XRP Price Prediction – Here’s Why It’s Soaring and Could Hit $3 Soon

The price of the cryptocurrency XRP of the American company Ripple has recently experienced a drop of -2.19% in 24 hours to land at $0.47, but there is nothing alarming according to many experts. Its value should rise sharply and could even reach 3 dollars if Ripple’s legal battle with the SEC proves favorable to the company.

At the time of going to press the Sunday, October 02, 2022 (09:10 UTC) XRP was trading around $0.48 and displayed a increase in its valuation of around 0.20%. This gain was enough to make XRP one of the best performing tokens of the day among the top 100 cryptocurrencies by market capitalization. This comes after another rally towards the $0.50 level two days before.

Daily chart of XRP. Source: TradingView

XRP’s strong gain came on a day with little excitement in the broader crypto market, with Bitcoin (BTC) and Ethereum (ETH) more or less stable over the same period.

the massive XRP rally is supposed to have been accentuated by the information of the ongoing legal case between Ripple and the SEC . A U.S. District Court judge has rejected SEC attempts to withhold documents in this case. The documents, authored by William Hinman (former SEC Division Director), relate to a speech that argues that BTC and ETH are not securities. This key argument has also been used by Ripple regarding the status of XRP.

In addition, this price spike was also followed by a marked increase in social media buzz around Ripple and XRP. According to the Cryptocurrency Social Tracking Platform Lunar Crushthem social engagements linked to XRP increased by 38% over the past three months, while the number of social contributors increased by 8%.

What does the future hold for XRP?

Looking ahead, basic technical analysis now suggests that a bigger upside is expected, after Wednesday’s price of XRP bounced off the high. $0.42 support level. The next major level to watch on the upside is now $0.55, which marks the high reached on September 23rd. Additionally, XRP bulls should also prepare for the possibility of a XRP rally up to $3 over the long term if the bullish momentum continues.

It should be noted that the XRP briefly exceeded $3 only once in its history. This happened when the main crypto bull market of 2017 peaked at the end of that year, XRP on Bitfinex had hit a high. all-time high of $3.3.

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XRP weekly chart. Source: TradingView

Meanwhile, in a research paper published this Thursday, crypto data provider Kaiko said that a negative funding rate on XRP futures suggests high interest in shorting the token among traders. The positive funding rate was accompanied by a spike in open interest, which doubled from $211 million to $445 million in less than a week, according to Kaiko.

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Source: Kaiko

Commenting on the status of the court case Ripple is involved in, Kaiko noted in his report that the case has proven that while the SEC can make things difficult for domestic crypto businesses, it is difficult to shut down a crypto project.

“We don’t know how the SEC’s case against Ripple will play out, but XRP has so far proven that the SEC has the ability to make it difficult for American people to buy a token, but not the ability to kill a project,” the report said.

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XRP Price Prediction – Here’s Why It’s Soaring and Could Hit $3 Soon

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