XRP’s price has been in limbo lately as Ripple awaits the verdict of its case with the US SEC. Since mid-September, XRP has performed better than most altcoins in the crypto market.
XRP Price Breakout Pending SEC Vs. Ripple Decision
Meanwhile, XRP has witnessed immense sell-offs at $0.5312, causing the price to drop to 0.47650 by press time. However, its macro outlooks and technical indicators remain positive despite the latest retracement.
XRP/USD Price Chart. Source: TradingView
The Securities and Exchange Commission’s (SEC) case against Ripple Lab and its chief execs is nearing its conclusion. Ripple Labs’ chief executive officer, Brad Garlinghouse, anticipates that the court will resolve the dispute by early 2023.
Since the litigation began, the price of XRP has gone through tough times. Big crypto exchanges such as Coinbase have even delisted the token.
In 2021, most digital assets in the crypto market achieved new record highs. However, the global money remittance coin failed to exceed its all-time high due to its issue with the SEC.
However, XRP pricing flipped the tables in mid-September as the token rallied 78% from $0.313 to $0.559. Meanwhile, analysts and investors believe the XRP price will rise to about $1.00 in the following weeks.
If the case is successful, which appears to be highly possible, the XRP price might surpass its all-time high of $3.84 achieved in 2017.
Finder’s Panel Predict XRP To End 2022 At $1
At the moment of writing, the XRP value sits at $0.476, firmly anchored by the ascending trendline. If this current support holds, the price should rebound, indicating a 20.5% breakout.
The value of XRP will then attempt to climb an extra 14%, the distance between the market price and the x-axis. A rising wedge is bullish and emerges after a big price increase accompanied by a phase of consolidation.
Technical indicators indicate that purchasers are becoming more powerful by the day, although there are obstinate sellers.
The bear-bull tug-of-war will persist until the token’s price climbs above the triangular pattern. Typically, a breakthrough is followed by a surge in trading activity, providing the ideal setting for a rebound.
Meanwhile, Finder’s panel has forecasted that the price of XRP might increase to $3.81 before the end of December. The panelists usually take insight from crypto leaders in the industry.
Craig Cobb, one of the panelists who is bullish on the price of XRP, said that XRP’s price would close in 2022 at $1. However, this would depend on the case’s outcome with the US SEC. Cobb based his prediction on the condition that Ripple wins the case.