The month of October is kickstarting in a positive way on the crypto market. Most cryptocurrencies are already in the green, as most of them moved away from their support levels. XRP specifically is looking quite bullish, especially in this month of October. Not only are the technicals in place for a price rise, but the SEC lawsuit with Ripple is looking promising for Ripple. Will XRP price break the 50 cents price barrier and continue higher? Or will XRP retrace lower and crash again? Let’s analyze in this XRP price prediction article.
What is Ripple Company?
Ripple is a San Francisco-based FinTech company behind the global payment platform RippleNet. They basically created the XRP ledger blockchain along with its native token XRP. In fact, Ripple company started way back in 2004, before even cryptocurrencies were invented. They were trying to create an Internet of Value and create their own money, and RipplePay was created back then. Their network was small and the software was centralized. That’s why later in 2012, RipplePay merged with another company called Open Coin, and together they formed what is known today as Ripple.
What sets Ripple Company ahead of its Peers?
Ripple is a project that allows users to send, receive, hold and move currencies across borders in a fast and reliable way. Our current system which relies on banks and payment gateways is slow, fragmented, and expensive. Ripple company can settle transactions in 3 to 5 seconds from anywhere in the world. It is in fact much faster than Bitcoin and Ethereum!
Additionally, the infrastructure is highly scalable and is able to handle more than 1,500 transactions every second. You might ask now, How is this all possible? Well, RippleNet uses the open-source XRP ledger blockchain to track, process, and guarantee all transactions. But unlike Bitcoin, XRP does not use Proof-of-work and has no concept of mining. This means that the blockchain’s power consumption is minimal and is able to keep transaction fees low. XRP transactions are handled by an independent community of validation nodes who maintain the network and the transaction protocol.
Another plus for Ripple is that they are anti-money laundering compliant, with fraud detection, sanction screening, and regulatory reporting in place.
What is the XRP Token?
This is the digital asset on the XRP ledger, which provides on-demand liquidity for financial service providers. It also acts as a bridge currency to facilitate cross-border transactions. XRP’s transaction fees are 0.00001 XRP or 10 drops, which at today’s price is less than 1 cent per transaction. With XRP, payment providers can reach smaller markets, enjoy faster payment settlements, and reduce foreign exchange costs.
The XRP ledger is open-source and maintained by a global and independent community, and Ripple is an active member.
What’s new with the SEC lawsuit on Ripple?
Two big companies decided to weigh in on the lawsuit, and present their testimonies. Those things happen in the legal world, where third-parties have interest in the win of the company which they deal with. typically filed by a person or organization that isn’t a party to a case but would petition the court for permission to submit a brief intending to influence the court’s decision. Those testimonies are submitted by a non-party to a case who would ask the court for permission to submit a brief with the intention of influencing the court’s judgment.
I-Remit Inc., a multinational money remittance corporation with its headquarters in the Philippines, filed an application for leave to file an amicus curiae brief in the Southern District of New York district court on Friday.
On Friday, the private jet charter and management firm TapJets Inc. also asked to submit its testimony in favor of Ripple.
XRP Price Prediction – XRP reach 1 $ soon?
When the lawsuit events started to happen positively, we saw a major increase in XRP prices. XRP managed to get out of its previous consolidation and move to higher highs. In figure 1 below, we can see the new established uptrend of XRP. We expect that the lawsuit will end in favor of Ripple. However, the current price action of XRP is expected to be bullish as investors will slowly get their trust back and dip their toes into investing in XRP.
Once this happens, prices will definitely soar higher. The logical targets for XRP would be as follows:
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