XRP price can register a massive rally this week amid reports that the US Securities and Exchange Commission (SEC) will vote on closing the Ripple lawsuit on March 27. The end of this case will also put Ripple’s IPO plans in motion as the company seeks to be publicly listed in the US. Amid these developments, speculation is rife that Ripple price could skyrocket past $5.
XRP Price Eyes $5 as SEC Votes to End Ripple Lawsuit
Last week, Ripple CEO Brad Garlinghouse disclosed that the SEC would not pursue its appeal in the XRP lawsuit. Despite the remarks, the SEC has yet to issue an official statement on the case’s closure. This has caused choppy moves for XRP price.
However, analyst Zach Realtor now believes that the SEC will issue an XRP case update before the end of the week. He stated,
“On Thursday, March 27th the SEC Commissioners will conduct the “official” vote to end their appeal against Ripple. Official announcement will follow shortly.”
Realtor also noted that on the same day that the vote is expected to happen, the incoming SEC Chair Paul Atkins will have his first nomination hearing at the Senate Banking Committee. If confirmed, Atkins’ term will run until 2031. His tenure could bring forth positive developments in the US crypto industry.
Ripple IPO Speculation Heats Up
The end of the SEC vs. Ripple lawsuit will bring massive gains for XRP price, but also support the growth of the company. This is amid speculation that Ripple will file for an IPO.
While speaking to Bloomberg last week Garlinghouse revealed that the end of the SEC case had made an IPO filing possible. However, such a move was not a priority for Ripple.
“I think that’s available and the company is at a stage where we can consider that. That being said, it isn’t a huge priority… We are more proactive in looking at acquisitions.”
Whether Ripple pursues an IPO after the SEC case officially closes or makes strategic acquisitions, XRP price is eyeing a parabolic rally.
Can XRP Price Reach $5 This Week?
Ripple price trades at $2.44 today and could be on the verge of a breakout past $5 this week if the SEC vote happens and confirms the end of the case. Moreover, analyst Crypto Patel has shared a bullish XRP price prediction saying that this US made altcoin could rally soon after sweeping all the sell-side liquidity.
In his analysis, Patel observed that in late January Ripple rallied shortly after completing a similar liquidity sweep. If history rhymes, XRP price could soon target $3.40. Breaking past this level will unlock a rally towards $5.
Besides the bullish technical outlook, the other factor that makes it likely for XRP price to reach $5 this week is open interest. Despite the sideways price movement, the OI remains at elevated levels at nearly $4 billion according to data from Coinglass. This indicates that traders are not closing their positions, which further highlights a bullish XRP price prediction.
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