Famous market analyst BlockchainedBB says it’s about time for XRP as the SEC prepares to file its opening remedies brief in the Ripple lawsuit.
The ongoing SEC v. Ripple lawsuit has negatively impacted XRP’s performance in the past few years. Industry commentators argue that the lawsuit, introduced in December 2020, prevented XRP from surpassing its 2018 ATH during the 2021 bull run.
Notably, several analysts have projected that the resolution of the multi-year legal battle could pave the way for a potential rally for XRP.
For the lawsuit to end, the court still needs to address the remedies litigation, which is the only pending issue of the case, before the final judgment is released.
For the uninitiated, the remedies litigation would determine the appropriate penalty against Ripple over its violation of securities laws via the sale of XRP to institutional clients.
Specifically, the SEC would file its opening remedies brief under seal by March 22, Ripple would submit its opposition on April 22, and the regulator would file a reply by May 6. The parties proposed in a new motion yesterday that these briefs would be filed under seal until the necessary redactions are made.
XRP Chart Looks Primed
With the SEC expected to file its opening remedies brief in the next two days, prominent crypto analyst BlockchainedBB pointed out that the XRP chart looks prime for a potential rally.
However, he failed to set any price target. BlockchainedBB disclosed that he had acquired more XRP in spots, asserting that “it is about time” for the sixth-largest cryptocurrency by market cap to record a price rally.
$XRP opening brief is due on March 22nd .SEC ‘s reply brief to be presented by May 6th. Chart looks primed to me.
Loaded up in spot. I think it’s about time for $XRP. pic.twitter.com/mMr6xkgTGK
— Blockchainedbb (@blockchainedbb) March 19, 2024
In the meantime, XRP was changing hands at $0.5839, representing a 24-hour decline of 1.41%. XRP has also shredded 15.6% of its value in the past seven days and 3.2% in the past 14 days.
Other Favorable Predictions For XRP
Although XRP has lost most of the value it secured last week, prominent market analysts are still confident that the asset is primed for a rally, as BlockchainedBB is not the only analyst who shares this sentiment.
For instance, Web3Alert founder Nick projected that XRP would surge to a range of $5 to $10 during the peak of the bull cycle. Nick’s $10 price prediction for XRP has been echoed several times by other top market watchers, including XForceGlobal and CryptoBull.
In addition, another analyst, Leb Crypto, predicts that XRP will soon surpass its all-time high price of $3.84 set in January 2018. Leb noted that the token would achieve this feat before or right after the highly anticipated Bitcoin Halving, slated for next month.
In a March 12 tweet, popular crypto expert Dark Defender stated that he expects XRP to hit a target of $5.85 in the coming weeks. He made this known after XRP breached the $0.6649 resistance last week.
Furthermore, analyst “Cryptobilbuwoo” leveraged multiple chart patterns to set a new price target for XRP. According to Cryptobilbuwoo, the XRP chart recently formed the “cup and handle pattern,” which could push it for a potential rally to $31.
At the time of writing, the broader market is experiencing a major onslaught that has caused the prices of various assets, including XRP, to plunge heavily. XRP, which surged to around $0.74 last week, is currently trading at $0.5839.
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