- Several XRP maxis predict a likely bullish run, following similar price trends seen before previous bull runs.
- XRP price surged over the weekend but has since shed gains it made in that period.
- SEC, in recent appeal, says digital assets have no inherent value.
Amidst prevailing fears of a continued crypto market decline, XRP maxis believe the token might be getting closer to its next pump. XRP, which is the native token of Ripple network, and the subject of the ongoing SEC v Ripple legal tussle, surged over the weekend, despite major cryptocurrencies declining.
According to a crypto Youtuber, XRP price signals are indicative of trends seen before previous bullish runs. Similarly, crypto analyst Egrag Crypto says that the next XRP pump could take the token to a range of $1.3 – $1.5, then to $2.8 – $3. He continued that the token could possibly revisit previous all time highs, or post an incredibe $27 someday.
These predictions come following recent twists in the SEC v Ripple case. The U.S Securities and Exchange Commission (SEC) recently announced that it would appeal the earlier court decision reached in favor of Ripple. Per details of the motion for interlocutory injunction filed by the regulator, While that was expected, the SEC in the appeal seems more focused on the programmatic sale of XRP by Ripple.
In contrast to earlier statements that XRP is a digital asset security, the regulator is now arguing that digital assets have no inherent value and are no more than computer codes. This latest twists stirred several comments from the XRP community over the weekend.
Reacting to the news, Ripple Labs’ Chief Technology Officer David Schwartz, in a post on X, said the regulator should not be allowed to appeal until the conclusion of the case. Despite the mixed reactions from the announcement of the appeal, the XRP community seems optimistic considering that the SEC is not appealing Judge Torres’ ruling on XRP being a “non-security.”
Elsewhere, XRP has lost steam following its shortlived bullish run over the weekend. Data from CoinMarketCap show that the token is exchanging hands at $0.5216, and has shed 16.71% of its price in the past seven days.
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