• XRP trading resumes on Rakuten's exchange on September 8.
  • SEC to deny motion to reveal employees' XRP holdings, stating that it is irrelevant to the case.
  • Analysts have predicted a massive surge in volatility and expect the altcoin to hit $3 in ongoing rally.

Despite dropping about 5% on September 7, XRP is rallying in the second leg of bull run led by Ethereum-killer projects, and analysts expect the altcoin to post over 120% gains in the current cycle.

XRP rally to $3 becomes more likely as altcoin posts 80% monthly gains

The ongoing SEC-Ripple lawsuit has influenced XRP price since December 2020. The community of XRP holders "XRP Army" is leading the way, sharing updates on every move made by the Securities Exchange Commission and Ripple executives. Ripple had filed a motion asking the SEC to reveal employees' crypto holdings, but the SEC has moved to deny disclosing this information. 

The grounds for denial are that employees' cryptocurrency holdings are "irrelevant" to the SEC case against Ripple. Further, the SEC won a plea to access Ripple's Slack communications, which is likely to cost the global payments giant nearly $1 million in the discovery process. 

Ripple is the largest holder of XRP. Therefore, the SEC moves against Ripple have had a direct and negative impact on XRP price for over eight months now. However, the tide has turned for XRP, as analysts have noted that the cryptocurrency has started gaining momentum. 

Over the weekend the broader cryptocurrency market, including XRP, surged in market capitalization, confirming the uptrend that started in August 2021. XRP has posted nearly 20% gains over the past week and over 80% in the past month. 

Several positive developments have triggered the altcoin's rally. Japanese e-commerce giant Rakuten’s exchange is set to relaunch XRP trading on its platform starting September 8. Meanwhile, the XRP army has kept traders and investors informed of SEC's decisions and motions, leading an army of proponents ensuring that the altcoin features consistently in mainstream media.

Michaël Van de Poppe, cryptocurrency analyst and YouTuber, shared his bullish prediction for the altcoin in his latest strategy session,

We do know we're creating higher lows, but you actually want to break this high (0.000038 BTC) and create a new higher high through which targeting a level 0.00006 BTC ($3.00) is pretty likely to be taking place.

FXStreet analysts predict a rally to $1.80 if the altcoin holds above the $1 level. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

More Ripple News

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation.

More Bitcoin News

1Inch looks poised for downward correction

1Inch looks poised for downward correction

1inch price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. 

More Cryptocurrencies News

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation. The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP