- On August 7, Ripple ended a four-year legal battle with the SEC, with CEO Brad Garlinghouse announcing a reduced fine of just 6% of the original $2 billion.
- Crypto analyst predicts a potential breakout for XRP from a multi-year triangle pattern, with a price target of $600, reminiscent of past explosive growth from 2013-2017.
XRP, the cryptocurrency associated with Ripple, is currently operating on an impressive upward trajectory, showing signs of breaking its previous records. Optimism about future price movements in XRP slowly builds up among analysts as it continues to hold above a key support level. After recent developments, the value of XRP could surge drastically as extraordinary gains materialize.
Ripple, on August 7, marked a landmark event with the conclusion of the four-year-old tussle with the US Securities and Exchange Commission. Brad Garlinghouse, the CEO, opened up on X (formerly on Twitter) to announce the end of the long-drawn legal tussle. Garlinghouse underscored that the decision by Judge Analisa Torres saw the proposed $2 billion fine recommended by the SEC significantly brought down to only 6% of the original.
“This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone,” Garlinghouse asserted.
At the time of the last update, the token was trading at $0.5783, with a 24-hour volume of $2.36 billion and a market capitalization of $32.06 billion. The token dominance amounts to 1.49%. Over the course of the past 24 hours, this token price moved up slightly by 1.28%, setting the fact that the legal result gave investors the confidence to buy.
Analyst Forecasts XRP to $600: Key Triangle Breakout Ahead
Brett Hill, a prominent crypto analyst, has ignited excitement within the XRP community with his latest forecast. Hill is highly optimistic about XRP’s upcoming price trajectory, suggesting that a significant breakout from a long-term triangle pattern could be on the horizon.
According to Hill, the token is approaching a key moment as it nears the end of a multi-year triangle pattern forming since 2018. This pattern has been characterized by gradual convergence and usually is a harbinger for tectonic price action. As such, if breakout above occur, Hill believes XRP could reach astonishing heights, setting a potential price target of $600.
To put this into perspective, Hill’s prediction mirrors explosive growth the token Witnesses from 2013 to 2017. During that period, the token surged to new all-time highs, capturing the crypto world by storm, catching wide mass enthusiasm.
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