What’s Next for Ripple (XRP) Price After SEC Appeal, Bitcoin (BTC) Resurgence and More: Bit Summary October 7

TL;DR

The continued legal action by the SEC caused a temporary drop in the price of XRP, but analysts remain confident in its long-term prospects. BTC rallied above $63,500, with bullish predictions for a potential rally to $100,000 and beyond. ETH rallied to nearly $2,500, with analysts predicting a move to $2,800 amid reduced exchange reserves. XRP Ups and Downs

The US SEC’s decision to continue its legal battle with Ripple has been one of the hottest topics in the cryptocurrency space lately. We recall that the agency appealed a 2023 ruling issued by federal judge Torres. The magistrate then ruled that the secondary sales of XRP did not constitute sales of securities. The regulator had until October 7 to submit its documents just days before the deadline.

Unsurprisingly, the price of XRP reacted negatively after the news. On Oct. 3, it fell by double digits to $0.51. In the following days, the token traded a bit sideways before registering a slight rally in the last 24 hours. It is currently worth around $0.54 (according to CoinGecko data), which represents a 2% increase on a daily basis.

XRP Price, Source: CoinGecko

The asset’s poor performance does not seem to have changed the bullish attitude of numerous cryptocurrency analysts. Popular X user Dark Defender claimed that “nothing has changed” for the company and its native witness following the latest development in the case.

“The SEC’s appeal is a pure mistake and will separate the 1% of the entire population with a poor mentality. The price does not depend on this demand, as we have analyzed before”, they add.

BTC is back on the green track

XRP was one of the many cryptocurrencies that went south last week. Bitcoin (BTC), for example, briefly dropped to $60,000 on October 2 following reports of escalating conflict in the Middle East.

BTC Price, Source: CoinGecko

However, it has entered a recovery phase in recent days and currently sits above $63,500. Despite the improved volatility, BTC is up roughly 50% year-to-date (YTD) and many industry participants are anticipating further gains.

User X Sensei spotted the appearance of a possible “Bull Flag Break” on the price chart, which could be a precursor to a rally towards a new all-time high of $100,000.

OxNobler is also bullish, arguing that all major bull runs have historically started in October. “The next target for BTC is $260,000, and many alternatives will follow suit,” assumed the analyst.

How is ETH doing?

Ethereum (ETH) also underperformed last week, falling to nearly $2,300. Its current price condition, however, looks much better, trading at nearly $2,500.

ETH price, Source: CoinGecko

X user EliZ believes that ETH could soon rise to the $2,800 resistance level, while some on-chain metrics also suggest a possible peak.

Foreign exchange reserves, for example, have fallen recently. This could indicate a shift from centralized platforms to self-custody methods, hence reduced immediate selling pressure.

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