The XRP price has fallen by 7% in the past 24 hours, dropping to $0.452427 amid a generalized fall in the wider cryptocurrency market. Its current price means that it has also declined by 8% in the past week, yet the altcoin remains 26% up in the last 30 days, as investors increasingly come to expect a positive end to Ripple’s legal battle with the SEC.
Given that XRP is still 86% down from its 2018 ATH of $3.40, and given that it failed to set a new ATH in the 2020-21 bull market (because of the legal case), there’s a very strong chance that its price will rocket once its tussle with the SEC is resolved. Of course, the precise extent of a surge will depend on the state of the global economy, which continues to depress investor sentiment with its combination of high inflation, rising rates, and low (or declining) growth.
XRP Price Prediction
With the market as a whole down by 4% today, the XRP price has seen above-average losses, largely because it had enjoyed above-average gains prior to the current selloff (brought on mostly by pessimistic expectations surrounding an inflation report due today in the US).
At the very least, XRP’s decline today may be disappointing, but it offers the chance to buy the altcoin at a discount before it begins to make serious gains. Its relative strength index (purple) is declining fast, meaning that it’s oversold at the moment, yet its 30-day moving average (red) has recently overtaken its 200-day average (blue).
This apparent contradiction likely means that today’s dive is a blip in a larger, longer-term pattern of upwards movement. In other words, it’s a bullish correction, with Ripple’s case with the SEC the main driving force behind XRP’s recent gains.
This case continues to produce encouraging signs of a favorable end for Ripple. A couple of days ago, for example, Judge Torres granted Ripple permission to present two amicus briefs that could support its case, even though the SEC had opposed such a move.
Last month, the SEC and Ripple both submitted motions for summary judgment, meaning both are basically asking the presiding court to come to a decision and end the case rather than go to a full trial. This was highly bullish for XRP, and it was one of the main reasons why it began outperforming the market as a whole about a month or so ago.
Looking further back in time, Ripple has earned itself a number of positive judgments so far in the case, all of which suggest it will secure a good summary judgment. Back in January, for instance, the court must decree that the SEC has to hand over emails relating to an important speech Bill Hinman gave in 2018, which concerned whether BTC and ETH are securities (and which may also concern XRP).
All in all, Ripple’s prospects look good, even if it may not gain a summary judgment for another few months yet.
What Will Happen to the Price if Ripple Wins?
In terms of arriving at a reasonable prediction for the XRP price in the event of a good result, it’s likely that, at the least, the altcoin will pass its 2018 record high of $3.40.
Of course, the real interest lies in predicting by how much it will surpass its former ATH, although reaching $3.40 alone will equal a 660% gain. Of course, it may be unwise to expect XRP to shoot up to $3.40 overnight, especially with overarching market conditions being so unfavorable at the moment.
One other set of figures worth looking at is the 260% increase the market as a whole achieved between January 2018 (the height of the 2017-18 bull market) and November 2021 (the height of the 2020-21 bull market). Assuming that XRP surpasses its former record high by this percentage, this would imply an eventual price of about $12.24.
Needless to say, this is the best-case scenario, and it assumes another bull market on the scale of last year’s, which certainly isn’t a given right now. Still, a positive outcome for Ripple will almost certainly lift the XRP price to some degree, so it will probably end up paying to acquire some XRP now and hold tight.
IMPT: A High-Return Alternative
Not everyone may be particularly happy with waiting another few months for significant XRP gains. In this case, traders may want to consider looking at some of the promising new altcoins that have appeared on the market in recent weeks, with several new tokens currently undergoing their own presale.
For instance, the Impact Project is an Ethereum-based carbon credit marketplace and eco-friendly shopping platform that kicked off its presale on October 3. It has since raised $4 million as ESG-focused investors flock to its native IMPT token, which is currently available at a price of $0.018.
Other interesting coins are also around (from ApeCoin to Tamadoge), meaning that gain-hungry traders can still keep themselves busy while they wait for the Ripple-SEC case to end. And sooner or later, it will, leaving XRP will little where else to go but up.
Visit IMPT Now
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