RIpple and its XRP crypto are having a very exciting time with the latest news and rumors that bode well for the future of this crypto project.
Updates on the clash with the SEC over the issue of security tokens, international regulations, and the launch of a new investment product in Europe are among the main topics discussed at Ripple over the past week.
The price of XRP, after rising 45% amid the October rally, is discounting a distribution phase over the past 20 days that has caused a 15% drop in its value.
However, several analysts are confident that the crypto could reach $1 soon.
Is this a likely prediction?
We see it below in this article.
Summary
Ripple and the crypto news of the last week: several rumors support the price of XRP
Despite Bitcoin‘s hovering price action, which seems unwilling to break the key $38,000 level for good, Ripple and its crypto XRP are holding up well without registering heavy drawdowns, thanks in large part to the news of the last week.
The first thing to watch in the Ripple universe today is the recent announcement by the Canadian company “DeFi Technologies Inc.” which proudly unveiled what are the plans for a debut for XRP on the European exchange.
Specifically, the company would be unveiling a new ETP in early December, with the intention of offering an XRP-themed regulated investment product to European investors.
An ETP represents in jargon an “Exchange Traded Product,” a macrocategory of ETFs that offer a precise exposure of an exchange-traded product. Within the same set we also find ETNs and ETCs, exchange-traded funds and commodities, respectively.Â
The one from DeFi Technologies, which will be controlled by subsidiary Valor, will offer indirect exposure (different from what Bitcoin aspires to in the context of spot ETFs) that Europeans will be able to interface with in order to invest in the cryptocurrency.
This news supported the price of XRP during the latest price retracement, causing holders of the coin to breathe a sigh of relief.
It is also worth noting here what are all the rumors circulating in crypto circles about a hypothetical “delisting” of XRP to the blacklist of currencies considered as security by the Securities and Exchange Commission.
Indeed, several rumors suggest that Gary Gensler and his team have arranged a closed-door meeting with key Ripple officials to negotiate the terms of this decision.
For XRP this would be a momentous turning point since the SEC until now has never explicitly admitted the crypto asset differs from so-called security stocks, despite having previously lost a lawsuit against the crypto company itself.
The meeting is reportedly scheduled for 30 November, but recall that official sources have not confirmed the news.
Finally, concluding the list in last week’s news for Ripple, we find the statements of Edward Farina, a prominent member within the XRP Healtchare community, who recently suggested extremely bullish forecasts for the cryptocurrency in its coming years.
In fact, according to Farina, if XRP succeeds in capturing even a fraction of the market currently dominated by SWIFT, it could reach the insane figure of $10,000 per token.
The prediction has been considered by many XRP maximalists, without noting that such a price is totally unfeasible given the coin’s current supply.
Looking at the comparisons offered by “Marketcapof,” we can see how if even XRP equaled Bitcoin in terms of capitalization, it would make a 22X from current prices, coming in at $13.59.
The $10,000 to date represents only a mirage for Ripple investors: those who believe in these phantom bets must first come to terms with reality.
Market analysis for XRP: $1 by year-end?
In defiance of Farina’s silly prediction just mentioned in the previous paragraph, we can discuss the possibility of Ripple and its crypto XRP reaching or not reaching the $1 mark by year-end, given the excellent news/rumors that have reached the market.
At the moment, XRP trades at $0.60 with a market capitalization of $32.6 billion and trading volume in the last four hours hovering around $1.5 billion.
Prices for the Ripple coin are in a slight distribution phase after the October rally generated a 45% pump.
Now the goal for XRP supporters is to hold the 50 daily EMA and reverse its course, confirming the formation of a bull flag in the chart.
This could ensure stability in the bullish trend, leading prices to break through the $0.75 wall that has been holding back the market’s recent bull push.
On the downside, watch out for the $0.58 level and then the $0.55 because if broken, they could shatter all the currency holders’ dreams of seeing it at $1 by year-end.
In particular if the drop below these supports is confirmed, price action would take a bearish turn that would undo the bull flag and enshrine the last top locally at 0.75 as a higher low of a broader price structure.
Observation of the RSI and spot volumes give no particular signals on either front and leave currency traders with bated breath.
It should be remembered that XRP has often in the past exploded following a breaking news story regarding the case with the SEC, hence we could expect a break of all major chart resistances should the rumors of a confidential meeting of the federal agency to sanction the non-security realm be confirmed.
Various manipulations have fallen on the price of crypto in recent years hence it cannot be ruled out that by the end of the year it could finally reach the $1 value that had not been reached since December 2021.
Be on guard traders.
