Peter Brandt, a commodity and foreign exchange trader, has triggered the XRP community with his new price prediction for the Ripple-associated coin. This comes amidst the ongoing case with the United States Securities Securities and Exchange Commission (SEC) and the recent price dip.
Peter Brandt XRP Price Forecast, Community Reaction
The legendary trader began his X post by making jest of Ripple, claiming that it is a formal name for “RIP PPL OFF.”
Next, he opined the XRP price will retain a value of $0.034 in the long term. Brandt shared a historic chart to give credence to his forecast. His statement about XRP price has stirred some reaction from his followers, with most of them supporting his stance.
One X user claims to be buying XRP as a way of enriching Brad Garlinghouse, Ripple CEO. Another user suggested that Brandt was being too generous by saying XRP will retain $0.034. In his opinion, a price level of $0 is too high for the coin. There are a few X users who believe that the best judge for XRP price action is time. Only time will tell whether the coin will plunge further or remain at Brandt’s projected level.
While Brandt’s followers supported his claims, the top XRP proponent believes the SEC appeal solidifies the coin’s appeal. As such, they are optimistic of further price gains.
Earlier today, the price of the coin fell by 15%, misaligning with the supposed “Uptober” rally. At the time of this writing, XRP traded at $0.5261, corresponding with a 7.88% dip in the last 24 hours. However, its trading volume looks good with a 38.96% surge within the same period.
This suggest that investors are still committed to the coin even though it is currently having a hard time.
The SEC Appeal in Ripple Lawsuit Changes it All
The US SEC finally decided that it was going to appeal Judge Analisa Torres’s ruling in the Ripple lawsuit. Therefore, it filed the motion in the Court of Appeals for the District of Colombia five days before the October 7 deadline. The regulator intends to challenge certain aspects of the July 13, 2023 ruling.
When the same judge asked Ripple to pay $125 million as penalty in its case with the US SEC, many observers thought the end has come. The latest development suggests that this is not the case, changing the whole paradigm.
This SEC appeal may have contributed to XRP’s recent price crunch. Despite the temporary setback, many crypto lawyers said the SEC does not stand a chance with the appeal.
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