XRP price is all set to surge to reclaim the higher levels following an announcement from Ripple.
The XRP price is expected to hit $0.5 initially and expected to go in double digits very soon
Biden’s Administration appointed a new SEC Chairman and hence it is expected a good sign for Ripple
Will XRP Sustain Above $0.3?
XRP price in recent times after the major plunge has been rejected multiple times at $0.3. Despite trending in a very narrow range below $0.3, the asset managed to get a major boost which rallied the price nearly 20% since the early trading hours of the day.
However, a slight pull-back was also witnessed but the price managed to sustain above $0.3 levels. At the time of writing the XRP price is $0.30131 with a massive jump of 9.98% in just a couple of hours.
The price jump is surrounding the times when one of the popular exchange Coinbase is going to suspend the XRP trading on its platform as reported by Coinpedia earlier. The price initiated the rally followed by an announcement from Ripple of Issuing Stablecoins on its open-source, decentralized blockchain platform XRP ledger(XRPL).
Therefore, currently, the price may be trading above $0.3, but the prime focus would be during the times when Coinbase and several other exchanges either delist or suspend trade. As per some analyst, the suspension may not impact XRP price at large scale, but whether it will manage to sustain above $0.3 is more vital.
Ripple SEC Lawsuit Update
In the latest update, Gary Gensler, a former investment banker and former government official is all set to take over as the SEC Chairman. With the announcement rolled out, Ripple CEO Brad Garlinghouse expressed his desire to work with the SEC in a very broader way.
Looking to his tweet, many felt the CEO being very excited and speculated that Mr Gary might be exactly who Ripple wanted. As lawsuit filed by ex-SEC chairman Jay Clayton raised many eyebrows. However, one of the analysts XRP Right Now in his youtube video analysis has speculated that the new chairman will probably clear Ripple and XRP out of the current mess.
However, in his video, he has also mentioned that XRP price will surge to $2 as the lawsuit is settled that XRP has a utility and hence cannot be a security. The price might also be in double digits also.
With many new financial institutions joining Ripplenet and some major projects which are anticipated to be built on Ripple’s network as it is centralized, the XRP price is speculated to surge more than 10 times once the lawsuit is cleared.