Started by Bitcoin, Oct 10, 2022, 06:09 am
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XRP is in a wait-and-see position as it braces for the conclusion of a lawsuit filed by the U.S. Securities and Exchange Commission against Ripple Labs.
It can be recalled that on December 22, 2020, the regulatory body announced it has lodged a complaint against the American technology firm and two of its executives for selling XRP which the complainant considers an unregistered security.
Christian Larsen, co-founder and former CEO of Ripple Labs and Bradley Garlinghouse, current CEO, was also included in the lawsuit as the duo was alleged to be involved in making around $600 million by selling the cryptocurrency.
Since then, the digital asset seems to have been relegated to the sidelines, affecting its performance in the crypto space.
In fact, XRP has now lost 85% of its $3.40-all-time high value attained on May 22, 2014. The crypto, however, is refusing to be dragged down, as it slowly climbs back to relevance.
At press time, according to data from CoinMarketCap, XRP is currently changing hands at $0.51. It has been down by 1.7% for the past hour but at one point was up by almost 60% for the last 30 days.
The recent price correction experienced by the asset trimmed its monthly gain, which now stands at 50.3%.
Still, the 6th largest cryptocurrency in terms of market capitalization is one of the few altcoins that have managed to mount a bullish rally despite the bearish month of September.
Some analysts believe that one of the reasons for the crypto's impressive performance is the fact that Ripple Labs managed to get procedural wins against SEC in their legal fight.
Just recently, a district judge has ordered the release of documents pertaining to a speech made by former Division Director William Hinman where he said Bitcoin and Ethereum are not securities.
At the start of this year, XRP has experienced fluctuations in its price that influence price forecast for the asset.
For this month, crypto experts say the asset's average price will stand at $0.50995. The lowest possible price for the crypto this October is $0.45995 while the highest is $0.51995.
According to analysis, the coming month of November won't be any different for XRP, as it is expected to trade at an average price of $0.51995. The crypto is expected to peak at $0.53995 and bottom at $0.48995.
In the foreseeable future, assuming Ripple Labs finally wins its legal dispute with the SEC, XRP is expected to hit and firmly hold the $1 mark.
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