The XRP community has been buzzing recently, with the token momentarily performing in the green zone, contrary to the bearish crypto market. The digital currency has partly benefited from proceedings in the Ripple and the Securities Exchange Commission (SEC) court case.
Notably, the case has emerged among the fundamentals behind XRP’s price, considering that the ruling will have ramifications on the general crypto market. At the same time, XRP is benefiting from a temporary market rally that emerged as a positive reaction to the slowing of United States inflation. However, price projections indicate that XRP be facing a bearish sentiment in future to trade at $0.30 on Christmas Day 2022.
Currently, the community is focusing on reclaiming the $0.50 level, which has been touted as crucial support to hitting the elusive $1. Consequently, the minor bullish momentum is being monitored to see if it can be a catalyst for XRP to hit $0.50 as the market moves away from the FTX crypto exchange fallout.
XRP price analysis and prediction
By press time, the sixth-ranked cryptocurrency by market capitalization was trading at $0.38, with a daily correction of about 3%. The weekly chart indicates that XRP price peaked at $0.39 in the wake of slowed-down United States inflation data.
However, the asset slid down to $0.38, and the possibility of further correction was contained with the Federal Reserve announcing a slight decrease in interest rate hikes. Indeed, XRP is still looking for means to regain the crucial $0.40 support position, if this happens it will likely lead to $0.50.
At the same time, if the asset bulls fail to hold the current position, the token could slide further to $0.37.
After the general market received a relief rally from the positive inflation news, XRP fans will focus on how the asset will end the week. In this line, based on Coin Price Forecast metrics, XRP will likely remain stable and trade at $0.38 by the week ending December 18. Additionally, the metrics show that XRP will make almost zero gains by the end of 2022.
XRP fundamentals
In recent weeks XRP has exhibited bullish signs as the case between Ripple and SEC entered the final stages. Notably, the token rallied, with Ripple registering minor wins like the admissions of supportive briefs.
As things stand, both parties have made final submissions and are awaiting the final ruling. According to a Finbold report, United States attorney Jeremy Hogan predicted that the case has four potential outcomes, including a win for both parties, a draw, or the judge that can make a surprising ruling.
All in all, the outcome is likely to have an impact on XRP’s price. If the case is ruled in favor of the blockchain firm, it would be a bullish sentiment for the token.
Finally, XRP will be banking on the investor trust in Ripple, considering that the company has gained a valuation of $15 billion to rank as the tenth largest startup in the United States.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/can-xrp-shoot-up-to-0-50-by-christmas-day-of-2022/