XRP community members debate whether the cryptocurrency can realistically reach $10.
There is a debate within the XRP community about the potential of XRP to surge to the $10 price. The debate began on September 3 after a prominent analyst, EGRAG CRYPTO, drew parallels to XRP’s past price surge, where the asset rallied 900% in 2017.
According to the analyst, if the 2017 rationale is repeated in the current cycle, XRP could rally 2,000% to $15. However, another enthusiast of the cryptocurrency, Vincent, countered the speculations, saying that $10 could be the “absolute” top for XRP.
Vincent speculated that XRP could experience heavy selling pressure once it reaches $5.
“[…] The selling pressure at 5 dollars and up will be crazy,” said Vincent.
Not sure I see 90 percent believe 10 dollars would be the absolute top for reasons that we mostly understand why so the selling pressure at 5 dollars and up will be crazy
— vincent (@vintage831) September 3, 2023
XRP Only Has Legal Clarity, Not Regulatory
To further bolster his analysis, EGRAG CRYPTO pointed out that XRP is no longer a speculative asset but one with “regulatory clarity.”
Interestingly, another XRP community member disagreed with EGRAG CRYPTO’s opinion that the coin has regulatory clarity.
Per the user, XRP has not received regulatory clarity, as the SEC still believes the coin is a security. He noted that XRP received legal affirmation as a non-security asset from one judge.
He added that XRP currently has only legal clarity, not regulatory clarity, as stated by EGRAG CRYPTO.
However, prominent XRP enthusiast Jack Riley does not think XRP needs any clarity from the SEC, as the court has already ruled on the non-security status of XRP.
“The SEC took an enforcement action against Ripple. It was adjudicated, and Ripple won […] The SEC can’t do s**t, the judge ruled against them. Game over,” Riley tweeted.
The SEC took an enforcement action against Ripple.
It was adjudicated and Ripple won.
WTF are you even talking about.
The SEC can’t do shit, the judge ruled against them.
— Jack Riley 🇺🇸🏴☠️☀️ (@JackRiley107) September 4, 2023
Fagel Clarifies SEC v. Ripple Ruling
At this point, former SEC director Marc Fagel joined the debate, clarifying Judge Analisa Torres’ July 13 ruling on the Ripple case. According to Fagel, Ripple did not win an outright victory, as the ruling was a “mixed bag.”
He pointed out that the court ruled in part for Ripple and the SEC. Per Fagel, the court held that Ripple illegally raised over $700 million by selling XRP as an unregistered security.
He added that the court also ruled that Ripple’s XRP sales via intermediaries did not violate the law.
No. The court ruled in part for Ripple, in part for the SEC. The court held that Ripple illegally raised over $700M through he unregistered sale of securities. But the court also ruled that the company’s sales of XRP through intermediaries did not violate the law. So, mixed bag.
— Marc Fagel (@Marc_Fagel) September 4, 2023
XRP Down 0.2% in 24 Hours
Recall that XRP spiked to around $0.85 after the court’s verdict. However, the crypto asset has erased the gains it recorded following the court’s July 13 decision.
Amid the debate of the possibility of XRP hitting $10, the cryptocurrency was changing hands at $0.501, down 0.2% over the past 24 hours.
Notably, XRP’s plunge is attributed to the heavy selling pressure of the asset on South Korea’s largest exchange Upbit, and trading platform OKX.