XRP price is likely to rally to $10 bullish target with these catalysts

Ripple’s partial victory against the SEC fueled bullish sentiment among XRP holders.
Alex Cobb has set a target of $10 for XRP price, applying Elliott Wave Theory to the monthly price chart of the altcoin.
Catalysts like Ripple’s enlistment to the membership of ISDA and clarity on XRP’s status continue fueling hype among XRP holders.

Ripple holders are bullish on XRP price, and believe that a rally to $10 is likely in the current market cycle. There are several bullish catalysts driving the sentiment among holders, including Ripple’s partial victory against the US Securities & Exchange Commission (SEC), the payment giant’s enlistment to the membership of International Swaps & Derivatives Association (ISDA), and clarity on XRP’s status as “not an investment contract”.

A crypto YouTuber and XRP analyst, Alex Cobb has a bullish thesis for the altcoin’s massive run up to $10.

Also read: Pro-XRP attorney predicts XRP likely to hit its all-time high in a Bitcoin bull market

XRP price rally to $10 likely, according to analysts

Alex Cobb, a popular XRP analyst and YouTuber, identified two technical patterns that point toward a rally to $10. Cobb applied the Elliott Wave Theory used to analyze financial market cycles and forecast market trends to the XRP/ USD monthly price chart.

Cobb identified that between 2014 and 2015, the altcoin witnessed an explosive breakout that fits an Elliott Wave. The analyst expects a repetition of the same in the time frame starting from 2018. According to Cobb’s estimate, the price could hit a target of $10.

XRP/USD one-month price chart

Cobb’s thesis was supported by YouTuber and analyst JayDee, behind the Twitter handle @jaydee_757. Pseudonymous analyst behind the handle @MackAttackXRP identified a Golden Cross in the XRP price chart, a bullish pattern that supports the thesis of a massive rally in the altcoin.

On the XRP/USD three-day price chart, the analyst identified a rare Golden Cross seen only twice before in the history of the altcoin. The appearance of the third Golden Cross could lead to a prolonged bull market, according to @MackAttackXRP.

XRP/USD three-day price chart

The previous two instances were recorded close to the end of 2017 and at the beginning of 2021, both of which were followed by massive rallies in XRP price.

Market development,other catalysts driving XRP price higher

Ripple’s partial victory against the SEC is one of the largest catalysts fueling bullish sentiment among XRP holders in the community. Since the ruling, Ripple has made strides in both developments and partnerships, driving the adoption of XRP tokens.

Ripple recently acquired membership to the ISDA, where the giant entered a $1.2 quadrillion derivatives market with over a thousand member institutions from 79 countries. This is a bullish development for the project as it places Ripple next to industry giants like J.P. Morgan, Goldman Sachs, CME Group, Citi, BNY Mellon and the London Stock Exchange.

Ripple joins ISDA

Clarity on XRP’s status as “not an investment contract” is fostering development of projects in the Ripple ecosystem. Hugo Phillion, co-founder of Flare Labs, stated in a recent tweet that Ripple lost over two years to its legal battle with the SEC. The payment giant can now focus on development and updates in its project, Phillion said, with solutions geared toward traditional financial institutions.

SEC v. Ripple ruling update

XRP proponents argue that the Securities and Exchange Commission (SEC) believes that the altcoin is a security and the regulator made it clear in the 2021 transcript of court hearing.

The SEC absolutely believes that XRP itself is a security. And Judge Torres clearly repudiated that belief in her ruling.

Here's the transcript from the 2021 hearing. The SEC lawyer argues that XRP remains a security, but that there's an exemption for individuals to sell. https://t.co/cd3KQz6dVn pic.twitter.com/gNR8vOw567
— Jeremy Hogan (@attorneyjeremy1) August 6, 2023

SEC vs Ripple lawsuit FAQs

Is XRP a security?

It depends on the transaction, according to a court ruling released on July 14:

For institutional investors or over-the-counter sales, XRP is a security.
For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.

How does the ruling affect Ripple in its legal battle against the SEC?

The United States Securities & Exchange Commission (SEC) accused Ripple and its executives of raising more than $1.3 billion through an unregistered asset offering of the XRP token.

While the judge ruled that programmatic sales aren’t considered securities, sales of XRP tokens to institutional investors are indeed investment contracts. In this last case, Ripple did breach the US securities law and will need to keep litigating over the around $729 million it received under written contracts.

What are the implications of the ruling for the overall crypto industry?

The ruling offers a partial win for both Ripple and the SEC, depending on what one looks at.

Ripple gets a big win over the fact that programmatic sales aren’t considered securities, and this could bode well for the broader crypto sector as most of the assets eyed by the SEC’s crackdown are handled by decentralized entities that sold their tokens mostly to retail investors via exchange platforms, experts say.

Still, the ruling doesn’t help much to answer the key question of what makes a digital asset a security, so it isn’t clear yet if this lawsuit will set precedent for other open cases that affect dozens of digital assets. Topics such as which is the right degree of decentralization to avoid the “security” label or where to draw the line between institutional and programmatic sales are likely to persist.

Is the SEC stance toward crypto assets likely to change after the ruling?

The SEC has stepped up its enforcement actions toward the blockchain and digital assets industry, filing charges against platforms such as Coinbase or Binance for allegedly violating the US Securities law. The SEC claims that the majority of crypto assets are securities and thus subject to strict regulation.

While defendants can use parts of Ripple’s ruling in their favor, the SEC can also find reasons in it to keep its current strategy of regulation by enforcement.

Can the court ruling be overturned?

The court decision is a partial summary judgment. The ruling can be appealed once a final judgment is issued or if the judge allows it before then. The case is in a pretrial phase, in which both Ripple and the SEC still have the chance to settle.

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