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 could even reach as high as $3 if Ripple’s legal battle with the SEC turns out favorable for the company.
At press time on Friday (11:40 UTC), XRP still traded just below the $0.48 mark and is up a whopping 9.5% for the day. The gain was enough to make XRP today’s best-performing token among the top 100 cryptoassets by market capitalization, and comes after another rally towards the $0.5 level yesterday.
Notably, the strong gain for XRP came on a day with little excitement in the broader crypto market, with both bitcoin (BTC) and ethereum (ETH) more or less unchanged over the same time period.
The massive XRP rally is believed to have been fueled by news from the ongoing Ripple vs SEC court case that a U.S. District Court Judge has overruled the SEC’s attempts to withhold documents in the case. The documents, written by former SEC division director William Hinman, relates to a speech that argues that BTC and ETH are not securities – a key argument that Ripple has also used in relation to XRP’s status.
In addition, the surge in price has also been followed by a marked increase in social media buzz surrounding Ripple and XRP. According to the crypto social tracking platform LunarCrush, XRP-related social engagements is up 38% over the past three months, while the number of social contributors has risen 8%.
Looking into future, basic technical analysis now suggests that more upside lies ahead after the price on Wednesday bounced off the $0.42 support level. The next major level to watch to the upside is now $0.55, which marks the high from September 23. Moreover, XRP bulls should also be prepared for the possibility of XRP rallying to as high as $3
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