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XRP Price Could Go Up 50% Based On Former SEC Director’s Comments

garretschoenbergOctober 3, 2022
XRP Price Could Go Up 50% Based On Former SEC Director’s Comments

XRP hopes the token will see a significant price increase in 2022, based on the assumption that Ripple will win its lengthy legal battle with the U.S. Securities and Exchange Commission (SEC).

Hinman Documents to Save XRP Bulls?

On Sept. 29, District Judge Annalisa Torres, the district court judge in the case, ordered the commission to release documents prepared by William Hinman, former director of the SEC’s corporate finance division.

Hinman may have written about Ether (ETH), the native token of the Ethereum blockchain, which Ripple believes is not the security of hidden documents. This is largely because Hinman proclaimed the same in his speech at the Yahoo Finance All Markets Summit in June 2018.

Ripple’s defense used Hinman’s statements as evidence that the blockchain’s native token, XRP, should not be treated as a security, contrary to what the SEC argued in a lawsuit filed in December 2020. can.

XRP has since It has been kicked out of many regulated cryptocurrency exchanges, including Coinbase and Bitstamp. As a result, reflecting investor caution, it became one of the only top cryptocurrencies that failed to regain or establish record highs during the crypto market boom of 2020-2021. became.

From a technical analysis point of view, some might argue that XRP’s price is undervalued compared to other top cryptocurrencies. Ripple’s win may change that, considering the token has risen 20% in his one day after Judge Torres’ order.

RELATED: CFTC Commissioner Proposes Office Focused on Individual Crypto Investors

resistance and merging

From a technical standpoint, XRP is just an hour away from recording a 50% price increase.

In particular, the token is currently testing one multi-year downtrendline resistance, a reversing support bar, and a resistance confluence of Fibonacci lines. They all pivoted around $0.57. A Ripple win could help XRP decisively outperform this confluence.

Weekly chart of XRP/USD.Source: Trading View

With such a breakout, XRP could rally towards the next Fib line near $0.72, up more than 50% from the October price. Conversely, if the price falls, XRP could crash to the previous support level of $0.31, down 35% from the current price level.

“$XRP is basically a legal battle.” I got it Independent market analyst DonAlt adds:

“Gigapump $XRP if they win, -50% candlestick if they lose. Also, losing $XRP makes other cryptocurrencies vulnerable, so you should root for them.”