Forecasting XRP Price Rise to $1 as Crypto Industry Supports Ripple Victory Against SEC
- The XRP price is poised for another jump to $1.00, but first buyers need to regain their position above $0.50.
- The crypto industry is throwing its support behind Ripple as it nears a victory against the SEC.
- Traders can capitalize on short-term short positions if XRP fails to break and hold above $0.50.
XRP price is down 1.7% on the day amid a market-wide weekend retracement. Bitcoin (BTC) and Ethereum (ETH) are in the red after hitting weekly highs of $21,446 and $1,584. Although the XRP price moved higher, it hit a plateau at $0.50, leaving the October highs of $0.54 untested.
Crypto enthusiasts and analysts believe that this is not the end of the XRP price rally, especially now that Ripple is closing in on a victory against the Securities and Exchange Commission (SEC).
What are the odds of a Ripple victory against the SEC in court?
The world is watching as Ripple nears the end of its battle in court against the US SEC. Interestingly, most crypto ecosystems are throwing their support behind the blockchain company.
According to Ripple’s CEO, Brad Garlinghouse, various cryptocurrency exchange firms, crypto-based businesses, developers and individuals have filed amici briefs. These briefs contain insightful information focused on issues concerning the case. The court can nevertheless choose the amici threats it considers relevant.
Most of the briefs filed focus on how the regulator has been unfair to Ripple, as well as the damage a ruling favoring the SEC could have on other digital currencies.
“For those of you keeping count, 12 (!) amici briefs were submitted. It is unprecedented (I am told) for this to happen at this stage. They each explain – in their own unique way – the irreparable damage the SEC will do to every facet of the US crypto-economy if it gets its way,” Garlinghouse elucidated.
Meanwhile, investors and other market participants await a summary judgment that could come on November 15. According to attorney Jeremy Hogan, the next steps in Ripple vs. The SEC lawsuit is about more than just who wins or loses. The judge could decide some parts of the case while the rest pressed for a trial.
With XRP trading at $0.49 at the time of writing, many expect a breakout to $1.00 before the end of 2022. A win for Ripple could lead to XRP being relisted on exchanges like Coinbase, further exposing it to a broader audience.
Assessing the potential of the bullish outlook in XRP price
XRP price presents a lively bullish outlook despite a minor retracement from $0.50. It sits at the top of the Ichimoku cloud indicator, suggesting that the path of least resistance is to the upside.
XRP/USD four-hour chart
Furthermore, the XRP price is holding above all the current moving averages, including the 50-day exponential moving average (EMA) (in red), the 100-day EMA (in blue) and the 200-day EMA (in purple).
Traders need to be cautious when looking for short-term long positions in XRP price, especially now that the Moving Average Convergence Divergence (MACD) is about to validate a sell signal. A four-hour daily candlestick close below $0.50 could make short positions profitable with potential exit targets of $0.47 and $0.46 respectively.
