Bitcoin
BTC$17 056.16

0.07%

Ethereum
ETH$1 266.01

0.07%

Tether
USDT$1.000056

0%

Binance Coin
BNB$289.61

-0.09%

USD Coin
USDC$0.999940

0%

Binance USD
BUSD$0.999840

-0.08%

XRP price could rally by 50% based off comments from a former SEC director


03 Oct 2022

#XRP

XRP investors are hopeful that a potential court victory against the SEC could send the altcoin price at least 50% higher. XRP is hoping that the token could see a massive price rally in 2022 based off the fingers-crossed assumption that Ripple will win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC).

Hinman documents to save XRP bulls?

On Sept. 29, the district court judge in the case, Judge Analisa Torres, ordered the commission to release the documents penned by William Hinman, the former director of the corporation finance division at the SEC. Hinman may have written about Ether (ETH), the native token of the Ethereum blockchain, not being a security in the concealed documents, believes Ripple. That is primarily because Hinman had proclaimed the same in his speech at the Yahoo Finance All Markets Summit in June 2018.

Ripple's defense could use Hinman's writing as evidence that its blockchain's native token, XRP, should not be treated as a security, which is the opposite of what the SEC claimed in the lawsuit filed in December 2020.

XRP has since been ousted from many regulated crypto exchanges, including Coinbase and Bitstamp. As a result, it is now among the only top cryptocurrencies that have neither reclaimed nor established a record high during the 2020–2021 crypto market boom, reflecting caution from investors. Some might argue, that from the vantage point of technical analysis, XRP price remains undervalued compared to other top-ranking cryptocurrencies. And a Ripple win might change that, given the token rallied 20% in a day after Judge Torres's order.

Resistance and confluence

From a technical standpoint, XRP is one breakout away from posting a 50% price rally. Notably, the token now tests a resistance confluence of one multi-year descending trendline resistance, a flipped support bar and a Fibonacci line — all pivoting near $0.57. A Ripple win could help XRP break decisively above this confluence. Such a breakout could have XRP eye a run-up toward the next Fib line near $0.72, up over 50% from Oct. 's price. Conversely, a pullback could crash XRP to its previous support level of $0.31, down 35% from the current price levels.

"$XRP is basically a court case play," noted independent market analyst DonAlt, adding: "If they win the whole case $XRP giga pumps. if they lose it’ll be a nice -50% candle. Also, an $XRP loss would make other cryptos more vulnerable to attack, so you better cheer them on."


Related

RoboForex adds 7 new cryptocurrencies
RoboForex adds 7 new cryptocurrencies
XRP mega whales scoop up over $700M in second-biggest accumulation spree in history
XRP mega whales scoop up over $700M in second-biggest accumulation spree in history
XRP gains 30% after Ripple gets permission to explain fair notice defense vs. SEC
XRP gains 30% after Ripple gets permission to explain fair notice defense vs. SEC
Ripple chair's pay-off plan to convince BTC miners to adopt Proof of Stake
Ripple chair's pay-off plan to convince BTC miners to adopt Proof of Stake
XRP price will fall to new lows vs. Bitcoin if this famous chart pattern plays out
XRP price will fall to new lows vs. Bitcoin if this famous chart pattern plays out
XRP below $1, futures open interest down by 75%
XRP below $1, futures open interest down by 75%
SEC loses a battle to win the war? Ripple dissociates from pumping XRP
SEC loses a battle to win the war? Ripple dissociates from pumping XRP
420M$ in leveraged long traders liquidated after XRP rallies to $1.96
420M$ in leveraged long traders liquidated after XRP rallies to $1.96
XRP price soars to new highs after recent legal victories
XRP price soars to new highs after recent legal victories

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 88.8% 17 $17 056.16 0.07% 1.02% $327 926 342 780 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 28 $1 266.01 0.07% -0.48% $154 926 130 761 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000056 0% 0.04% $65 688 871 034 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 79.2% 44 $289.61 -0.09% -4.40% $46 329 397 846 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999940 0% -0.03% $43 027 424 874 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999840 -0.08% -0.08% $22 096 550 218 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 79.6% 29 $0.390151 0.72% -4.37% $19 609 162 360 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 62% 73 $0.100195 -2.10% -6.70% $13 292 999 012 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 84% 31 $0.317932 -0.70% 0.55% $10 955 712 261 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 74% 51 $0.914223 -0.51% 5.69% $7 985 110 335 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 81.6% 37 $5.49 -0.29% 0.61% $6 279 301 547 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92% 1 $0.999616 0.01% -0.11% $5 876 435 517 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 56.8% 87 $79.73 -1.37% 0.52% $5 722 443 949 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82% 30 $0.053484 0.50% -0.80% $5 438 067 310 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.