XRP escapes bearish grip as SEC influence wanes, with trading volume crossing $2 billion in 24 hours.
The fifth most significant crypto project, XRP, is gradually breaking free from the bears to enter the bullish zones. In the last 24 hours, crypto market participants bought and sold over $2 billion worth of XRP. This figure is an over 160% increase from the data The Crypto Basic reported in the last 24 hours.
Significantly, XRP toughed $0.58 in the last 24 hours, one of its highest points in the past two months. XRP has pulled the current bullish trajectory without any pivotal development from the U.S. court regarding the XRP legal case.
Therefore, the XRP Army is pondering the course XRP could take in the coming bull market without the influence of the U.S. regulator.
SEC Influence on XRP
Notably, the U.S. Securities and Exchange Commission (SEC)’s lawsuit has bugged down the appeal of XRP for nearly three years. The lawsuit arguably hindered the digital asset from reclaiming its all-time high during the peak of the 2021 bull market. This was unlike most other concurrencies, particularly those that ranked alongside XRP in the top ten.
In particular, CoinMarketCap data shows XRP reached only about half of its 2018 ATH in 2021, precisely $1.83. Yet, in 2021, XRP rivals like Ethereum (ETH), BNB, and Cardano (ADA) broke and surpassed their previous ATH.
However, the SEC’s negative influence on XRP is now over since the digital asset attained regulatory clarity three months ago. In other words, XRP has no impediment to reclaiming and breaking the 2018 ATH in the coming bull run.
How High Can XRP Go without SEC Influence?
Notably, prominent experts from the crypto trading community, as well as from the banking sector, have offered various projections for XRP.
A chartist dubbed Dark Defender recently argued that XRP’s ultimate rally could be at $13 or $18. The analyst projected based on a technical tool called the Elliott Wave pattern observed in the XRP market.
Interestingly, Dark Defender is not the only analyst that sees XRP in significant double digits based on the Elliott Wave. The well-known chartist EGRAG projected a more daring figure at $27.
Meanwhile, based on XRP’s over 68 months of sustained accumulation phase, experts projected the ultimate XRP rally could be at $90. While these double digital projections are analytical, experts made a case for XRP trading at $500, given its role in the banking sector.
Chiefly, it is observable that the uniform theme among all XRP projections is that the digital asset would exceed its ATH and break into double digits. It remains to be seen how XRP will perform in the coming bull rally with the SEC out of the picture.
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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