XRP prices were expected to break the important price of $0.40 and continue higher. However, last week was a bad one for the cryptocurrency market. Most tokens lost on average around 12% and went back to their respective support areas. XRP was no different as it lost around 13% in the past 7 days. Is there still hope for XRP? Can Ripple reach 1 $ before 2023? Let’s analyze in this XRP price prediction article.
What is Ripple (XRP)?
Ripple is a project that allows users to send, receive, hold and move currencies across borders in a fast and reliable way. Our current system which relies on banks and payment gateways is slow, fragmented, and expensive. Ripple company can settle transactions in 3 to 5 seconds from anywhere in the world. It is in fact much faster than Bitcoin and Ethereum!
Additionally, the infrastructure is highly scalable and is able to handle more than 1,500 transactions every second. You might ask now, How is this all possible? Well, RippleNet uses the open-source XRP ledger blockchain to track, process, and guarantee all transactions. But unlike Bitcoin, XRP does not use Proof-of-work and has no concept of mining. This means that the blockchain’s power consumption is minimal and is able to keep transaction fees low. XRP transactions are handled by an independent community of validation nodes who maintain the network and the transaction protocol.
Ripple SEC Update: What’s new with Ripple Lawsuit?
It appears that the evidence against Ripple will soon come to light. Given that the deadline for filing oppositions to motions for summary is around October 18, 2022, the timing should be around Q4 2022. The opposition’s responses must be submitted no later than November 15, 2022. This implies that we will soon be able to determine who clearly has the edge in winning the case.
According to some analysts, a victory for Ripple would undoubtedly benefit the XRP coin, which is expected to soar soon after the news breaks. This will undoubtedly restore faith in Ripple. However, XRP would be regarded as a security in the US if the case was unsuccessful.
XRP Price Crash: Why is XRP Down?
XRP reached a strong resistance area delimited by a price of $0.40. In a previous article, we laid out the next targets in case this level was broken. However, this is not what happened. The crypto market as a whole crashed by an average of 12% in the past week. XRP prices naturally followed and reached a support zone. In figure 1 below, we can see how the price of around $0.33 played a support role for the past 3 months.
It is important to always remember to place stop-loss triggers, especially when placing buy and sell orders. The crypto market is known to be highly volatile. SL prevents you from losing too much if the market moves against you.
XRP Price Prediction – Can Ripple reach 1 $ before 2023?
With the current market sentiment, it is hard for the crypto market to do any price jump before we see what happens with Ethereum’s merge and Ripple’s lawsuit. Those two events are critical for the development of XRP prices. Currently, the hype around the merge has faded, and XRP is simply moving with the crypto market with a slight lag.
If those two events turn out positive, XRP can easily reach the psychological price of 1 $. However, for the current time being, we expect a further drop in prices with a first target being the lower consolidation band of $0.30. This price would be a good buy zone for XRP, taking into account a reasonable stop-loss trigger in case prices become volatile. For future targets, make sure to follow us on Google News to receive the latest price predictions on XRP.
