Crypto analyst and trader Ali Martinez shared his predictions regarding the third-largest cryptocurrency XRP, stating it could reach a bullish target of $12.6 following a breakout from a multi-year triangle.
Bullish Target for XRP at $12.6
Ali Martinez, known as @ali_charts on the X social media platform, presented an XRP chart, stating that the breakout in November 2024 from the multi-year triangle established a bullish target of $12.6. He noted that XRP's recent surge to the $3 level is part of this potential that opened up last year.
Closure of SEC Case Against Ripple
On August 11, the newly appointed chairman of the Securities and Exchange Commission (SEC), Paul Atkins, confirmed that the regulator has closed its long-running case against Ripple. He stated that with this 'chapter closed', regulatory efforts would now focus 'from the courtroom to the policy drafting table', concentrating on building a clear regulatory framework that fosters innovation while protecting investors.
Launch of XRP ETFs in Various Countries
This year has seen multiple XRP ETFs launched. While the world’s largest asset management firm, BlackRock, which manages Bitcoin and Ethereum ETFs, has declined to offer a similar product based on XRP, spot XRP ETFs are already operational in Canada, Europe, and Brazil, and a futures ETF has been launched in the U.S. by iShares. However, the SEC has been delaying decisions on applications to launch spot XRP ETFs in the U.S.
With the SEC case against Ripple concluded and new ETF initiatives underway, XRP's future looks promising, and analysts like Martinez foresee significant growth for the cryptocurrency.
