TL;DR
- The SEC’s continued legal action caused a temporary drop in XRP’s price, but analysts remain confident about its long-term outlook.
- BTC rebounded to over $63,500, with bullish predictions for a potential rally toward $100,000 and beyond.
- ETH recovered to nearly $2,500, with analysts forecasting a move to $2,800 amid reduced exchange reserves.
XRP’s Ups and Downs
The US SEC’s decision to continue its legal battle with Ripple has been among the top-trending topics in the cryptocurrency space as of late. Recall that the agency appealed a 2023 verdict set by Federal Judge Torres. Back then, the magistrate ruled that secondary sales of XRP did not constitute securities sales. The regulator had until October 7 to contend, filing its documents mere days before the deadline.
Unsurprisingly, XRP’s price reacted negatively following the news. It plunged by double digits to as low as $0.51 on October 3. In the following days, the token traded somewhat sideways before registering a mild rebound in the past 24 hours. Currently, it is worth around $0.54 (per CoinGecko’s data), representing a 2% increase on a daily scale.
The asset’s poor performance seems to have not changed the bullish attitude of numerous cryptocurrency analysts. The popular X user Dark Defender claimed that “nothing has changed” for the firm and its native token after the latest development in the case.
“The SEC appeal is a pure blunder and will separate the 1% from the entire population with a poor mindset. The price is not dependent on this lawsuit, as we analyzed before,” they added.
BTC is Back on the Green Track
XRP was one of the many cryptocurrencies heading south last week. Bitcoin (BTC), for example, briefly dropped to $60,000 on October 2 following the reports of the escalating conflict in the Middle East.
However, it entered a recovery phase in the past few days and is currently standing at over $63,500. Despite the enhanced volatility, BTC is up approximately 50% year-to-date (YTD), and many industry participants envision further gains.
The X user Sensei spotted the emergence of a potential “bull flag breakout” on the price chart, which could be a precursor to a rally toward a new all-time high of $100,000.
OxNobler was optimistic, too, arguing that every major bull run has historically started in October. “The next target for BTC is $260,000, and many alts will follow the lead,” the analyst assumed.
How’s ETH Doing?
Ethereum (ETH) also underperformed last week, falling to nearly $2,300. Its current price condition, though, looks much better, trading at almost $2,500.
The X user EliZ believes ETH may soon rise to the resistance level of $2,800, while some on-chain metrics also suggest a possible spike.
Exchange reserves, for instance, have been on a downfall lately. This could indicate a shift from centralized platforms toward self-custody methods, hence a reduced immediate selling pressure.
The post What’s Next for Ripple (XRP) Price Following the SEC Appeal, Bitcoin (BTC) Resurgence, and More: Bits Recap Oct 7 appeared first on CryptoPotato.