Despite the recently revealed $2 billion fine requested to be levied against the company from the US Securities and Exchange Commission (SEC), a Ripple (XRP) rally appears to be a matter of time as a 90% surge is in view. Indeed, the asset may be lying in wait, with technical indicators priming a massive breakout.
The sector faced a massive development when the SEC’s proposed fine was revealed Tuesday. In response, the SEC held their ground and is preparing to respond in a brief of their own next month. Although the lawsuit doesn’t appear to be concluding in the short term, the asset could be preparing to skyrocket in value.
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Ripple (XRP) Preparing a Rally Above $1 Amid SEC Fine Request
The digital asset market has carefully observed the ongoing legal conflict between Ripple and the SEC. The most recent update has seen the agency request a massive financial penalty for the company. In turn, executives have responded with assertions of their ability to “expose” the agency’s tactics.
However, that development has not changed the high potential its XRP token is showing. Although it has yet to experience a value increase akin to some of its peers within the industry, that could be set to change. Specifically, a Ripple (XRP) rally could be a matter of time as a 90% surge is in view.
Also Read: Ripple XRP: Historical Trend Hints at 30% Surge in April
Indeed, crypto analyst EGRAG has taken to X (formerly Twitter) to share their perspective on the asset’s future. In that post, they state that it is potentially preparing a surge to the $1.20 level. That would be a more than 90% increase from its current price. The analysis utilizes historical indicators, that provide context as to why the asset could be poised to skyrocket in value in the near term.
XRP is down more than 3% over the last 24 hours, according to CoinMarketCap. However, its trading volume has remained rather high, increasing more than 40% in that same time frame. Alternatively, likely, Ripple (XRP) won’t realize its full potential until the end of the ongoing SEC lawsuit.