SBI VC Trade, a crypto exchange business and subsidiary of the Japanese financial giant and Ripple partner SBI Group, has projected an XRP increase to $0.62 in its latest market report.
In the report published today, SBI VC Trade highlighted the recent developments surrounding the legal case between Ripple and the U.S. SEC. The report delved into the aftermath of the July 13 ruling, and the effects these developments have had on XRP’s price direction.
Latest Developments in the Ripple vs. SEC Case
Notably, XRP appreciated to the yearly top of $0.93 on July 13 following the verdict, which declared it a non-security. However, as pointed out by the SBI VC Trade report, this rally was short-lived, as XRP retraced all the gains of that day.
Although the SEC recorded a partial victory in the July 13 judgment, the agency sought to appeal parts of the verdict it lost. On Aug. 9, the SEC requested permission to file an interlocutory appeal. However, Judge Analisa Torres denied the SEC’s motion to file the appeal on Oct. 3.
Interestingly, XRP witnessed another upsurge following Judge Torres’ Oct. 3 decision. However, the October rally was not as substantial as the July 13 spike, with XRP only rising to $0.5479 amid a 5.21% intraday gain. XRP eventually retraced this rally, dropping to $0.47 on Oct. 12.
In the wake of Judge Torres’ ruling on Oct. 3, the case was to go to trial in April 2024. However, the SEC, in agreement with Ripple, dropped the charges against Ripple’s executives Brad Garlinghouse and Chris Larsen on Oct. 19.Â
The report from SBI VC Trade highlighted upcoming developments following the latest event. These developments include the remedies phase to discuss the penalties for the part of the ruling Ripple lost.
XRP Could Hit $0.62
As pointed out, the developments surrounding the case put XRP on a rollercoaster ride. The SBI VC Trade report also acknowledged the effects of the broader market direction on XRP, especially in recent times amid the discussions around a spot BTC ETF.
XRP recently rallied to a 2-month high of $0.5866 as Bitcoin (BTC) put the rest of the market in an upward trajectory. With the broader market rally now losing steam, XRP has relinquished the $0.58 threshold, changing hands at $0.5426 at the reporting time.
The market report from SBI VC Trade predicts an initial increase in XRP’s price to $0.5645, corresponding with the 100-day moving average. However, the report forecasts a subsequent increase, witn a target of $0.6297. The last time XRP saw this price was in August.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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