XRP Price Bounced by More Than 15% Yesterday After CEO Brad Garlinghouse Confirmed That the SEC Will Dismiss Its Appeal in the Ripple Case

XRP price yesterday bounced by more than 15% after CEO Brad Garlinghouse confirmed that the SEC will dismiss its appeal in the Ripple case.

Yesterday, XRP price bounced by more than 15% as new data showed that the SEC will dismiss its appeal in the Ripple case. The development has sparked positive sentiment towards XRP, with traders discussing the possibility of rising adoption from banks and pro-crypto financial institutions like MicroStrategy. But if this scenario plays out and Michael Saylor turns his attention away from Bitcoin to XRP, could the price rise to $100?

XRP price prediction: If Michael Saylor buys Ripple instead of BTC

XRP price today trades at $2.47 with a 7% gain in 24 hours. As Coingape earlier reported, XRP can realistically hit $100 if US banks and institutions begin buying Ripple after the lawsuit ends. And if Saylor is one of the institutional buyers, this price target could be reached in a few years.

Earlier this month, Saylor discussed Ripple’s legal status in an interview with CNBC. He stated that the XRP token needed a clear regulatory framework to allow its issuance. Saylor also added that buying XRP would be like supporting an investment since Ripple is a US-based company.

Now, suppose Saylor decided to shift his attention to XRP and started buying it instead of Bitcoin. In that case, we could see even more significant price increases.

At present, MicroStrategy's primary focus is on Bitcoin, and the company's actions have a substantial impact on the market. Since 2020, MicroStrategy has bought nearly 500,000 BTC for around $33 billion, which translates to an average of $6.6 billion per year on buying Bitcoin.

If Saylor changed his business model at MicroStrategy and started to use $6.6 billion every year to buy XRP, it could drive significant demand that might propel the XRP price towards the $100 mark.

Moreover, if major institutions like BlackRock began buying XRP after the SEC case, it would further push the price towards $100. Experts predict that BlackRock is preparing for an XRP ETF filing, which might also influence the price trajectory.

Analyst forecasts massive XRP rally as open interest soars

According to data from Coinglass, XRP's open interest has surged by more than $600 million in the last 24 hours. This increase follows the rising bullish sentiment following the conclusion of the SEC vs. Ripple lawsuit.

Popular analyst Gert van Lagen has also identified a seven-year double-bottom pattern on Ripple's two-week chart. In the analysis, he noted that XRP price has bounced from the neckline at $1.96, and is now poised for an over 1,400% rally towards $38.

Lagen added that XRP completed a similar pattern in 2014, which saw the price rise from around $0.003 to $0.40. If history repeats itself, XRP could easily outpace the broader crypto market.