The price of XRP has surged following the announcement of the SEC dropping its lawsuit against Ripple Labs, leading to optimistic trader forecasts.
XRP's Legal Victory
The U.S. Securities and Exchange Commission (SEC) officially dropped its long-standing lawsuit against Ripple Labs, the company behind XRP. The lawsuit had been ongoing since December 2020, casting uncertainty over the crypto industry.
Market Response
Following the announcement, XRP's price skyrocketed by 15%, reaching $2.56. The market responded with enthusiasm as traders speculated that the token might reach $5 by the day's end.
Forecasts and Expectations
However, a further 20% increase is needed to surpass the $5 mark, with key resistance levels around $4.50 posing potential challenges. Pro XRP supporters have fueled speculation of future values reaching $10 and even $15, based on insights from top analysts.
The cryptocurrency community remains keenly observant of XRP's trajectory. The final trading hours may reveal whether the token attains its much-anticipated milestone.
