Another Victory For Ripple, Will This Take XRP Price To $1 by End of 2022
XRP has been witnessing more demand in buying than selling as Ripple Labs is making good progress in winning the lawsuit against the SEC (Security and Exchange Commission). Moreover, XRP’s native operator continues its European expansion as it has ventured into France and Sweden by acquiring a significant partnership. In France, Ripple Labs partnered with an online marketplace payment provider, Lemonway, and in Sweden, the firm formed an alliance with Xbaht, which is a money transfer provider.
Ripple formed these partnerships in order to provide On-Demand Liquidity (ODL) to its users in the provinces.
Welcoming two new ODL partners today! @LemonWay as our first ODL partner in France & Xbaht as our first ODL partner in Sweden! Together, we’re making it easier for consumers and businesses in these regions to make real-time payments around the world. — Ripple (@Ripple) October 11, 2022
Another Victory By The Ripple Labs
The Ripple Vs SEC has been the talk of the crypto space, and the XRP community is waiting eagerly to push the Ripple Labs to the victory line. It now seems that XRP is all set to be skyrocketed as two firms, I-Remit and TapJets, have been granted to act as amicus curiae in the Ripple Vs SEC lawsuit by the US District Court Judge Analisa Torres. According to the Judge, the two firms can file their amicus brief till October.
The XRP is cheering the win as the case is now going in favor of Ripple as Judge Analisa Torres ordered to release of the sensitive speech documents made by William Hinman. According to Ripple, these documents would act as a messiah for bringing back XRP’s market value as the token was accused of not being secure by the SEC.
Where Is XRP Price Heading?
However, there is ample good news from the lawsuit, the XRP price is getting significant volatility in the price chart and continues to be bearish. On 9 October, buyers tried to push XRP to the resistance level of $0.5490, but it faced rejection and consolidated at $0.5116. This is the third unsuccessful attempt from XRP to break its resistance level and initiate a bull run.
XRP price has seen an uptrend of more than 70% since it began its bull run due to the joyous news of the lawsuit. According to CoinMarketCap, XRP is currently trading at $0.4547 with a downtrend of 6.6%. EMA-50 trades below EMA-200, providing an immediate support level at $0.4315. The RSI-14 is trading below the 50-level, hinting at a slight downward retracement, while the SMA-14 is at 60, which shows a price consolidation between $0.4206 and $0.4415.
To build a bullish momentum again, buyers need to keep buying in the dip of EMA-20 ($0.4206) to hold the XRP price above the crucial support level. If XRP fails to maintain the support level, it can drop below $0.4 in a couple of days.
Conversely, if XRP manages to hold its price above the support level, it can again make an attempt to break its resistance level at $0.55, and if it breaks, XRP will definitely start a bull run and make a target to $0.9 or $1 in the upcoming months.
However, it is expected that there will be no such bearish momentum from XRP as Ripple Labs is actively expanding its sector and making constant wins in the lawsuit. The continuous expansion and positive news from the case will significantly impact XRP price to push its price upward and touch new highs soon.Source