XRP is still a hot topic in the crypto sphere. Many Ripple investors are awaiting the month of November, as many findings are going to be released concerning the SEC lawsuit. Today, XRP prices went back to their consolidation mode. Can XRP 3x before 2023 still? Can XRP price 1$ be reached by the end of the year? The chances are getting slimmer, so let’s analyze in this XRP price forecast article.
What is XRP Crypto?
The XRP coin is frequently mentioned in conjunction with Ripple. What distinguishes the two, you might now be wondering? Wel, Ripple is the company name, while XRP is the name of the cryptocurrency.
XRP offers financial service providers on-demand liquidity. Additionally, it serves as a “bridge currency” to ease international trade. Transaction costs for XRP are 0.00001 XRP or 10 drops, or less than one penny per transaction at the current pricing. Payment service providers may access smaller markets, take advantage of quicker payment settlements, and save money on exchange rates using XRP. Ripple actively participates in the worldwide, independent community that maintains the open-source XRP ledger.
XRP Price Analysis – How did XRP Perform in 2022?
XRP prices sank by more than 40% since the beginning of the year 2022. However, the average performance of cryptocurrencies in this same year stands around -60%. This makes XRP a better performer, despite the significant loss. XRP dropped from its high of $0.80 and reached the current price of $0.45.
On the other hand, XRP traders managed to catch the strong support price of $0.30 and profited more than +45% returns in 1 month. This is why it is very important to spot good trades, even if you are a long-term investor. Successful investors and portfolio managers turn to active trading in volatile times.
Why XRP Price so Low?
There are many factors that affected XRP prices. The first factor has to do with the overall cryptocurrency market sentiment. 2022 is definitely a bearish year for cryptos. In fact, if you take a look at the previous 2 years, they were strongly bullish. After every high, comes a low.
The second factor has to do with the overall macro and geopolitics. Europe is not doing well, Russia is invading Ukraine, prompting other EU countries to get into this fight indirectly. Investors have low-risk tolerance in these times, especially big corporations.
The third factor has to do with Ripple company itself. The SEC lawsuit is still pending, and investors are still on the sideline waiting to know whether to “abandon ship” or to jump back into the XRP token.
Why did XRP jump today?
In a previous article, we spoke about how XRP price could not stay above the $0.50 price mark. Consequently, prices were bound to drop towards the $0.45 price mark. This is exactly what happened since then. In fact, this $0.45 price constitutes a short-term support for prices, which are expected to rebound slightly higher.
Today, XRP prices are up by around 4% following this price adjustment higher. In figure 3 below, we can see how XRP prices managed to rebound on this $0.45 support price area.
XRP Price Forecast – Will XRP 3x before 2023?
The crypto market’s sentiment is expected to remain in consolidation mode till the end of 2022. Consequently, XRP is not expected to rise much. However, the SEC lawsuit events might definitely give a big boost to XRP prices.
If we take into account how much did XRP fall back in December 2020, we can notice that prices fell from around $0.60 to around $0.20 (divided by a factor of 3).
Today, if the events of the lawsuit turn to the positive side, we expect prices to triple higher. The safest assumption would be for XRP to reach at least a price between $0.90 and $1.1.
Where to Buy XRP in USA?
Following the SEC lawsuit, many exchanges started delisting the XRP token. This includes the famous US exchanges Coinbase and Binance.US, which removed XRP from the list of available cryptocurrencies to trade for regulatory purposes. However, you can easily buy XRP in USA by purchasing another token (say ETH or USDT), then swapping it for XRP on another exchange outside of the US such as Gate.io.
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