The recent XRP news surrounding the SEC vs. Ripple lawsuit saw the US SEC Appeal the Southern District Judge Analisa Torres’ July 2023 and August 2024 ruling. But all of that might be irrelevant as this expert trader and analyst forecasts that XRP price could hit $120 in this bull cycle and “melt faces.
XRP Price is up 0.53% Today
On Tuesday, October 8, Ripple price is up 0.53% and trades at $0.530, in a period of low volatility for the fifth consecutive day after a 9.80% crash on October 2. Since then, Ripple has consolidated in a 7.72% range, extending from $0.506 to $0.545.
XRP Price Today
XRP News: Ripple vs. SEC Lawsuit Update
The US Securities and Exchange Commission (SEC) filed the “notice of appeals” on October 2, as a result, XRP price crashed 9.80%. The major development since then is Ripple (XRP) community filing a petition in disagreement to the SEC’s decision to appeal the July 2023 and August 2024 ruling. This petition has received 8,500 signatures since its filing on October 3.
Ripple Community Petition Against SEC Appeal
In an adjacent development, Moon Lambo notes that the Ripple on September 9 and a month later was almost the same at $0.52. Due to this, the analyst adds that the market does not care about the SEC’s appeal.
On 9/6/24 $XRP price was $0.52. Right now, 1 month later, $XRP is just over $0.53.
The market has declared: The SEC appeal in the Ripple case DOES. NOT. MATTER.
— Moon Lambo (@MoonLamboio) October 6, 2024
Expert Analyst Predicts XRP Price to Hit $121 This Bull Cycle
Amonyx, a popular analyst posted on X to his 100K followers his take on what XRP price could do next. In his analysis, Amonyx showed how Ripple price is nearing the end of a 6.8-year downtrend and a breakout could trigger a volatile rally.
The expert also takes cues from the 2017 bull run. In this cycle Ripple price shot up 110,466% from $0.003 to $3.31 after four-year consolidation. Considering the 6.8-year downtrend that has been persistent since then, Amonyx hints that a similar uptrend could ensue for Ripple and could propel XRP to $121.
For XRP to reach this target of $121, it would need to inflate by 22,730% from the current price of $0.530.
XRP/USDT 1-month chart
With the short-term outlook bearish, investors need to be patient to get better buying opportunities. Furthermore, Bitcoin also looks ready to slide lower after a failed attempt to push through the $64K hurdle. From a long-term perspective, however, the bullish scenario is preserved unless BTC fails to hold $55K.
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