The recent crypto crash was a harsh one for most cryptocurrencies. All have fallen by an average of 20% since last week, except for a few. XRP was supposed to have a great month in November 2022, as its lawsuit findings were probably about to turn positive. However, the FTX crash made XRP lose more than 25%. From a technical perspective, XRP was bound for an adjustment. Will XRP price increase soon? Is this the last chance to buy XRP below 40 cents? Let’s assess in this XRP prediction article.
XRP SEC lawsuit Updates: What’s New?
In the past year, many companies filed an amicus curiae in favor of Ripple. This means that they vow that Ripple did not do anything wrong while providing proof and solid pieces of evidence. In a previous article, we listed the last 2 companies that did this: I-Remit Inc. and TapJets Inc.
Today, Coinbase joins the list of companies supporting Ripple. Coinbase requests that the judge reject the SEC’s motion for summary judgment and submits a brief in support of Ripple Labs in the XRP lawsuit. This is a positive advancement in the lawsuit, as Coinbase is a big US company that is fully compliant.
Will Ripple settle with the SEC?
So far, everything that is being shared on social media regarding the settlement is a rumor. There is no evidence that Ripple wants to settle. This is especially true seeing that the developments are going in a positive way. Why would someone settle when their case is going in their favor?
Neither Ripple nor even its CEO, Brad Garlinghouse, has provided an official announcement regarding any settlement yet.
XRP Prediction: Will XRP price go up soon?
In figure 1 below, we can see how the XRP price formed a head and shoulders formation. A harsh adjustment was inevitable. The FTX crash made this crash harsher, with prices falling from around 50 cents to the strong support of 30 cents. The latter was definitely a good buy area, as prices rebounded to the current price of 37 cents.
Following this drop, XRP is expected to rise again towards the 40 cents, which represents an important area for XRP. If this level is breached higher, we can expect prices to continue to the second target of 50 cents. XRP prices were there just last week, and a crypto market recovery would speed XRP’s prices.
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