- XRP has surged to a six-month high, reaching $0.6622 with a 12.44% increase.
- Analysts are targeting $0.75 for XRP amid the bull momentum.
- However, caution remains due to the upcoming SEC appeal deadline on October 7.
XRP has seen a significant rally over the past few days, cracking a high last seen six months ago in March. Investors hope the bullish momentum will continue, with analysts eyeing a possible move to $0.75. However, concerns about the SEC’s potential appeal, with a deadline set for October 7, still weigh on sentiment.
XRP Breaks Six-month High
XRP price surged over the weekend, jumping from $0.5889 on Friday to a high of $0.6622, representing a significant 12.44% increase. This milestone marks the cryptocurrency’s highest price point in six months.
Crypto analyst Blockchain Backer highlighted XRP’s surge in a post on X today, stating that while the gains are noteworthy, “it isn’t much to celebrate.”
He also shared a chart indicating that XRP achieved its highest weekly close of 2024 and surpassed the 0.702 retracement level of the March-September range following the weekend pump.
In response to this update, analyst Van Winkle suggested that XRP’s successful reclaiming of the $0.66 level indicates that the next target could be the $0.75 level.
XRP had come close to this price range in March 2024, when it hit a yearly high of $0.74 after it surged over 20% in one day and briefly became one of the top-performing assets in the market.
SEC Appeal Could Hinder Further Price Growth
While XRP holders celebrate the price surge, they remain cautious due to the looming October 7 deadline for the SEC to file an appeal in its case against Ripple.
A court ruling in July 2023 declared that XRP is not a security, and in August, the court ruled in favor of Ripple regarding penalties for security law violations, effectively concluding the lawsuit. However, the conclusion of the suit opens the door for appeals on all rulings delivered during the nearly four-years litigation.
Market participants believe an appeal could reverse some of XRP’s gains and reintroduce uncertainty to the market. Crypto influencer Tony Edward, host of Thinking Crypto, voiced his concerns on X, saying, “Let’s hope the SEC doesn’t try to screw XRP holders again by filing an appeal. The deadline is October 7th.”
It is worth noting that the SEC’s potential appeal does not focus on XRP’s classification as a security, but rather the sales of XRP through open market channels, such as online platforms or using bots—referred to as programmatic sales.
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