XRP is rallying to the point that it is outperforming the major-league crypto players like Bitcoin and Ethereum. The recent 27.55% rally has led the crypto crowd to ask questions about what lies for XRP in the near future.
Let us look at XRP’s price action over the last week and see its growth potential based on that information.
XRP Price over the Last Week
XRP has been on a constant uptrend over the last week. It started at $0.33 on August 17th and continued to climb the charts actively. Initial increases were marginal and were chalked up to simple bullish actions of no consequence. However, the wheels started o turn on September 19th.
The XRP price went from $0.38 to $0.34 and bounced into accumulation for a day before an upswing. That “accumulation-and-upswing” gave the price almost a step-line pattern. Then on 22ns September, the price increased massively to $0.44, followed by another uptick to $0. 53.
This 27.55% ally has XRP trading above its key long-term resistance level, and the market is all green.
Bitcoin and Ethereum Continue to Disappoint
XRP’s price action is truly singular at the moment. That is, it does not follow the trendline of other major altcoins as usually is the case with the crypto space. Bitcoin and Ethereum are currently reeling, experiencing only marginal, lower single-digit increase within 24 hours, but the retrace later is also strong.
XRP, on the other hand, went through a 45% weekly increase. The reason for this current price action is likely the recent SEC vs. Ripple case, with the crowd hoping for the best.
Ripple Labs filed a motion for summary judgment on the case on September 18th, hoping to get a quick resolution to the case hanging from 2021.
The Summary Judgement is a Legal process where the final decision is based on facts and doesn’t contain ordering a tile.
It would fast-track the process, and we will likely know whether XRP should be considered a security by mid-December this year.
#XRPCommunity #SECGov v. #Ripple #XRP 1/2 The parties have filed a request that any motions by third-parties to seal portions of the parties’ summary judgment filings be filed subject to the Court’s September 12, 2022 order. pic.twitter.com/J6rbeRXmHi
— James K. Filan 🇺🇸🇮🇪 114k (beware of imposters) (@FilanLaw) September 19, 2022
This excitement has led to a rally of major consequences for this particular cryptocurrency that hasn’t been discussed much in trading circles.
XRP Price Prediction – Long-Term Gains are Probably on the Way
The Security Exchange Commission’s decision to finalize whether it is secure will have long-term consequences for other cryptocurrencies. And that means long-term gains might be on the way.
If you’re yet to position yourself, waiting till the token’s 200-day moving average of $0.48 is flipped to support might be a good idea. Other crypto experts have stated that it would be better to long $XRP lower and don’t fall into FOMO.
You'll likely have an opportunity to long $XRP lower if that's what you're looking for
Don't FOMO, Long the long liquidations 🎣https://t.co/jmaCFVVOvn pic.twitter.com/TP9SW6OmXO
— TheKingfisher (@kingfisher_btc) September 22, 2022
More about XRP
XRP Ledger is a 2021-launched decentralized, open-source, and permissionless technology that allows low-cost transactions at high speeds. It has inherently green attributes – it is carbon neutral and energy efficient – and is the first to build DEX and token customization within the protocol itself.
The current, nearly effortless upward trend price action can create false hope in many. Therefore, experts suggest that it would be better for the judgment to arrive before seeing if the token is worth any long-term gains. If the decision declares Ripple as security, a rapid trend reversal is possible.
- Best DeFi Coins