It has been a very worrying month for many crypto investors living in the US. The SEC has been wreaking havoc in the industry by focusing on multiple companies like Ripple (lawsuit initiated in 2020), Tether (within the legal battle between a class lawsuit), and even Ethereum. In fact, validators who live in the US decided to comply with demands from the SEC. There is nothing wrong with that since the SEC did not ask for anything overboard.
Now, the situation around Ripple is a little bit different. The ongoing debate around XRP caused a lot of commotion in the industry and even forced the Chamber of Digital Commerce (CDC) to criticize actions of the SEC publicly. Amidst all this chaos, Ripple quietly hinted at positive developments in their legal battle.
The pumping is going strong
XRP gained over 59% since September 22 when the news initially dropped. After two weeks, it is still gaining momentum. While price retracements occur regularly, the trend is quite strong and the price seems to be confidently moving in the upward direction. If Ripple manages to win its battle against the SEC, we may see a big pump which should be approached with caution.
Also read:If you are in for quick profits, take a closer look at the currently developing situation. There is still some room for improvement. Some experts are talking about XRP hitting the coveted $1 price by the end of October.
While you should never follow the hype train when it’s gone, the current situation seems to be exactly the right moment to at least thinking about jumping on the bandwagon. On the other hand, conservative investors should stay away from highly volatile XRP.
Is it possible that XRP reaches $1?
Just as anything else in the crypto market, it may happen. In fact, everything depends on the outcome of the legal case. Ripple is strongly hinting that they are winning, but the SEC has been very silent about ongoing juridical proceedings. If Ripple comes out on top, we could see a very strong Bullish trend in the nearest future.
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