XRP price wallows in the red as bulls attempt to keep the token above $0.45. The money remittance token was rejected at $0.47 following an earlier attempt to break out. XRP price will likely consolidate at $0.45 before trying another move up.
Ripple Vs. SEC: Assessing an XRP Price Rally To $50
XRP price has lost much of its month-long upward momentum, making it brush shoulders with $0.55 twice before falling back down again. The small wins Ripple Labs has been bagging in court has improved sentiment among the XRP Army.
Even though the price corrected to $0.42, investors and experts are looking forward to XRP reclaiming its all-time high at $3.40 and blasting to $50 in the long term if there is a positive outcome from the lawsuit.
A win against the SEC (Securities and Exchange Commission) is crucial for this to happen. The SEC filed a lawsuit against Ripple Labs, the company that issues the XRP token, and its top executives in December 2020.
The regulator alleged that Ripple sold unregistered securities (XRP), violating the Securities law. Almost two years after the filing, the court is yet to provide a ruling which some believe will impact the entire cryptocurrency industry. In other words, the court will determine what constitutes a security, setting precedence for other cryptos in the future.
What’s Pushing Ripple Labs to The Victory Line?
Two firms, I-Remit and TapJets, were recently allowed by the US District Judge Analisa Torres to act as amicus curiae in the Ripple Vs. SEC lawsuit. The judge ruled that both have until the end of October to file their amicus brief.
Moreover, the contents of the highly contested Hinman speech will now be accessible against the SEC’s wishes. Ripple has argued that the documents containing a speech by Willian Hinman, a former SEC commissioner, are essential to the case and must be considered.
In other words, Ripple expects to find the last bullet to use against the regulator regarding how Bitcoin (BTC) and Ethereum (ETH) were categorized as cryptocurrencies and not securities.
Deaton has commended XRP holders for their support during the whole process.
Monday, October 24, is critical to the lawsuit’s progress, with the SEC and Ripple expected to file publicly redacted versions of their opposition briefs.
XRP price prediction
The final ruling in the Ripple vs. SEC lawsuit could drag to the end of the first quarter of 2023, according to Ripple’s CEO Brad Garlinghouse. A positive outcome has the potential to send XRP price back toward its all-time high at $3.40 and further towards $50.
A recent prediction by Finders’ panel estimates that the XRP price could tag $3.81 by the end of 2025 if the blockchain startup wins the lawsuit. Craig Cobb from Tradercobb.com was one of the most optimistic panelists, forecasting that XRP price may trade at $1.00 by December 31, 2022.
“The crypto market loves to jump on a bandwagon and XRP winning its case in a bear market could likely see herd mentality which will pump the price of this old-school top-10 coin.”
The most optimistic panelist from Finders was Martin Froehler, CEO at Morpher, who believes that XRP will grow to be worth $5 by 2025. He reckons it will be “a huge win for the entire crypto industry,” if Ripple wins the case.
From a technical perspective, XRP price is currently looking at a 45% move north if the double-bottom pattern plays out.
A double bottom is a bullish pattern that appears after a prolonged downtrend. Usually, the trend changes bullishly with support at the second bottom, allowing buyers to take control. In the case of XRP, this rebound commenced as soon as the anchor at $0.42 was tested.
Now XRP price faces resistance marginally below the 50-day SMA (Simple Moving Average), red, and the 100 SMA, blue. This seller congestion zone must be weakened for XRP price to validate a 22% move from the breakout point (neckline) to $0.66.
The MACD (Moving Average Convergence Divergence) dons a buy signal. Traders should look forward to the MACD crossing above the mean line before banking on a significant positive outcome.
Dash 2 Trade Is the New Kid on The Block
XRP price has performed exceptionally well over the last couple of months. From the above analysis, the token presents a buying opportunity with the potential to hit new highs in the coming months. However, the XRP rally depends on Ripple’s ability to win the case against the SEC.
For those traders that maybe can’t wait another few months for big gains, there are a number of smaller altcoins that have been beating the market in recent weeks, with presale tokens proving particularly lucrative.
One promising ongoing presale is Dash 2 Trade – a crypto analytics and intelligence platform for traders and investors. Think of it as a Bloomberg terminal for crypto enthusiasts.
In less than a week, D2T has raised more than $2 million in its presale, catching the attention of crypto investors worldwide. At a time where presales are doing particularly well, D2T is poised to continue this positive momentum.
While D2T’s future price history can’t be predicted, its fundamentals make it an interesting platform for investors and traders, so it has every chance of seeing a positive return once it secures its first few listings.