SBI VC Trade Projects XRP Price Surge to $0.62 Amid Market Developments
SBI VC Trade, a Japanese cryptocurrency exchange and subsidiary of SBI Group, predicts that the price of XRP, the native token of the XRP Ledger, could soon surge to $0.62 due to recent market developments. In their report, SBI VC Trade discusses the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), as well as how a ruling on July 13 impacted the price movement of XRP.
Although the court ruling determined that XRP was not a security when traded on cryptocurrency platforms but was a security when sold by Ripple to institutional investors, the price of XRP briefly reached a high near $0.90 after being relisted on various exchanges. However, the rally was short-lived, and XRP is currently trading at $0.55.
XRP’s Recent Performance and Potential Outlook
XRP recently experienced a surge to a two-month high amidst a broader cryptocurrency market rally. This rally saw Bitcoin reach a 16-month high. The drop of securities violations charges against Ripple’s executives by the SEC has contributed to XRP’s outperformance and its largest single-day surge in months.
SBI VC Trade’s report highlights the positive impact of XRP’s adoption in international remittance services on its outlook. The increasing usage of this service could lead to greater price stability and growth for XRP. The report also mentions key resistance levels at $0.5645 (100-day moving average) and $0.6297 (38.2% Fibonacci retracement) that XRP could rise to, as well as support levels at 0.4850 and 0.4735.
SBI Holdings’ Support for XRP
SBI Holdings has been supporting XRP for years and has even given its shareholders the option to receive XRP as a benefit. This further demonstrates the firm’s backing of the embattled cryptocurrency.
Hot Take: XRP Price Projection and Market Developments
SBI VC Trade, a subsidiary of SBI Group, expects XRP’s price to surge to $0.62 based on recent market developments. The legal battle between Ripple and the SEC, along with XRP’s performance after the July 13 ruling, have influenced this projection. While XRP initially reached a high near $0.90 after being relisted on exchanges, the rally was short-lived, and it is currently trading at $0.55.
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