What exactly will happen to the XRP price is currently unknown, pending the outcome of the lawsuit between the SEC and Ripple. Since mid-September, the cross-border token has outperformed many other altcoins on the market. However, XRP has since sold to $0.5312, bringing the profit down to $0.4677 at the time of writing.
Despite XRP’s ongoing retracement, the technical and macroeconomic outlook remains strong and positive.
XRP price breakout awaits outcome of SEC vs. ripple
The SEC (Securities and Exchange Commission) lawsuit against Ripple Labs and its top executives is nearing its conclusion. Brad Garlinghouse, CEO of Ripple Labs, expects the case to be completed by early 2023 at the latest.
The price of XRP has been dragged through the mud since the case began, with top cryptocurrency exchanges such as Coinbase delisting. The international remittance token failed to surpass its all-time high as the majority of cryptocurrencies in the market reached new all-time highs in 2021.
However, the XRP price turned around in mid-September – rising about 78% from $0.3133 to $0.5594. Investors and analysts are optimistic that the price of XRP will rise to $1.00 in the coming weeks. A positive outcome of the lawsuit, which seems increasingly likely, could send the XRP price past its all-time high of $3.84 from five years ago.
XRP Price Forecast
The XRP price is hovering around $0.4677 at the time of writing – holding firm support from the rising trend line. If this support remains in place, there will be a rebound, which points to the price of a 20.45% breakout (measured from the breakout point, x-axis).
The price of XRP will then see a further movement of 14%, which is the distance from the current market price to the x-axis. A bullish triangle is bullish and appears after a significant upward movement in price followed by a period of consolidation. The hypotenuse shows buyers getting stronger day by day, while the x-axis represents persistent sellers.
XRP/USD eight-hour chart
The tug of war between bears and bulls will continue until the XRP price moves above the triangle pattern. Usually, the breakout is accompanied by high trading volume, creating an optimal environment for a rally.
Finder predicts XRP price jump to $3.81 if Ripple wins SEC case
The Finder panel, which gets insights from industry leaders, is at it again, predicting a price jump from XRP to $3.81 in December 2022. One of the most bullish panelists is Craig Cobb. He believes the XRP price will close the year at $1 as long as the SEC loses the case.
“The crypto market likes to jump on a bandwagon, and XRP winning its case in a bear market is likely to experience herd mentality that will drive the price of this old-school top-10 coin higher.”
Martin Froehler, the current CEO of Morpher, believes that now is the time to buy XRP as Ripple looks forward to a court victory. Froehler is very bullish on XRP with a target of $5 in 2025 if XRP ends things.
“It’s a huge win for the entire crypto industry.”
If Ripple loses the lawsuit, the company will likely choose to move to another jurisdiction, according to a previous statement from CEO Brad Garlinghouse.
Green Crypto IMPT Brings Faster Profits?
For traders who may not be able to wait a few more months for big profits, there are a number of smaller altcoins that have beaten the market in recent weeks, with presale tokens in particular proving particularly lucrative. A promising new coin in this area is the Impact Project (IMPT), a decentralized carbon credit market that started selling about two weeks ago.
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The presale has sold almost half of its tokens in less than two weeks after raising $5 million. In the next phase, the price of the token will increase from $0.018 to $0.023, so those interested may want to hurry to get a chance to get in at . the lowest price.
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