XRP has seen a significant rally over the past few days, cracking a high last seen six months ago in March. Investors hope the bullish momentum will continue, with analysts eyeing a possible move to $0.75. However, concerns about the SEC’s potential appeal, with a deadline set for October 7, still weigh on sentiment.
XRP Breaks Six-Month High
XRP price surged over the weekend, jumping from $0.5889 on Friday to a high of $0.6622, representing a significant 12.44% increase. This milestone marks the cryptocurrency’s highest price point in six months.
Analysts Target $0.75
Crypto analyst Blockchain Backer highlighted XRP's surge in a post on X today, stating that while the gains are noteworthy, 'it isn’t much to celebrate.' He also shared a chart indicating that XRP achieved its highest weekly close of 2024 and surpassed the 0.702 retracement level of the March-September range following the weekend pump.
Caution Due to SEC Appeal Deadline
Despite the positive momentum, analysts urge caution due to the upcoming SEC appeal deadline on October 7. Potential actions by the SEC could significantly impact XRP’s future price movement.
Currently, XRP shows an upward trend with the potential for further growth. However, investors should be mindful of possible risks associated with the upcoming SEC appeal.
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