- XRP retests support at $0.54.
- Closest resistance at $0.58.
- XRP/USD is set to move higher later today.
Today’s Ripple price prediction is bullish as the market still respects support around the $0.54 mark. Therefore, until this support is broken, we expect XRP to move higher over the next hours in an attempt to move above the resistance at $0.60
Cryptocurrency heat map. Source: Coin360
The overall market is in the green today as a slight price increase is seen for most altcoins. Market leader, Bitcoin, is up by 2.27 percent, while Ethereum remains relatively flat at 0.87 percent. From the major altcoins, Binance coin and Stellar have posted the best results with an upside of 5.6 and 7 percent, respectively.
Ripple price prediction: Ripple continues to consolidate above $0.54, prepares for another attempt to move higher?
XRP/USD opened at $0.547 today after a small rejection for further upside yesterday around the $0.58 resistance. Right now, the Ripple price structure indicates that support around $0.54 holds the market from moving any lower. Therefore, until it is broken, Ripple should see further upside over the next 24 hours. The first target to the upside is located at the $0.58 resistance.
Ripple price movement in the last 24 hours
The XRP/USD price moved in a range of $0.5466 – $0.5624, indicating a low amount of volatility. Meanwhile, trading volume has dropped by 22.89 percent and totals $3.3 billion. The total market cap still stands above $25 billion, ranking the cryptocurrency in 7th place overall.
XRP/USD 4-hour chart – XRP continues respecting support at the $0.54 mark.
On the 4-hour chart, we can see Ripple retesting the support at $0.54 once again over the last hours. So far, further downside is rejected, indicating that the market likely prepares to move higher later today to make another attempt at breaking above the $0.58 resistance.
XRP/USD 4-hour chart. Source: TradingView
Overall, Ripple has seen extreme volatility over the past week. After a very sharp increase of around 40 percent, XRP set a new several week high around the $0.60 mark on the 22nd of March. What followed was a rejection for further upside with extreme volatility, which resulted in a break below the $0.54 support.
The bearish momentum took the Ripple price lower in a couple of hours all the way back towards the support area around $0.45. From there, the market saw extreme rejection for further downside and another fast reversal to the upside. XRP/USD found resistance at $0.57 and retested to $0.54 level as support shortly after. Since then, Ripple has consolidated above the $0.54 support with an increasingly tighter range.
Right now, XRP/USD tests the $0.54 support once again, and if XRP continues rejecting further downside, we should see another push higher over the next 24 hours. The first target to the upside is located around the $0.58 mark. Next, we have the previous swing high reversal point at $0.60, which would mean a gain of around 9-10 percent if reached from the current price level.
Therefore, if the previously seen bullish Ripple price momentum continues, we could see another higher high set next week, leading the overall market structure to attempt to break a new all-time high.
Ripple Price Prediction: Conclusion
Ripple price prediction is bullish as the market rejects further downside as of now. This should lead the price of XRP/USD towards another push higher over the next 24 hours as bulls attempt to break the resistance at $0.58 again.
While waiting for Ripple to move higher, see our Bitcoin halving guide, as well as long-term Ethereum and ZRX price predictions.
XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal
The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.
Ripple Opposes SEC extension appeal to save XRP from an isolated bear run
While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.
The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.
SEC supports extension appeal with pending motions
The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.
“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.
XLM May Get in Trouble If XRP Deemed a Security: XRP Researcher
A researcher from the XRP community believes that XLM and Stellar may get in trouble should the SEC deem XRP a security
Researcher Leonidaz Hadjiloizou has posted a tweet, in which is asks the opinion of the XRP community about which side in the Ripple-SEC legal battle the company’s co-founder and former CTO Jed McCaleb would take, if he were to do it.
According to Hadjiloizou, should the SEC win and XRP is deemed a security, then Jed and his company Stellar which he created as a rival to Ripple will be in for hard times. If the court rules that XRP is a security, then McCaleb broke the law by selling these potentially unregistered securities – 9 billion of them that he received from Ripple as compensation as part of the Settlement Agreement.
What is most likely? Jed testifies as an expert witness for Ripple or the SEC?
PS1:If he believed XRP is a security then he broke the law by selling unregistered securities after the lawsuit was filed.
PS2:XLM might get in trouble if XRP is deemed a security on a technical lvl.— Leonidas (@LeoHadjiloizou) October 16, 2021
Besides, Hadjiloizou says that if XRP is announced a security, then the native token of Jed’s Stellar, XLM, may also get in trouble and, perhaps, face similar accusations.
So far, no legal action has been filed by the SEC against Jed McCaleb, even though he co-founded Ripple Labs together with Chris Larsen. The latter and the CEO Brad Garlinghouse, along with Ripple Labs, are the defendants in this legal case of the SEC against Ripple.
Jed has been selling his 9 billion XRP in parts, however, he has not sold any coins since September 1.
Ripple Shifts 33.8 Million to Huobi in Past 2 Weeks, After Allocating 100 Million XRP for It
Ripple fintech firm has sent almost 40 million XRP to Huobi since October began from the 100 million allocated for it in the first place
Data provided by the analytics platform Bithomp that works with XRP transactions, over the past eighteen days, Ripple distributed ledger tech provider has shifted 33,805,080 XRP to the major digital exchange Huobi.
One third of Ripple’s 100 million XRP shifted to Huobi
This amount of crypto equals to $38,790,225. The size of weekly transactions has been changing since September 29, when Ripple allocated a whopping 100 million XRP lump to be sent to Huobi in regular transfers – it started as 1,542,780 XRP, continued as 2,309,580. So far, Ripple is moving 1,911,150 XRP lumps to Huobi.
The exchange has recently announced its withdrawal from mainland China and by December 31 it plans to stop crypto trading against CNY.
XRP becomes number one choice for UK retail investors
At the time of writing, the sixth largest cryptocurrency, XRP, is changing hands at $1.15, showing a mild rise of 2.54 percent, as per the data provided by CoinMarketCap.
As reported by U.Today earlier, a recent report by a leading trading platform eToro stated that the majority of retail crypto investors in the UK now prefer XRP as their top asset. Cardano’s ADA is the second favorite.
Ripple Labs has recently joined the Digital Pound Foundation to help UK authorities work the CBDC they are developing – digital pound sterling.