as offer counterarguments and alternative solutions they propose.

Finally, on April 29, 2024, the SEC will respond to Ripple's counter. The SEC will address Ripple's arguments, provide additional justification for the proposed solutions, and strengthen their position in this legal battle.