“If the SEC rules in Ripple’s favor, we could see XRP prices jump 100% or more,” McMillan said. “But if the SEC rules against Ripple, we could see the entire alt-coin market crash.”
A favorable outcome for Ripple could result in XRP gains of 100% or more, a crypto executive says
The summary judgment ruling in the SEC’s case against Ripple Labs — expected any time now — could have major implications on the price of the company’s native token, XRP.
Ben McMillan, founder and chief investment officer of IDX Digital Assets, said the XRP price, as well as the broader alt-coin market, could swing wildly following the ruling.
“An unfavorable ruling from the SEC could see XRP retesting the $0.30 range or lower, according to an email from an industry expert to Blockworks.”
“XRPs price was about $0.54, as of 1:00 p.m. ET — up 7.5% in the last 24 hours and roughly 15% higher than seven days ago.”
The token’s latest rally likely reflects the potential rising likelihood that Ripple wins the case outright, or that the court decides the case must go to trial, according to Matthew Sigel, head of digital assets research at fund manager VanEck.
“Algo traders may interpret such headlines on the tape as positive, but the truth will be in the details,” Sigel said. “Either way, I would speculate that a Ripple ‘win’ in this case might move XRP between 15 to 30% in either direction, with a [roughly] 50/50 chance of either outcome.”