XRP’s $12.6 Target Becomes More Realistic As SEC Ends Ripple Case: Analyst
Cryptocurrency analyst and trader Ali Martinez, known as @ali_charts on the X social media platform, has issued a message for the crypto community about the prospects of the third-largest cryptocurrency, XRP.
He believes that the coin can now reach the super-bullish target that appeared ahead of it in November last year.
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XRP’s bullish target at $12.6
Martinez shared an XRP chart, stating that the breakout the coin made from a multi-year triangle in November last year gave XRP a bullish target at $12.6. The chart shows that the growth XRP has demonstrated to the $3 price level recently is part of that surge that became possible in November 2024.
Besides, now several key bullish developments have taken place that seem to make XRP’s further extensive growth quite likely in the near future.
XRP case over; XRP ETFs already launched
On Aug. 11, the newly appointed chairman of the Securities and Exchange Commission (SEC), Paul Atkins, confirmed that the regulator has closed its long-running case against Ripple. Atkins confirmed the tweet by SEC Commissioner Hester Peirce about this development.
The SEC chair stated that with this “chapter closed,” regulatory efforts will now be switched “from the courtroom to the policy drafting table” as they plan to put a focus on “building a clear regulatory framework that fosters innovation while protecting investors.”
Ripple’s chief legal officer, Stuart Alderoty, thanked Chief Atkins in the comments for making it possible and applying his leadership to “moving America towards clear rules of the road for crypto.”
Aside from that, this year has seen several XRP ETFs launched already. While the world’s largest wealth management firm, BlackRock, which already runs Bitcoin and Ethereum spot ETFs, has said no to a similar product based on XRP, a spot XRP ETF is already running in Canada, Europe and Brazil, and a futures ETF has been launched in the U.S. (by BlackRock’s iShares).
Several companies have filed to launch spot XRP ETFs in the U.S. already, but the SEC has been delaying the decision on those applications so far.