XRP Price Prediction – Can XRP Hit $5 This Month?
On Saturday, the XRP price prediction remains bullish above $0.50 as the coin has already crossed and closed above the 50-day moving average. After a four-day surge, the day began positively, and the XRP/USD pair started an uptrend, maintaining its bullish momentum.
Although Ripple, the firm behind the XRP token, remains in a legal battle with the Securities and Exchange Commission, the token has shown considerable gains despite the continued volatility in the cryptocurrency market (SEC).
XRP Price Review & Tokenomics
According to data compiled by CoinMarketCap, the token’s value increased by 46.30% in the past month and 8.20% this month to trade above $0.50 today.
CoinMarketCap now ranks #6 with a live market cap of $25.77 billion. It has a total quantity of 100 billion XRP coins and a circulating supply of 49 billion XRP coins.
The current XRP price is $0.5184, and the 24-hour trading volume is $2.9 billion. In the previous 24 hours, XRP has increased by 5.50%.
Given that most of the altcoins are still falling in value, XRP’s recent surge stands out. XRP’s positive gains can partially be ascribed to the latest developments in the Ripple case with the SEC.
Possible Ripple’s Triumph over SEC
SEC has filed suit against Ripple for releasing XRP as a security, but its defense has recently weakened, translating into fluctuating XRP prices. Ripple’s defense against the SEC is based on the argument that XRP, like Ether, should not be considered a security because its only purpose is to facilitate transactions on a decentralized network.
The current Director of the SEC, Gary Gensler, has repeated that all cryptocurrencies other than bitcoin will be classified as securities, which is at odds with the claimed content of Hinman’s conversations.
The US Securities and Exchange Commission (SEC) is suing Ripple and wants to keep two other businesses from weighing in on the case.
#XRPCommunity #SECGov v. #Ripple #XRP I-Remit, Inc., a global payment remittance company that uses the RippleNet software, has filed an application to file an amicus brief in support of the Ripple Defendants' Motion for Summary Judgment. https://t.co/CcolPVqBb1— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 30, 2022
Private jet chartering startup TapJets and money transfer service I-Remit have both submitted requests to join the lawsuit as “amicus curiae” in support of Ripple this week.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC opposes the I-Remit and TapJets motions to file amicus briefs, claiming the proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions, the rules of evidence and this Court's prior order. pic.twitter.com/zbNQ1IsoOE— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 4, 2022
According to Cornell Law School, amicus curiae literally translates to “friend of the court.” As long as the court gives its permission, amici curiae can file documents referred to as amicus briefs on subjects related to the case.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple slams the SEC and the SEC’s opposition to the I-Remit and TapJets motions to file amicus briefs. “If the SEC cannot evaluate the veracity of such claims then it had no business bringing this litigation in the first place.” pic.twitter.com/MBACAZL01N— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 5, 2022
Crypto law expert James K. Filan claims the SEC is fighting the moves. However, the battle appears to be ending in favor of Ripple, causing the XRP price to rise.
XRP Price Prediction: 38.2% Fibonacci Retracment in Play
As I mentioned in the previous XRP price prediction, XRP breached the symmetrical triangle pattern, triggering an upward rally that took XRP to $0.50.
On a weekly timeframe, XRP has completed a 38.2% Fibonacci retracement at $0.5200. On the daily timeframe, XRP has formed a “three white soldiers” candlestick pattern and on the weekly timeframe, it has formed a bullish, engulfing candle.
Both patterns indicate a strong bullish bias in XRP. A bullish breakout 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, indicating a strong bullish trend in XRP. On the downside, XRP appears to find immediate support at $0.4620 or $0.4450.
To summarize, the XRP price prediction remains bullish; therefore, a breakout above $0.5248 may trigger another round of buying until $0.6044. Based on technical analysis, the XRP price is unlikely to reach $5 anytime soon, but it is likely to reach $2 by the end of 2022.
IMPT & Tamadoge &: The Altcoins in the Highlights
The ongoing IMPT token presale is making headlines, having successfully raised more than $1.9 million.
The carbon credit marketplace built on the blockchain launched its sale during a rough patch for the cryptocurrency market, but that didn’t deter interest in the marketplace’s token.
Tamadoge, a meme coin that has gained more than 260% from its all-time low of $0.01683, is also in the spotlight. Tamadoge NFTs of ultra-rare pets, are now available on OpenSea.