The crypto markets are sluggish today as most of the tokens have maintained a narrow trend. Popular cryptos like Bitcoin, Ethereum, Cardano, XRP, etc have raised slightly but are failing to surge beyond their pivotal resistance. The main reason behind the sideway trend is speculated to be the recent Fed meeting where-in a rise of 25 bps was introduced. As the chair, Powell was largely hawkish, and the traditional markets along with the crypto space reacted moderately.Â
As said, major altcoins including XRP are trading within a narrow range which illustrates the ongoing accumulation phase. Although the price is believed to break above the consolidation at the earliest, some of the proponents believe the price to rhea beyond 2 digits very soon.Â
The proponent believes that the XRP price may surge and achieve price levels between $7 to $17 after the Ripple vs SEC lawsuit is settled.Â
The pseudonymous influencer says that the settlement may involve the burning of half of the Ripple escrow tokens. However, he believes that the situation is ‘purely hypothetical and barely feasible’.
As per him, the SEC may demand to burn half of the escrow reserve as a settlement to the ongoing lawsuit. Therefore, after the settlement, the influencer believes that the XRP price could rise beyond $7.4 and may achieve Ethereum’s market capitalization and may reach Bitcoin’s market cap if it makes above $17.Â
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