XRP Price BOOMS 70%! Will XRP reach 1 $ soon?
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Despite the crypto bear market, XRP is one of the tokens that has managed to increase its value significantly in the last 7 days. Its value rose as much as 70% pending the SEC hearing. It seems that the Ripple community’s hope for the company has returned. Why is the price of XRP rising? Will XRP hit $1 soon? Analyzed in this XRP price prediction article.
What happened to the XRP lawsuit?
Recently, Ripple CEO Brad Garlinghouse filed a motion for summary judgment. This is essentially a request for summary judgment on at least one of the court’s claims. If the motion is granted, those matters will be resolved without trial. This would result in a big profit for Ripple as they don’t even have to settle for paying a hefty fee.
Currently, the probability of Ripple winning is high. A lawyer representing Ripple shares updates on his Twitter account showing how the legal issues are developing.
Why is XRP up 70% in the last week?
The fourth quarter of 2022 was really eagerly awaited by the XRP community. In a previous article, we reported that XRP prices could triple if positive news comes out of the lawsuit. Currently, the prices doubled from $0.30 and will soon be at $0.60. Looking at Figure 1 below, we can see how prices bounced off the $0.30 low, which presented a strong support level. In this article, we predicted that $0.50 would be breached, and that’s exactly what happened.
XRP Price Prediction – Will XRP Hit $1 Soon?
Considering that the cryptocurrency market still looks bearish, XRP’s 70% rise in the past week is significant. However, we expect prices to fall back as part of profit taking from speculators who have already doubled their positions. On the other hand, since the crypto market is in a downward trend, the hype surrounding the XRP lawsuit may die down and prices will fall. In Figure 2, we show a possible retracement of XRP prices in the $0.60 price range, which forms a strong resistance. Prices fell back towards the $0.46-$0.50 price range.
If the crypto market manages to bounce back, XRP should be able to break the $0.60 resistance and continue to triple in price as we predicted towards $0.90. From there, it would only be a matter of time before XRP reaches $1.
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