{"id":11962,"date":"2024-10-07T08:15:32","date_gmt":"2024-10-07T08:15:32","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=11962"},"modified":"2024-10-07T08:15:32","modified_gmt":"2024-10-07T08:15:32","slug":"whats-next-for-ripple-xrp-price-following-the-sec-appeal-bitcoin-btc-resurgence-and-more-bits-recap-oct-7","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=11962","title":{"rendered":"What\u2019s Next for Ripple (XRP) Price Following the SEC Appeal, Bitcoin (BTC) Resurgence, and More: Bits Recap Oct 7"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

The SEC\u2019s continued legal action caused a temporary drop in XRP\u2019s price, but analysts remain confident about its long-term outlook.
\nBTC rebounded to over $63,500, with bullish predictions for a potential rally toward $100,000 and beyond.
\nETH recovered to nearly $2,500, with analysts forecasting a move to $2,800 amid reduced exchange reserves.<\/p>\n

<\/a><\/span><\/h2>\n

XRP\u2019s Ups and Downs<\/h2>\n

The US SEC\u2019s decision to continue its legal battle with Ripple has been among the top-trending topics in the cryptocurrency space <\/span>as of late<\/span>.<\/span> Recall that the agency <\/span>appealed<\/span><\/a> 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.<\/span><\/p>\n

Unsurprisingly, XRP\u2019s price reacted negatively following the news. It plunged by double digits to as low as $0.51 on October 3. <\/span>In the following days,<\/span> the token traded somewhat sideways before registering a mild rebound in the past 24 hours.<\/span> Currently, it is worth around $0.54 (per CoinGecko\u2019s data), representing a 2% increase on a daily scale.
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

The asset\u2019s poor performance seems to have not changed the bullish attitude of numerous cryptocurrency analysts. The popular X user Dark Defender <\/span>claimed<\/span><\/a> that \u201cnothing has changed\u201d for the firm and its native token after the latest development in the case.\u00a0<\/span><\/p>\n

\u201cThe 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,\u201d they added.<\/span><\/p>\n

BTC is Back on the Green Track<\/span><\/h2>\n

XRP was one of the many cryptocurrencies heading south last week. Bitcoin (BTC), for example, <\/span>briefly<\/span> dropped<\/span><\/a> to $60,000 on October 2 following the reports of the escalating conflict in the Middle East.\u00a0<\/span><\/p>\n

<\/a>BTC Price, Source: CoinGecko<\/p>\n

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.\u00a0<\/span><\/p>\n

The X user Sensei <\/span>spotted<\/span><\/a> the emergence of a potential \u201cbull flag breakout\u201d on the price chart, which could be a precursor to a rally toward a new all-time high of $100,000.<\/span><\/p>\n

OxNobler was optimistic, too, <\/span>arguing<\/span><\/a> that every major bull run has historically started in October. \u201cThe next target for BTC is $260,000, and many alts will follow the lead,\u201d the analyst assumed.\u00a0<\/span><\/p>\n

How\u2019s ETH Doing?<\/span><\/h2>\n

Ethereum (ETH) <\/span>also<\/span> underperformed last week, falling to nearly $2,300. <\/span>Its current price condition<\/span>, though,<\/span> looks much better, trading at almost $2,500.<\/span>\u00a0<\/span><\/p>\n

<\/a>ETH Price, Source: CoinGecko<\/p>\n

The X user EliZ <\/span>believes<\/span><\/a> ETH may soon rise to the resistance level of $2,800, while some on-chain metrics <\/span>also<\/span> suggest a possible spike.\u00a0<\/span><\/p>\n

Exchange reserves, for instance, have been <\/span>on a <\/span>downfall<\/span><\/a> lately. This could indicate a shift from centralized platforms toward self-custody methods, hence<\/span> a <\/span>reduced immediate selling pressure.<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\u00a0<\/span><\/p>\n

The post What\u2019s Next for Ripple (XRP) Price Following the SEC Appeal, Bitcoin (BTC) Resurgence, and More: Bits Recap Oct 7<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The SEC\u2019s continued legal action caused a temporary drop in XRP\u2019s 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\u2019s Ups […]<\/p>\n","protected":false},"author":0,"featured_media":11963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11962"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11962"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11963"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}