XRP continued its bullish activity over the weekend despite a strong sell-off on Monday that weighed on the price before finding support.
The 7-day chart is still very bullish, with XRP up 16% over this period last week and 45% over the past month.
XRP reached $ 0.54 in the early hours of Monday before climbing back to its current price of $ 0.5158.
The volume of XRP is still huge behind Bitcoin, Ethereum and the three largest stablecoins (USDT, USDC and BUSD).
While the overall cryptocurrency market fell 0.4% to $ 936 billion, XRP rose 61% to $ 2.2 billion.
XRP is an uptrend in the short term
as you have analyzed Cryptocurrencies The upside potential of XRP remains short-term on Saturday.
The bulls have dominated the market and broader market sentiment is positive as Ripple could win its two-year lawsuit against the SEC.
October is a traditionally bullish month for the cryptocurrency market, and as mentioned in the previous article, the Fibonacci retracement is still in play and could see XRP move from $ 0.65 to $ 0.70.
Ripple will win the lawsuit against the United States Securities and Exchange Commission (SEC)
There was no shortage of significant news on the lawsuit last week, but investors remain optimistic that Ripple is heading for a historic victory.
Previous announcements have seen a U.S. District Court judge allow Ripple to use the emails of a former SEC employee as part of their defense.
Emails sent by William Hinman, the company’s former finance director, see them describe Ethereum as not a financial asset.
It’s the quintessential element of Ripple’s defense, as the company denies that XRP isn’t an asset because its ICO never included an investment contract.
They argue that considering XRP as an asset means that gold, silver and art should be considered financial assets – they are currently counted as commodities and are not under the jurisdiction of the SEC.
In early September, Ripple CEO Brad Garlinghouse seemed confident his company would win the case.
He said: “You have to remember that 99.9% of XRP operations have nothing to do with Ripple. So when you talk about, well, XRP is an asset, I go back to something I said years ago when they started: ‘ Origin to which company? Who is the owner?
“I think it is very clear that there is no investment contract. If you go beyond the investment contract, which I find difficult, via the Howey test, you have to fulfill all three aspects and, in the case of XRP, you can definitely not. you meet all three
“So we think the judge will see that the law is very clear, and we think the facts are clear and that this is just a gross overrun by the SEC in an attempt to wrest control of the uncertainty that was present.”
XRP Price Prediction: $ 4 by 2023?
With the global cryptocurrency market struggling under tough conditions for most of 2022, it’s hard to see new all-time highs in the near future.
However, the bear market will not last forever and XRP could make incredible gains if it wins the case.
With both sides accepting an expedited ruling, which is expected to testify in the coming months, XRP could explode in 2023.
A court victory would not only end any uncertainty about XRP and Ripple, it would also be the first digital currency to be regulated by the US government and courts.
Given Ripple’s Ledger’s strong underlying capacity, institutional investment is expected to be massive should the case win in court.
Ripple is expected to be widely adopted by banks and governments, which are expected to see a test of its January 2018 high of $ 3.84.
As we indicated last week, under the right circumstances, XRP could reach $ 10 and beyond in the coming years.
IMPT exceeds $ 2.7 million in presale
Another project that is expected to be a success in 2024 is IMPT, an ecological protocol that aims to help mitigate the climate crisis by allowing users to easily offset their carbon footprint.
IMPT is the original token of Project Impact, a platform that aims to use blockchain technology in the fight against climate change. Through IMPT, users can purchase carbon credits to offset their carbon footprint.
The developers are trying to improve transparency and efficiency in the fight against rising global temperatures, and this pays off IMPT An ideal currency for investors who focus on environmental, social and governance (ESG) standards.
The project has already raised over $ 2.7 million, with $ 500,000 arriving in the first 48 hours alone, showing impressive demand from investors.
Those who wish to get involved in a project early on can follow this step by step guide on how to purchase IMPT.
