Ripple (XRP) has been one of the most talked about tokens in the market in recent weeks. In the midst of a harsh crypto winter, it made a spectacular rally. After that, bets were opened on Ripple price predictions at $5. So is this possible? Crypto analyst Ali B. analyzes the current situation and shares his predictions for Ripple.
Ripple price prediction and tokenomics
On Saturday, XRP price closed above the 50-day moving average. Therefore, it continues to rise above $0.50. After a four-day rise, the day started positively. Thus, XRP has entered an uptrend, maintaining its bullish momentum.
cryptocoin.comAs you follow, Ripple, the company behind the XRP token, is in a legal battle with the Securities and Exchange Commission (SEC). However, the token has recorded significant gains despite the continued volatility in the crypto market. According to CoinMarketCap data, the value of the token has increased by 46.30% last month and 8.20% this month. Today, it is trading above $0.50. XRP ranks 6th with a vibrant market cap of $25.77 billion. It has a total amount of 100 billion XRP tokens and a circulating supply of 49 billion XRP tokens.
At the time of writing, the price of XRP is $ 0.5184. Also, the last 24-hour trading volume is $2.9 billion. XRP has increased by 5.50% in the last 24 hours. Considering that most altcoins are still depreciating, XRP’s latest move stands out. XRP’s positive gains are also partially related to the latest developments in the SEC and Ripple case.
Ripple’s possible SEC victory
The SEC has sued Ripple for allegedly issuing it as an unauthorized security. However, his defense has weakened lately. This opened the door to an increase in the price of XRP. Ripple’s defense against the SEC is based on the argument that XRP, like Ethereum, should not be viewed as a security. Because its sole purpose is to facilitate transactions in a decentralized network.
Meanwhile, current SEC Director Gary Gensler reiterated that all cryptocurrencies other than Bitcoin will be classified as securities, which contradicts the alleged content of Hinman’s speeches. The SEC is suing Ripple and wants to prevent the other two businesses from weighing in on the lawsuit.
Private jet charter startup TapJets and money transfer service I-Remit filed a request this week to join the lawsuit as ‘amicus curiae’ in support of Ripple.
According to Cornell Law School, amicus curiae literally means ‘friend of the court’. As long as the court allows, the amici curiae may file so-called amicus briefs on litigation matters.
Crypto law expert James K. Filan claims the SEC is struggling with the moves. However, the war seems to be ending in favor of Ripple. This causes the XRP price to rise.
Ripple price prediction: 38.2% Fib. fix in game
As with the previous Ripple price prediction, XRP broke the symmetrical triangle pattern. This triggered an upside rally that took XRP to $0.50. On a weekly timeframe, XRP completed the 38.2% Fibonacci retracement at $0.5200. On the daily time frame, XRP formed a ‘three white soldiers’ candlestick pattern. Also, on the weekly timeframe, the bullish formed an engulfing candle.
Both models show a strong bullish trend in XRP. A bullish break above the 38.2% Fibonacci retracement level is likely to take XRP to the 50% or 61.8% Fibonacci retracement levels of $0.6046 or $0.6788, respectively.
The RSI is above 50 and the MACD histogram is above zero. This indicates a strong uptrend in XRP. On the downside, XRP seems to find immediate support at $0.4620 or $0.4450.
To summarize, XRP continues to rise. Therefore, a break above $0.5248 is likely to trigger another buying round towards $0.6044. According to technical analysis, XRP price is unlikely to reach $5 anytime soon. But it is likely to reach $2 by the end of 2022.
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