Here's Why Traders Shouldn't Bank on the XRP Price Hitting $1 and Back These 3 Coins
XRP price has, over the last couple of months, performed exceptionally well thanks to the strides Ripple Labs is making against the SEC (Securities and Exchange Commission) lawsuit. The international money transfer token now boasts approximately $22 billion in market cap and has attracted around $867 million in 24 hours across all crypto exchanges.
Although XRP price's uptrend topped $0.5586 toward the end of September, it retraced to collect more liquidity. Support established slightly above $0.42 stopped bears from wiping out the progress made by the bulls.
XRP price dodders at $0.4571 at the time of writing. A parallel descending channel appears to have condemned XRP price to a short-term downtrend before a sustainable breakout to $1.0000 resumes.
For now, much focus is being channeled to XRP's ability to defend the support at the channel's throughline. If push comes to shove and declines intensify, investors should acclimatize to XRP price retesting and confirming support at $0.42000.
XRP price run up to $1.0000 before the end of the year will largely depend on the outcome of the SEC vs. Ripple lawsuit. Ripple has been bagging small wins against the regulator, with experts foreshadowing a win for the blockchain startup.
However, the case outcome rests with the court, which has retreated to work on the summary judgment. Brad Garlinghouse, Ripple's CEO, recently said that he anticipates the ruling in the first quarter of 2023.
Investors have solid reasons to back an XRP price rally to $1.0000, as observed from the above analysis. However, they can also be open to diversifying their portfolios with soon-to-launch crypto projects such as Dash 2 Trade (D2T), IMPT, and Calvaria.
Portfolio adjustment has never been as essential
Read more on cryptonews.com
