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XRP Price Forecast as XRP Pumps 9%, Becomes Top Performer

Arslan Butt
Last updated: | 3 min read

XRP price prediction remains bullish as it exceeds the 50-day moving average of $0.3815. Closing candles above this level support the bullish bias, but the double-top pattern limits the upside moment. 

Ripple’s 2022 Q3 Report Highlights

Quarterly, Ripple (XRP) publishes an XRP market report detailing the company’s progress in key areas including product development, public relations, tokenomics, and more.

The article claims that Ripple’s XRP reserves have fallen below 50 billion, or 50% of its optimum supply, for the first time since the cryptocurrency’s inception.

Over the years, Ripple’s detractors have pressured the company’s XRP reserves to prove that Ripple is in command of the XRP Ledger (XRPL). Ripple has refuted these accusations and emphasized the usage of Federated Byzantine Consensus for feature addition and transaction verification.

The third quarter saw increased activity in On-Demand Liquidity (ODL) as the service expanded into new areas and was used by clients for both single-transaction and bulk payments.

By working with Travelex Bank, Ripple was able to introduce ODL to the crucial Latin American market of Brazil.

Users will be able to send and receive money between Brazil and Mexico as a result of this agreement, streamlining the process of making cross-border payments and doing away with the necessity for pre-funded accounts.

Ripple’s XRP revenues dropped to $318.68 million in the third quarter from $408.90 million in the second quarter. Since the end of programmatic sales in the fourth quarter of 2019, Ripple has stuck to its policy of only selling XRP in conjunction with ODL transactions.

As the ODL service is introduced in more regions, Ripple expects volume to rise. Additionally, the SEC’s case was updated in the report. It emphasized its progress to that point, particularly its acquisition of the crucial Hinnan records.

Each side will submit rebuttal briefs to the other next month, after which the judge will make a ruling.

Quick Update on XRP’s NFT

New areas of growth and the company’s growing interest in non-fungible tokens were emphasized in the report. By the end of the third quarter, Ripple had revealed the second round of recipients for its $250 million web3 fund.

In 2021, the Ripple Creators fund was established to provide creators with the resources they need to build NFTs and improve XRPL’s tokenization. 

In addition, the research highlighted the upcoming XLS-20, which is scheduled to launch in the fourth quarter of 2022.

Without the need for smart contracts, XLS-20 will allow web3 artists access to trading and minting functions that will automatically pay royalties on assets.

Currently, more than 80% of XRP validators have cast their votes in favor of XLS-20.

XRP Price Prediction 

The current XRP price is $0.3848, and the 24-hour trading volume is $2.3 billion. In the last 24 hours, XRP has increased by more than 9%. CoinMarketCap currently ranks #7, with a live market cap of $19 billion. There are 50,232,406,634 XRP coins in circulation, with a maximum supply of 100,000,000,000 XRP coins.

XRP Price Prediction – Source: Tradingview

On the daily chart, the XRP/USD pair is trading sideways, with immediate support near $0.3650. The 50-day moving average is providing support near $0.3785, and a bearish crossover below this level will likely send XRP to $0.3650 and $03400.

A double-top pattern is extending resistance at $0.400 on the bullish side, and a bullish crossover above this level can expose XRP to $0.4265 or $0.4540.

XRP/USD Price Chart – Source: Tradingview

On the downside, XRP is likely to provide immediate support near $0.3650, and a break below this level may allow for additional selling until $0.3410.

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