As April reaches its end, cryptocurrency enthusiasts stand on the brink of anticipation. Ripple [XRP], in particular, has been navigating a turbulent journey this month. However, it is poised for a prominent uptick which is influenced by both market dynamics as well as legal proceedings.
Following a consolidation phase within the $0.46 to $0.50 range, XRP witnessed a bullish rebound. The asset picked up steam and witnessed a 25% rise from the lows it encountered during the April 11th crash. At press time, the altcoin was trading at $0.5339, with a modest recovery amidst the current volatile market conditions. But will this sentiment follow through this month?
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XRP To End April On A Bullish Note
Changelly revealed in its latest prediction that XRP is expected to undergo a double-digit surge. The asset is projected to reach a high of 0.656043 by April’s end. This further reflects a substantial; 26% rise from its current trading price.
Legal Complexity
Amidst market dynamics, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission [SEC] adds another layer of complexity as well as anticipation. Ripple is currently gearing up to file its remedy-related opposition brief on April 22. The outcome will certainly have a significant impact on the course of the case.
Cryptocurrency enthusiasts have been eagerly waiting to see how the case unfolds. Along with this, the sales of XRP to non-U.S. institutional investors also come into play. The firm’s success in demonstrating that post-complaint sales primarily targeted non-U.S. entities could sway the ruling in its favor, potentially leading to a token penalty ruling and addressing regulatory uncertainties.
Also Read: Ripple (XRP) CEO: ‘I Underpredicted’ $5 Trillion Crypto Market