The price of XRP Coin surged to $0.53 following the latest breaking news we shared at 23:44. However, cautious investors were unable to overcome the resistance level due to sudden drops after the upward movements. So, what details should you know about XRP Coin price? What do the current data tell us?
Why Did Ripple (XRP) Rise?
The XRP price started to rise after the Securities and Exchange Commission (SEC) dropped the lawsuit against Christian Larsen and Brad Garlinghouse, the co-founder and CEO of Ripple, respectively. The parties mutually withdrew from the case. However, this resulted in millions of dollars in losses for the SEC. The institution, which has been spending money and resources recklessly to punish Ripple executives, further damaged its reputation with its latest retreat.
Let’s remember the recent losses of the SEC in various fronts:
- In the summary judgment of July, Ripple sales in the secondary market were declared not to be classified as securities.
- SEC tried to appeal the Ripple decision, but received another blow from the court.
- The GBTC decision forced the SEC to reconsider ETF conversion. The SEC could not even object because all three members said that the SEC was unjust.
- US Representatives wrote a letter pressuring the SEC to approve the ETF.
- Yesterday, the SEC dropped the lawsuit against Ripple executives.
XRP Coin Price Prediction
Investors continue to accumulate 10 million to 100 million XRP balances, reflecting their bullish expectations. From a technical perspective, XRP Coin price has the potential to experience an increase of up to 70%. Bouncing off the rising trendline support, XRP is poised for a movement targeting $0.56.
If it does not get stuck in the resistance area of $0.56, we may witness higher peaks for XRP Coin price in October. In this scenario, a 70% price increase and a continuation of the rally up to $0.87 are likely.
On the contrary, a breakdown below the support of the rising trendline, as shown in the bear flag breakout, could lead to a 50% downward movement in price, approximately towards $0.25.
For now, the price increase of BTC and the possibility of new developments in favor of XRP in the lawsuit support the rise.
