Is the digital currency XRP about to embark on a bullish run? Many XRP enthusiasts, or ‘Maxis’, certainly seem to think so. In spite of a recent appeal by the Securities and Exchange Commission (SEC) stating that digital assets have no inherent value, these proponents remain optimistic about XRP’s potential for significant growth.
Signs of a Potential Bullish Run
Over the past weekend, there was a notable surge in the price of XRP. Despite the fact that it has since lost some of the gains it made during this period, a number of crypto analysts believe that this could be a sign of an impending bullish run. They argue that the recent price movements of XRP are reminiscent of the trends observed prior to previous bull runs.
One crypto Youtuber, for instance, has suggested that the price signals for XRP are indicative of an imminent surge. Meanwhile, Egrag Crypto, a respected crypto analyst, has speculated that the next pump could propel the token’s value to anywhere between $1.3 and $1.5, and potentially even as high as $2.8 to $3. He also suggested that it could reach its previous all-time highs, or perhaps even an astounding $27 someday.
The SEC Appeal and Ripple
These bullish predictions come in the wake of recent developments in the ongoing legal battle between the SEC and Ripple, the company behind XRP. The SEC has recently announced its intention to appeal a previous court decision that was in Ripple’s favour. This appeal focuses on Ripple’s programmatic sale of XRP, a move that contrasts with the SEC’s earlier assertions that XRP is a digital asset security.
Interestingly, the SEC is now arguing that digital assets like XRP have no inherent value, and are simply computer codes. This has sparked a flurry of comments from the XRP community, with Ripple Labs’ Chief Technology Officer David Schwartz stating that the regulator should not be allowed to appeal until the case has reached its conclusion.
XRP Community’s Optimism
Despite the controversy surrounding the SEC’s appeal, the XRP community remains largely optimistic. They take solace in the fact that the SEC is not challenging the ruling by Judge Torres that XRP is a “non-security.” However, XRP has lost some momentum following its brief bullish run over the weekend. Data from CoinMarketCap shows that the token is currently trading at $0.5216, having lost 16.71% of its value over the past week.
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