Despite the crypto bear market, XRP is one of those tokens that managed to gain significantly in value over the last 7 days. Its value shot as high as 70% in anticipation of the SEC hearing. It seems like the Ripple community’s hope in the company is back. Why is XRP price up? Will XRP reach 1 $ soon? Let’s analyze in this XRP price prediction article.
What happened with XRP Lawsuit?
Recently, the CEO of Ripple Brad Garlinghouse submitted a request for summary judgment. This is basically a request for summary judgment on at least one claim from the court. If the motion is granted, the issues in question are resolved without a trial. This would lead to a big win for Ripple, as they won’t even need to settle by paying a hefty fee.
Currently, the odds of a Ripple win are standing high. The lawyer representing Ripple company is sharing updates on his Twitter account, showing how the legal issues are shaping up.
Why is XRP UP 70% in the past week?
The XRP community was actually awaiting Q4 of 2022 eagerly. In a previous article, we announced that XRP prices can triple if any positive news comes out from the lawsuit case. Currently, prices doubled from $0.30 and are about to reach $0.60. Looking at figure 1 below, we can see how prices rebounded from the low of $0.30 which presented a strong support level. In this article, we predicted that the $0.50 price was going to be breached, and this is exactly what happened.
XRP Price Prediction – Will XRP reach 1 $ soon?
Given that the cryptocurrency market is still looking bearish, XRP booming 70% in the past week is significant. However, we do expect prices to retrace lower as part of profit-taking from speculators who already doubled their positions. On another side, since the crypto market is bearish, the hype around the XRP lawsuit might fade, bringing prices lower. In figure 2, we show a potential retracement of XRP prices around the $0.60 price area, which constitutes a strong resistance. Prices would dip back towards $0.46-0.50 price area.
If the crypto market manages to get back up, XRP should be able to breach the resistance of $0.60 and continue to triple in prices as we predicted towards $0.90. From there, XRP reach 1 $ would be just a matter of time.
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