$10 Moonshot Imminent Or Burst As Ripple vs SEC Case Turns Sour

XRP price prediction shows the token in a precarious situation after Ripple rejected the offer by the Securities and Exchange Commission (SEC) to lower its proposed penalty to $102.6 million.

Although expected, this move by Ripple could have repercussions for the company, which has spent over $200 million battling the lawsuit, and the associated XRP token.

XRP price hovered at $0.4830 during the US trading hours on Tuesday up 0.8% in 24 hours on top of a 1.5% increase in the last seven days. Ranking #7 on CoinMarketCap among other cryptocurrencies, XRP boasts $27 billion in market cap.

A noticeable 14% surge in volume to $862 million reveals growing interest among traders. Should sentiment continue to improve this week, XRP price might make good of key bull market indicators to possibly advance above $0.5.

Ripple vs SEC Lawsuit Risks Escalate

The legal battle between the US regulator the Securities and Exchange Commission  (SEC) and Ripple, a popular blockchain company suffered another setback as the latter rejected a proposal by the agency that had dropped a $2 billion penalty to $102 million.

This move by Ripple comes at a critical time for all parties involved and reflects the growing disgruntlement. Despite the case being at the trial stage, it is unclear if Ripple and the SEC will decide on a settlement or let the lawsuit run its course to a court ruling.

The determination of the case also falls within the US Elections year, hence, its importance ahead of imminent political changes. Ripple does not believe the drop to $102 million is fair, considering the company had proposed a $10 million penalty.

As Ripple and the SEC prepare for an extended battle, investors seem worried about its impact on XRP price which has remained significantly suppressed compared to other cryptocurrencies like Bitcoin and Ethereum.

The SEC maintains that it has a mandate to protect investors. However, critics of the institution have faulted it for irregular lawsuits against crypto companies including Ripple Labs.

Ripple’s case could have far-reaching implications not only for XRP but the entire crypto industry. Stakeholders and crypto enthusiasts hope that the presiding Judge Torres will rule in favor of Ripple—a move likely to set a precedent and limit unfair actions against crypto firms.

With elections in the US approaching later in the year, there are signs of a political shift. President Biden seems to be trailing behind former President  Donald, suggesting an impending power shift. The crypto community has already foreseen the influence of SEC Chair Gary Gensler fading, paving the way to a new dispensation, especially in crypto regulations.

XRP Price Prediction: Has XRP Bottomed?

As XRP price makes good support at $0.48, signs are starting to emerge of a bottoming-out level. According to the delay chart, support at $0.45 has on many occasions in the last year triggered major rebounds.

Should XRP recover and breach the resistance at $0.5, bulls will feel liberated to continue with the push for gains to $1 in July.

A buy signal flaunted by the Moving Average Convergence Divergence (MACD) shows how ready traders are to fall behind XRP. Bringing down key hurdles like $0.6 and $0.75 could accentuate the bull run.

Should the court ruling favor Ripple, XRP will not only gain legitimacy among investors—far and wide but may witness an increase in demand supporting a parabolic rally to new all-time highs with $10 towering as an achievable target.

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