XRP’s Potential Surge to $12.6 Following SEC Case Closure and ETF Launches

• XRP’s bullish target is set at $12.6, indicating strong growth potential.

• The SEC has officially closed its long-running case against Ripple.

• Multiple XRP ETFs have already launched, enhancing market confidence.

XRP’s bullish target is $12.6, following the SEC’s case closure against Ripple, which has opened the door for new XRP ETFs.

What is XRP’s Bullish Target?

XRP is projected to reach a bullish target of $12.6, as indicated by recent market analyses. This target follows a significant breakout from a multi-year triangle pattern, which occurred in November 2022.

How Has the SEC Case Affected XRP?

The SEC’s closure of its case against Ripple on August 11 has been a pivotal moment for XRP. This decision allows Ripple to focus on regulatory frameworks that support innovation while protecting investors. Ripple’s chief legal officer, Stuart Alderoty, expressed gratitude for this development, emphasizing the need for clear crypto regulations.

Frequently Asked Questions

What is XRP?

XRP is a digital currency designed for fast and low-cost international money transfers. It is the native currency of the Ripple network.

When did the SEC close its case against Ripple?

The SEC officially closed its case against Ripple on August 11, 2023, allowing Ripple to pursue a clearer regulatory path.

Key Takeaways

• XRP’s target is $12.6: Analysts predict significant growth potential.
• SEC case closure: This development allows Ripple to focus on regulatory clarity.
• XRP ETFs launched: Multiple ETFs have been introduced, enhancing market confidence.

Conclusion

In summary, XRP’s bullish target of $12.6 reflects strong market potential following the SEC’s closure of its case against Ripple. As new XRP ETFs emerge, the cryptocurrency landscape is set for significant growth.

• XRP’s bullish target at $12.6 indicates strong growth potential.

• The SEC has officially closed its long-running case against Ripple.

• Multiple XRP ETFs have already launched, enhancing market confidence.

XRP’s bullish target is $12.6, following the SEC’s case closure against Ripple, which has opened the door for new XRP ETFs.

XRP’s Bullish Target at $12.6

Martinez shared an XRP chart, stating that the breakout the coin made from a multi-year triangle in November last year gave XRP a bullish target at $12.6. The chart shows that the growth XRP has demonstrated to the $3 price level recently is part of that surge that became possible in November 2022.

Besides, now several key bullish developments have taken place that seem to make XRP’s further extensive growth quite likely in the near future.

XRP Case Over; XRP ETFs Already Launched

On August 11, the newly appointed chairman of the Securities and Exchange Commission (SEC), Paul Atkins, confirmed that the regulator has closed the long-running case against Ripple. Atkins confirmed the tweet by a SEC commissioner, Hester Peirce, about this development.

The SEC chair stated that with this “chapter closed,” the regulatory efforts will now be switched “from the courtroom to the policy drafting table” as they plan to put a focus on “building a clear regulatory framework that fosters innovation while protecting investors.”

Ripple’s chief legal officer, Stuart Alderoty, thanked chief Atkins in the comments for making it possible and applying his leadership to “moving America towards clear rules of the road for crypto.”

Aside from that, this year has seen several XRP ETFs launched already. While the world’s largest wealth management firm, BlackRock, which already runs Bitcoin and Ethereum spot ETFs, has said no to a similar product based on XRP, a spot XRP ETF is already running in Canada, Europe, and Brazil, and a futures ETF has been launched in the US (by BlackRock’s iShares).

Several companies have filed to launch spot XRP ETFs in the US already, but the SEC has been delaying the decision on those applications so far.