An XRP community commentator sets a timeline for XRP to experience its much-anticipated price pump based on a predicted end date for the Ripple v. SEC case.
The crypto market remains unpredictable and volatile, and XRP is no exception. Currently, XRP is navigating a bearish trend marked by significant selling pressure that mirrors the broader market’s downturn.
This July alone, XRP plummeted by 8.44%, while Bitcoin (BTC) also dropped by 8.61%. The general sentiment across the crypto market is one of pessimism, yet some analysts foresee an imminent turnaround for both the market and XRP.
Timeline for an XRP Price Pump
At the moment, XRP is trading at $0.4354, caught in a bearish storm that has traders and investors on edge. The Ripple Effect, a notable commentator in the XRP community, recently highlighted a crucial technical pattern on Twitter.
No one is talking about this MASSIVE $XRP triangle breakdown. A weekly close below $0.42 is extremely bearish. $XRP has been in a primary WAVE 2 correction (A-B-C pattern) since the 2018 peak. Currently, WAVE C is unfolding, and we are likely in WAVE 3 or 5. A sharp sell-off is… pic.twitter.com/PzoIEtCfwB
— The_Ripple_Effect (@Ripple_Effect11) July 8, 2024
He pointed out that no one seems to be discussing the significant breakdown of a massive triangle pattern in XRP’s price chart. The Ripple Effect warns that a weekly close below $0.42 would signal extremely bearish conditions for XRP, potentially leading to a sharp sell-off.
He bases this forecast on the belief that XRP is in the throes of a primary Wave 2 correction, which started following its 2018 peak of $3.81. The current phase, Wave C, is now unfolding, and The Ripple effect suggests that the market might be witnessing either Wave 3 or Wave 5.
According to him, speculators could eye-buy targets within the ranges of $0.12 to $0.14 and $0.07 to $0.08, respectively, aligning with retracement targets 3 and 4. Investors might see these levels as attractive entry points before a projected significant price surge between 2026 and 2030.
The anticipated price dump to these levels represents what some consider the last opportunity to buy XRP at a low price before its value skyrockets.
The Impact of the Ripple v SEC
A significant factor influencing XRP’s price trajectory is the ongoing legal battle between Ripple and the SEC. The case, which started in 2020, initially hinged on whether XRP should be classified as a security.
Interestingly, last July, a critical milestone was reached when XRP was classified as not a security, a decision that injected some optimism into the market. However, the end of this legal saga remains a point of contention among experts, with the case now in the remedies phase.
The Ripple Effect suggests that the lawsuit could drag on until July 2026, based on the timeline of the Second Circuit Court, which might not deliver a ruling until mid-2026.
This timeline suggests that a substantial price pump for XRP could be delayed until the legal uncertainty is fully resolved. The commentator emphasized the importance of patience for investors, positing that the resolution of the case would lead to a massive price increase for XRP.
However, Ripple’s CEO, Brad Garlinghouse, has a more optimistic view on the timeline of the resolution of the case.
He predicts that the case could conclude by the end of this year, as the lawsuit is now in remedies, where the final terms of settlement are negotiated. Other industry observers share this optimism, with some expecting a final ruling as early as this month.
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.
