In an interview, Thomas Kralow, founder and director of Kralow Capital, said in an interview that a few months before a major decision to determine whether Ripple’s token is a security, speculation over the publication of the Hinman documents could push the XRP price as high as $30 in the short term. Here are the details…
Ripple, would it be $30?
The release of the Hinman documents on Tuesday, a key element in the legal battle between the US Securities and Exchange Commission (SEC) and Ripple, and the reaction of the company’s legal team fueled speculation among XRP holders. Moreover, some of the altcoin’s on-chain indicators show that XRP is undervalued at the current price ($0.4812 at the time of writing).
XRP price has declined significantly from its high of $0.5661 on June 13. The altcoin deleted its earnings while its owners digested the contents of the Hinman documents. XRP holders await a decision in the SEC vs Ripple lawsuit. The result can make or break the altcoin’s price trend. XRP is trading at $0.4619 on Binance at the time of writing. Technically speaking, the next key support is located at $0.4507, a level that represents the 200-day Exponential Moving Average (EMA).
Crypto fund manager sets $30 target for XRP price
XRP price is heavily influenced by the SEC lawsuit filed against payments giant Ripple. That’s why the XRP community is watching the updates closely to determine the direction the altcoin is going. In response to the release of Hinman documents, the content of which is key to Ripple’s defense against the SEC, the XRP price soared to $0.5649 on Tuesday. However, XRP price has since slid below $0.4853, erasing its weekly gains.
Thomas Kralow, a crypto hedge fund manager at Kralow Capital, said that certain factors, including the Hinman documents, could fuel further speculation, driving the XRP price higher in the next three to four months. Kralow weighed in on the growing interest among crypto market participants. According to data from Google Trends, searches for XRP have doubled in the last month, indicating increased interest among traders worldwide. Krakow said:
We are currently observing major speculative narratives around Ripple that could lead to a significant price surge for XRP in the next three to four months and push its value to anywhere between $10 and $30.”
What is the latest situation in XRP price?
Over the past thirty days, the XRP price has risen 15.32 percent on Binance, from $0.4190 to $0.4832. Stating that data from Google trends reveal more potential for market activity, Kralow says he has set a bullish target of $30 per token in the next three to four months. The manager and founder of Kralow Capital has identified two factors that could make or break XRP’s rally in the next three months.
- IPO of Ripple: Ripple and its executives have shared their willingness to take the payment remittance firm public from time to time during the lawsuit. Ripple’s IPO could act as an important milestone and bullish catalyst for the XRP price as it is unique to the token giant’s XRPLedger.
- Ripple’s victory over the SEC: Ripple’s victory over the SEC or the conclusion between the two parties that XRP is not a security could push the altcoin to an all-time high.
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