XRP Price Prediction – Here’s Why It’s Pumping and Could Reach $3 Soon

The price of US fintech firm Ripple’s XRP cryptocurrency is pumping again and will even reach as high as $3 if Ripple’s legal battle with the SEC seems favourable for the corporation.

XRP was trading just under the $0.48% mark at press time on Friday (11:40 UTC) and is up a whopping 9.5% for the day. The advantage became enough to make XRP today’s satisfactory-performing token a number of the top one hundred cryptoassets by way of marketplace capitalization and springs after any other rally closer to the $zero.50 level the day prior to this.

Notably, the strong advantage for XRP came on a day of little joy in the broader crypto market, with both bitcoin (BTC) and ethereum (ETH) rising or remaining relatively unchanged over the same time period.

The large XRP rally is believed to have been fueled via information from the continuing Ripple vs SEC court docket case. A U.S. District Court Judge has overruled the SEC’s attempts to withhold documents in the case. The documents, written by former SEC department director William Hinman, pertain to a speech that argues that BTC and ETH are not securities—a key argument that Ripple has extensively utilised in relation to XRP’s status.

In addition, the surge in fees has additionally been observed by way of a marked boom in social media buzz surrounding Ripple and XRP. According to the crypto social monitoring platform LunarCrush, XRP-related social engagement is up 38% during the last 3 months, even as the number of social members has risen by 8%.

What does the future hold for XRP? 

Looking into the future, basic technical analysis now suggests that more upside lies ahead after the fee on Wednesday bounced off the $0.40 level. The next price level to observe to the upside is now $0.50, which marks the high from September 23. Moreover, XRP bulls should also be organised for the opportunity of XRP rallying to as much as $3 over the long term if the bullish momentum continues.

It’s worth noting that XRP has only briefly traded above $3 once in its history. That happened as the major crypto bull market of 2017 peaked late that year, with XRP on Bitfinex reaching an all-time high of $3.3.

Meanwhile, in a research piece posted on Thursday this week, crypto records company Kaiko said that a terrible investment rate on XRP futures contracts indicates excessive interest in shorting the token amongst buyers. The high-quality funding charge came together with a spike in open interest, which doubled from $211m to $ 445m in under every week, in line with Kaiko.

Commenting on the reputation of the legal case Ripple is concerned in, Kaiko noted in its file that the case has proven that although the SEC can make matters tough for domestic crypto agencies, it’s tough to shut down a crypto task.

“We don’t realize how the SEC’s case in opposition to Ripple will pan out, however XRP has to this point proved that the SEC has the ability to make it tougher for U.S. Individuals to buy a token, however now not the capacity to kill a challenge,” the record stated.