Cryptocurrency analyst Captain Faibik has shared a bullish outlook for XRP. Faibik suggested that the token may have reached a bottom and is preparing for a major upward movement.
The analyst has set a midterm target of $2 for XRP, indicating substantial upside potential from current levels.
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Critical Support Level Identified at $0.46
Another prominent analyst, Market Spotter, has highlighted a crucial support level for XRP at $0.46. The analyst emphasizes the importance of XRP maintaining this level to preserve its bullish outlook.
A break below this support could potentially lead to an extended bearish phase lasting several weeks.
Ripple vs. SEC Legal Battle Continues to Unfold
The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) remains a major factor influencing XRP’s price. Key developments include:
- Investors anticipate an SEC appeal against the Programmatic Sales of XRP ruling.
- The SEC has filed a Motion for Interlocutory Appeal, seeking permission to challenge the Programmatic Sales ruling.
Recent weeks have seen increased political involvement from major crypto firms, potentially impacting the regulatory landscape:
- Ripple and Coinbase each donated $25 million to the super PAC Fairshake.
- Fairshake aims to support candidates committed to positioning the United States as a hub for next-generation internet innovation.
- These political contributions could influence future crypto regulations and enforcement actions.
Potential Impact of U.S. Political Landscape on XRP and Crypto Markets
The upcoming U.S. elections and potential shifts in political power could affect the crypto market. A more crypto-friendly Capitol Hill could boost XRP and the broader crypto market.
A Republican victory in the U.S. Presidential Election might lead to changes in SEC leadership. This could potentially end the current “regulation through enforcement” approach.
Read more: YouTube Analyst Makes Urgent Shiba Inu (SHIB) Price Prediction – Meme Coin Crash or Rally?
If the overall crypto sentiment improves in the United States, it could prove to be beneficial for Ripple.
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