Before making another rise to $1.00, buyers must retake control of the price of XRP over $0.50. The cryptocurrency community stands with Ripple as it gets closer to defeating the SEC.
What if it doesn't ?
If XRP fails to break and maintain above $0.50, traders may benefit from short bets open for the near term. In the midst of a weekend market pullback, the price of XRP is down 1.7% on the day. Following weekly highs of $21,446 and $1,584, respectively, Bitcoin (BTC) and Ethereum (ETH) are in the red. Although XRP price increased, it ran into resistance near $0.50, preventing it from reaching its October highs of $0.54. Analysts and cryptocurrency aficionados feel that the XRP (1) price boom is far from over, especially now that Ripple is getting closer to defeating the Securities and Exchange Commission (SEC).
What are the chances that Ripple will prevail in court against the SEC?
The entire world is watching as Ripple draws closer to the conclusion of its legal struggle with the US SEC. It's interesting to note that most crypto ecosystems support the blockchain business. Several cryptocurrency exchange companies, crypto-based companies, developers, and individuals, according to Ripple CEO Brad Garlinghouse, have submitted amici papers.
These briefs include valuable information centered on case-related issues. However, the court may choose the amici papers it deems pertinent. Most of the center of the submitted brief is on Ripple's unfair treatment by the regulator and the potential consequences of a judgment in favor of the SEC for other digital currencies.
Investors and other market players are anticipating a summary ruling, which might be released on November 15. According to attorney Jeremy Hogan, the next phases in the Ripple vs. SEC litigation will include more than just who wins or loses. While the remainder of the matter was taken to trial, the court may decide on some parts. Many anticipate a breakthrough to $1.00 by the end of 2022, with XRP trading at $0.49 as of this writing. If Ripple prevails, XRP may be relisted on exchanges like Coinbase, increasing its exposure to a larger market.
Evaluating the possibility of the XRP price's optimistic forecast
Despite a little retreat from $0.50, the price of XRP exhibits a strong optimistic outlook. The Ichimoku cloud indication is resting on top of it, indicating that the upward path is the one with the least amount of opposition.
Additionally, the price of XRP remains above all of the moving averages that have been applied, such as the 50-day Exponential Moving Average (EMA) (shown in red), the 100-day EMA (shown in blue), and the 200-day EMA (in purple).
Short-term long positions in the price of XRP should be avoided by traders, especially given that the Moving Average Convergence Divergence (MACD) is poised to confirm a sell signal. With probable exit points at $0.47 and $0.46, respectively, short bets might become beneficial with a four-hour to daily candlestick close below $0.50.