Ripple Price Prediction: Court Battle Gone ‘Exceedingly Well’, XRP Up 8%

• Ripple claimed another victory in its lawsuit against the Securities and Exchange Commission (SEC). 
• The XRP/USD price action has changed from bearish to bullish as it surged over 7% during 24 hours.
• The XRP price will need to clear the $0.85 and $0.91 barriers for further gains.

On Friday, Ripple price prediction remained bullish amid positive fundamentals. Ripple claimed another victory in its lawsuit against the Securities and Exchange Commission (SEC). We’re looking at recent price projections for the cryptocurrency.  Ripple CEO Brad Garlinghouse is confident that the business will come out on top. It’s because their lengthy legal battle with the Securities and Exchange Commission is coming to an end. The San Francisco-based startup is battling the Securities and Exchange Commission over allegations. These allegations include that Ripple, Garlinghouse, and executive chairman Chris Larsen engaged in an illegal securities offering by selling XRP, a cryptocurrency that the company uses commercially and is closely associated with.

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The SEC said that XRP should be classified as a virtual currency, not an investment contract, like a stock.

Ripple says, “The case had gone exceptionally well and far better than I could have imagined when it began approximately 15 months ago”. Garlinghouse said during a fireside discussion presented by CNBC at the Paris Blockchain Week Summit. “However, the wheels of justice turn slowly.”

When CNBC contacted the SEC, no one was immediately available for comment. Earlier this week, a judge determined that the SEC could not modify the wording of emails purporting to indicate conflicts of interest in how the watchdog handled XRP and other assets such as ether.

Stroy of Ripple SEC Case 

The SEC charged Ripple and its senior executives, Brad Garlinghouse and Christian Larsen, with selling unregistered securities in the form of XRP in 2020. The remarks follow the announcement by a RippleNet community lawyer that Ripple had secured a “very big win” against the SEC after Presiding Judge Sarah Netburn denied the SEC’s request to reconsider shielding documents under privilege. The documents were linked to a speech given by former SEC Director William Hinman, in which he stated that Bitcoin (BTC) and Ethereum (ETH) are not securities.

“This case is significant not just for Ripple, but for the entire crypto industry in the United States,” Garlinghouse said. He also stated that if Ripple loses the case, a precedent could be set. Most tokens on cryptocurrency exchanges would be recognized as “securities” by the SEC. This means that exchanges could be forced to register as brokers with the SEC. Moreover, exchanges could be forced to register the identities of all token holders.

Ripple Price Prediction: Can XRP/USD GO After $1?  

The XRP/USD price action has changed from bearish to bullish as it surged over 7% during 24 hours. After hitting a local high of $0.93 on March 28, the remittance token has dropped 26%. XRP landed right in the middle of a buy zone that runs from $0.62 to $0.68. So far, a bounce off this area has pushed Ripple up by 9%, and it is approaching the 50% retracement level at $0.73. The 2022 volume point of control at $0.77 represents a significant barrier in the near future. This is where most Ripple has been traded since the beginning of 2022, and it is likely to provide support and resistance. Nonetheless, the price of XRP fell below it during the recent flash crash.

A quick recovery above this barrier would be positive for bulls looking to resume the uptrend. Nonetheless, the XRP price will need to clear the $0.85 and $0.91 barriers for further gains. Therefore, removing these impediments will pave the way for a retest of the psychological level of $1.

On-chain Metric Analysis

The 365-day Market Value to Realized Value ratio is the only on-chain metric that shows clear bullish signs for the XRP price (MVRV). This on-chain metric calculates the average profit/loss of XRP investors over the last year. Currently, this index is hovering around -22 percent. It is at the same level where the price of XRP reached a local low in late January. The remittance token increased by nearly 53 percent in less than two weeks due to the subsequent uptrend. If history repeats itself, there is a good chance that the XRP price will begin a similar upward trend.

Regardless of the bullish scenario presented by a few on-chain indices, a daily candlestick closing below $0.60 invalidates Ripple’s bullish thesis. In such a case, the price of XRP could plummet to the range low of $0.55 before resuming a directional bias. Good luck!