The cryptocurrency market managed to finally increase since last week. Despite the current correction lower, most cryptos are up. XRP in particular is standing currently around a price of $0.45. November is a very important month for XRP as the results from the SEC lawsuit should start to uncover. Will XRP price increase after the first results? What will happen to the SEC lawsuit in November 2022? Let’s analyze in this XRP prediction article😉
Why did XRP pump recently?
Back in September, it looked like the end could be in sight and XRP pumped in anticipation of a win for Ripple. Ripple and the SEC filed for summary judgment in the case. That is asking the judge to rule in their favor and dismiss the case before the trial. XRP pumped on that news as the entire case might come to an end. However, the case dragged on, but the wind seems to be in Ripple’s favor.
XRP holds above 45 cents since last week, while other cryptos adjust lower after the strong uptrend from the past week.
Ripple SEC case UPDATE – Coinbase FTW?
The famous US crypto exchange Coinbase asked a federal court for permission to submit an amicus curiae (friend of the court) brief in the continuing dispute between Ripple Labs and the Securities and Exchange Commission (SEC) of the United States.
Coinbase joins the following list of growing Ripple supporters:
- Blockchain Association: a lobbying organization for the sector
- SpendTheBits: a cryptocurrency payments app that accepts XRP
- Attorney John Deaton
All the above joined forces in an effort to support Ripple’s legal defense against the SEC. The latter filed a lawsuit against Ripple at the end of 2020 over claims that it sold XRP as an unregistered security.
XRP Prediction: Will November be Good for XRP?
Well, things can go both ways. In case the findings which are set to happen sometime around mid-November turn out against Ripple, XRP prices might take a dump. This price increase should follow the overall crypto market, which recently started an adjustment that might tank by an average of 8%.
On the other hand, positive results should definitely pump XRP higher, reaching a price anywhere between $0.60 and $0.80. In figure 2 below, we delimit those price ranges. However, prices might reach this zone sometime in Q1 2023.
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