The XRP price has been moving sideways lately between $0.5762 and $0.6565, not keeping pace with other alternative cryptocurrencies that have seen big gains from increased money flowing into the market.
However, current developments related to the potential rejection of Bitcoin exchange-traded funds by the SEC have introduced uncertainty and led to a 10% drop in XRP’s price, pushing it toward $0.500.
Nonetheless, an important catalyst could potentially skyrocket XRP to new highs – the ongoing legal tussle between Ripple Labs and the SEC over XRP sales.
Crypto analyst Egrag Crypto is optimistic, saying a 40X or even 50X boom is feasible for XRP, pointing to the impressive performance of the cryptocurrency in the previous cycle despite the SEC lawsuit. Egrag Crypto stated a 40X increase from the cycle low of $0.28 could potentially push the price to around $11, and a 50X jump might see XRP soar to around $14.
While XRP’s future looks promising, the Ripple vs. SEC case stays a main focus for investors. Knowing the key dates in the legal proceedings is crucial. Upcoming milestones include remedies briefings on February 12, SEC remedies filing on March 13, Ripple opposition on April 12, and SEC reply on April 29.
For now, the XRP price has recovered slightly to $0.5715, as the market awaits further developments that could determine the future status and price movement of XRP.
