XRP Price Prediction as Bullish Breakout Gains Momentum
XRP price prediction for Tuesday remains bullish above $0.4700 as the coin has already crossed and closed above the 50-day moving average. After falling for three consecutive sessions, the week began positively, and the XRP/USD pair started to recover their losses from the previous week.
On October 4, 2022, the XRP/USD token opened at $0.46206, reaching a low of $0.45156 and a high of $0.47424. It is trading at $0.46866, gaining +5.14% in the last 24 hours and 7.56% in the previous seven days.
CoinMarketCap currently ranks #6 with a live market cap of $23.78 billion. It has a maximum supply of 100,000,000,000 XRP coins and a circulating supply of 49,900,666,456 XRP coins.
Ripple vs. SEC: The Battle Continues
The XRP/USD pair extended its gains on Tuesday, reaching near $0.4700 in response to recent comments from a former SEC director. Last week, on September 29, Analisa Torres, the district court judge in the Ripple vs. SEC case, ordered the release of documents written by William Hinman, the former director of the SEC's corporation finance division.
Ripple has stated that Hinman may have written in the hidden documents about the native token of the second largest cryptocurrency network, ETH, that it was not a security. The main reason for this statement is that Hinman stated the same thing in his speech at the Yahoo Finance All Markets Summit in June 2018.
The Ripple defense team may use Hinman's writing evidence to demonstrate that Ripple's XRP should not be treated as a security. Such market optimism in the aftermath of the Ripple vs. SEC case in favor of XRP added sparkle to the token's movement and pushed its prices higher.
Furthermore, XRP may be influenced by the comments of a former US Congressional Candidate, David Gokhshtein. He is also the founder of the cryptocurrency company Gokhshtein Media.
David appears to be very optimistic about the growth of the Ripple community, stating that the more haters we see against XRP, the larger the Ripple army will become. This was during the Ripple vs. Ethereum battle.
Ripple vs. Ethereum: Things Started Back in Date
Since 2017, both coins have been fierce rivals, and the rivalry has only grown since the SEC filed a lawsuit against XRP. Ripple has frequently mentioned and compared itself to ETH in its defense against SEC.
During its legal battle with the SEC, Ripple even referred to Ethereum as being Chinese-controlled, which ETH co-founder Vitalik Buterin strongly criticized.
Buterin also recently tweeted and suggested to ETH supporters that they are under no obligation to support Ripple in the lawsuit. Furthermore, some Ethereum supporters believe that Ripple should be left alone to deal with its legal battle with the SEC.
In response to this hostile and antagonistic reaction from ETH supporters, David Gokhshtein became enraged and issued a pro-Ripple statement on October 4.
XRP Price Prediction: Symmetrical Triangle Breakout
Since the fundamental side is in favor of Ripple, XRP is on the rise, having violated the symmetrical triangle pattern. It was providing major resistance near the $0.4700 level. Closing the "three white soldiers" candlestick pattern will likely drive an uptrend in XRP.
The RSI holds above 50, and MACD forms histograms above 0, signaling a strong bullish trend in XRP. Lastly, the 50-day moving average will likely provide major support at $0.4620, and an XRP price above the 50 MA demonstrates a bullish trend.
On the higher side, XRP seems to go after the next resistance level of $0.5020, and a break above this can open additional room for buying until $0.5308. At the same time, the support stays at the $0.4620 or $0.4450 level.
Tamadoge & IMPT: The Coins in Highlights
In other news, within its first week of trading on OKX exchange, Tamadoge has outpaced the Terra Classic (LUNC) bull run from Q3 2022.
Low market cap coins typically have greater upside potential than large caps such as Ripple (XRP). We also recently reviewed IMPT token, a new crypto presale.