The XRP price is wallowing in a bearish cloud that follows the cryptocurrency market – especially among the top 100 assets. The international remittance token is trending 5.7% lower as bulls rush to defend support, marked at $0.4280 on its daily timeframe chart.
XRP is now the seventh largest cryptocurrency by market capitalization after overtaking the largest meme coin, DOGE. The cross-border payments token has $22 billion in market share compared to Dogecoin’s $14 billion.
In recent weeks, these two tokens have been extremely attractive to investors, due to the various developments within their ecosystems. The XRP army believes that Ripple has the highest probability of winning the lawsuit against the Securities and Exchange Commission (SEC).
For that reason, more crypto enthusiasts have thrown their support behind XRP, with analysts predicting a break above $1 before the end of 2022 – setting the pace for another rally to an all-time high of $3.40.
On top of this, Elon Musk’s $44 billion Twitter takeover brought Dogecoin back into the limelight. The world’s richest man, now CEO of the microblogging platform, has hinted at integrating DOGE into Twitter. Due to Musk’s love for the meme coin, the Dogecoin price has risen by 73.70% in two weeks and 67.60% in the last 30 days.
XRP Price Prediction: Can XRP regain its top 3 position in the market
Ripple vs. The SEC process has dragged on for almost two years after the US authority filed the case in December 2020. XRP was negatively affected by the SEC’s allegations that Ripple Labs and its top executives raised money while moving unregistered securities to investor.
Major crypto exchanges such as Coinbase delisted XRP as a tradable asset, resulting in a massive price drop. Due to this negative publicity and selling pressure, XRP lost its place as the third largest cryptocurrency in the market and has struggled to keep up with its peers ever since.
However, a breakthrough could be on the horizon for the largest cross-border money transfer token. A win against the SEC could propel XRP to great heights again with exchanges relisting the token.
Ripple vs. SEC Updates
Ripple and the SEC have sought summary judgments that could prompt the court to decide some of the issues in November while potentially leaving the rest for trial. Brad Garlinghouse, CEO of Ripple Labs, spoke at DC Fintech Week on October 11 and said he hopes the trial will be completed in the first half of 2023.
John Deaton, a well-known crypto lawyer, is extremely bullish on Ripple winning the case. Dozens of crypto companies have not only expressed support for Ripple and XRP but, according to the blockchain company’s attorney, Stuart Alderoty, have filed briefs to emphasize how the SEC is wrong.
XRP’s bullish potential will remain heavily dependent on the success of Ripple Labs in this trial – with the move to the top 3 likely to happen in 2023.
XRP Price Short Term Technical Outlook
The XRP price is managing a temporary pullback but within the confines of a rectangle pattern. The 100-day exponential moving average (EMA) (in blue) is the last line of defense before XRP slides to retest the rectangle support at $0.4280.
This pattern should be considered neutral until the XRP price makes a clean break either above or below. However, a bullish outcome is likely, given the uptrend that precedes the formation of the rectangle.
A 19.52% bullish target is expected – a distance equal to the width of the rectangle, extrapolated above the breakout.
A sell signal from the Moving Average Convergence Divergence (MACD) can put downward pressure on the price. Notably, the Directional Movement Index (DMI) in the same daily timeframe shows that bears currently have the upper hand. If XRP falls below the rectangle support, take profit for short positions at $0.3443 and $0.30 respectively.
Alternatives to Consider for Faster Profits
It is likely that some traders may not appreciate having to wait a few more months for Ripple’s fall to end. Accordingly, there are a number of promising new altcoins holding pre-sales right now, each holding out the promise of big profits once listed on exchanges.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides users with real-time analytics and social data, helping them make more informed investment decisions. It began its token sale two weeks ago and has now raised more than $5.7 million, while confirming its first CEX listing on the LBank Exchange.
The tokens are currently selling for 0.0533 USDT and will increase to 0.0556 USD in the next stage.
Visit Dash 2 Trade Now
IMPT
Also on Ethereum, IMPT is developing a carbon credit market, where users can earn NFT-based carbon offsets for shopping with a wide range of eco-friendly retailers.
IMPT’s pre-purchase now has raised $12.5 million barely a few weeks after launch. It is likely that investors have been drawn to its innovative use of blockchain to solve the challenges faced by pre-existing carbon offset marketplaces, with the openness of blockchain technology making the market more transparent.
1 IMPT = 0.023 USD
Visit IMPT now
Calvary (RIA)
One of the latest pre-purchases in crypto, Calvaria (RIA) is a money-making game that allows players to earn and battle with NFT-based trading cards. Interestingly, users can play the game without having to hold any cryptocurrency, something that potentially promises to make it a gateway to blockchain-based gaming for many gamers.
Its presale just launched and has raised over $1.6 million, with 1 USDT currently buying you 40 RIAs (although prices will rise as the sale moves to the next stage).
Visit Calvaria now
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