According to Lee, the SEC's latest appeal against Ripple might cause market participants to distance themselves from XRP in the short term. XRP, deemed a "risky asset" due to the legal battles, is expected to face challenges.
Contrary to optimistic speculation about XRP's rise, Lee believes the altcoin is unlikely to experience significant growth amid the current uncertainties. He predicts XRP will hover between $0.50 and $0.80 for the rest of 2024.
The SEC's appeal followed Ripple's initial victory in court, although the SEC did not contest the ruling that XRP is not a security. However, it sought a review of Rippleâs $XRP sales on exchanges and personal sales by Ripple's CEO Brad Garlinghouse and co-founder Chris Larsen.
While the XRP community largely views the legal process as having "no major impact," Lee suggests the uncertainty may drive price volatility.
Key Quote from Ryan Lee:
"The price of XRP is likely to fluctuate between $0.50 and $0.80 by the end of the year, but this forecast is highly dependent on regulatory developments, especially in the US market, and changes in the crypto market."
Rippleâs chief legal officer, Stuart Alderoty, expects the litigation process to extend until July 2025, adding further uncertainty to XRPâs price movements.
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