XRP Price Prediction as XRP Inches Closer to $1 Breakout – Can XRP Hit a New All-Time High After Lawsuit Ends?
XRP, the token that powers the XRP Ledger that was created by global payments-focused fintech company Ripple, remains in consolidation mode on Wednesday.
XRP/USD was last changing hands just to the north of the $0.50 level, broadly flat on the session.
That means the world’s sixth-largest cryptocurrency by market capitalization (of around $26.6 billion as of Wednesday) remains about 13% below its late-March peaks in the $0.58 area but is still up around 50% since the start of the year.
A broader rise in crypto prices amid concerns about a US (and global) bank crisis and on hopes the Fed’s rate hiking cycle is nearly over, and growing optimism that Ripple will win its ongoing lawsuit against the US Securities and Exchange Commission (SEC) have combined to launch XRP higher in recent weeks.
Technical buying has also likely been a factor - XRP broke above a key downtrend that had been in play since September 2022 and launched above all of its major moving averages in mid/late March, adding to the tailwinds.
Near-term price predictions have become a little less bullish after XRP hit its bullish target late last month in the $0.54-56 area.
But XRP bulls remain confident that a lasting break above the mid-$0.50s would open the door to a swift rise back towards $0.91.
The SEC sued Ripple for issuing XRP as an unregistered security back in late 2020 and it looks like the lengthy lawsuit might finally be close to coming to an end.
Ripple has been arguing that it can’t have issued XRP as an unregistered security as XRP is actually a digital commodity, meaning its falls under the regulatory oversight of the Commodity Futures and Trading Commission (CFTC).
That argument seems to have gotten a boost this week, after the CFTC announced a new
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