- XRP trading will resume on September 8th on the Rakuten Exchange.
- SEC denies request to disclose employee XRP holdings, stating that it is irrelevant to the case.
- Analysts have predicted a massive spike in volatility and expect the altcoin to hit $ 3 on a sustained rally.
XRP is rebounding in the second leg of the bull run, led by Ethereum killer projects, and analysts expect the altcoin to gain over 120% in the current cycle.
The XRP rally to $ 3 becomes more likely as Altcoin posts 80% monthly gains
The ongoing SEC Ripple lawsuit has affected the XRP price since December 2020. The XRP Army community of XRP owners is leading the way, sharing updates on every move made by the Securities Exchange Commission and Ripple executives. Ripple had asked the SEC to disclose employees’ crypto holdings, but the SEC has declined to disclose this information.
The reasons for the rejection are that the employees’ cryptocurrency holdings are “irrelevant” to the SEC lawsuit against Ripple. Additionally, the SEC won a plea for access to Ripple’s Slack communications, which is likely to cost the global payment giant nearly $ 1 million in the investigation process.
Ripple is the largest owner of XRP. Therefore, the SEC’s moves against Ripple have had a direct and negative impact on the XRP price for over eight months. For XRP, however, the tide has turned as analysts have determined that the cryptocurrency is gaining momentum.
Over the weekend, the market cap of the broader cryptocurrency market, including XRP, rose, confirming the upward trend that began in August 2021. XRP recorded nearly 20% last week and over 80% last month.
Several positive developments triggered the rally in altcoin. Japanese e-commerce giant Rakuten’s exchange will resume XRP trading on its platform from September 8th. Meanwhile, the XRP army has kept traders and investors informed of the SEC’s decisions and filings, and has led an army of supporters to ensure the altcoin is consistently featured in the mainstream media.
Michaël Van de Poppe, cryptocurrency analyst and YouTuber, shared his bullish prediction for the altcoin in his latest strategy session.
We know we are making higher lows, but you actually want to break that high (0.000038 BTC) and create a new higher high that is quite likely to hit a target of 0.0006 BTC ($ 3.00).
FXStreet analysts predict a rally to $ 1.8 if the altcoin holds above the $ 1 level.