The anticipation for Ripple’s lawsuit battle started to grow strong as XRP price managed to break the 30 cents level. The token even managed to grow by 70% when news about the SEC lawsuit was heading positively. A few days after the hype, XRP prices dropped again, losing more than 11% in the past 7 days. Should you sell XRP before prices tank lower? In this article, we analyze XRP and present a guide on how to sell XRP on Coinbase.
XRP Court case Update today: Anything New?
In a previous article, we spoke about what’s coming for Ripple in Q4 of 2022. There are several rumors circulating right now that the Ripple firm will make progress in the litigation around November 2022. By then, the XRP court case should be clearer and a step closer to being resolved. The price of the XRP coin should soar high if Ripple is successful in winning the case.
XRP price DOWN – Time to SELL XRP?
As the crypto market adjusted in the past week as part of its sideways trend. XRP prices failed to continue on their strong uptrend and had to adjust lower. However, this move comes after an increase of 70% in prices. Despite being a normal adjustment, prices should continue adjusting towards the 50% Fibonacci retracement as shown in figure 1 below. This means that XRP prices should continue lower to reach the price area of around $0.435.
How to Sell XRP
Now that we know that prices are likely to fall lower, it is natural to temporarily liquidate XRP positions. Not because faith in Ripple winning the SEC case is shattered, but because it makes sense to catch XRP at lower prices and buy again.
If you own XRP in a private wallet, it might be a good idea to send them to an exchange and place a sell order. Preferably you’d want to buy in contrast a stablecoin whose price won’t fluctuate. USDT is a good alternative to park your funds.
How to SELL XRP on Coinbase
If you have a Coinbase account and want to use it to sell XRP, well, you won’t be able. In reaction to the SEC lawsuit against Ripple Labs Inc, Coinbase removed XRP from its exchange. Since that time, buying or selling XRP directly on Coinbase is no longer an option.
Where to Sell XRP
You can sell XRP on several other exchanges. Here is a list that CryptoTicker suggests, taking into account the largest:
XRP Price Prediction $500 – Is that even Possible?
The crypto community is known to throw very high target prices at cryptos. This is because Bitcoin was priced a few cents upon inception, but managed to reach a whopping price of around $69,000. People would expect that any cryptocurrency is able to achieve the same. However, this isn’t the case.
An important metric that users need to account for is the total supply of the token. Bitcoin has only 21,000,000 while XRP has a max supply of 100,000,000,000.
If XRP reaches $500 in the future, it means that its market capitalization would be around $50 trillion, which is 10x more than the US budget in 2022. This figure is unrealistic, especially with the current market dynamics.
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