xrp cryptocurrency price

XRP drops 5% on high volume, but analysts aim for 120% gain

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
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  • XRP trading will resume on the Rakuten exchange on September 8.
  • Saudi Electricity Company for refusing a request to disclose employee property from XRP, stating that it is not related to the case.
  • Analysts have predicted a massive spike in volatility and are expecting the altcoin to hit $3 on its steady rise.

Although down nearly 5% on September 7, XRP is rising in the second phase of an upward race led by the Ethereum killer projects, and analysts expect the altcoin to gain more than 120% in the current cycle.

XRP rally to $3 becomes more likely as altcoin posts 80% monthly gain

The ongoing lawsuit in the SEC-Ripple has affected the price of XRP since December 2020. The community of XRP holders “XRP Army” is leading the way, sharing updates on every move the Securities Commission and Ripple executives take. Ripple filed a request asking the SEC to disclose employee crypto holdings, but the SEC moved to refuse to disclose this information.

The reasons for the denial are that employees’ crypto holdings are “irrelevant” to the SEC’s case against Ripple. Moreover, the Securities and Exchange Commission (SEC) won an appeal for access to Ripple’s Slack connections, which could potentially cost the global payments giant nearly $1 million in discovery.

Ripple is the largest holder of XRP. Therefore, the SEC’s move against Ripple has had a direct and negative impact on the price of XRP for more than eight months now. However, the tide has turned to XRP, as analysts have noted that the cryptocurrency is starting to gain momentum.

Over the weekend, the broader cryptocurrency market, including XRP, surged in market capitalization, confirming a bullish trend that began in August 2021. XRP posted gains of nearly 20% over the past week and over 80% in the past month.

Several positive developments led to the rise of the altcoin. The Japanese e-commerce giant’s exchange Rakuten is set to relaunch XRP trading on its platform from September 8th. modes.

Michaël Van de Poppe, cryptocurrency analyst and YouTuber, shared his bullish prediction for an altcoin in his latest strategy session,

We know that we are creating higher lows, but you really want to break this high (0.000038 BTC) and create a new higher high from which to target the 0.00006 BTC ($3.00) level.

FXStreet analysts anticipate a rise to $1.80 if the altcoin holds above the $1 level.

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