XRP Gives Strong Breakout On Technical Chart, Next Target $0.66

On Friday, October 7, the broader cryptocurrency market once again came under selling pressure amid the unemployment data coming from the U.S. However, Ripple’s XRP has chosen to look in the other direction gaining 8% in the last 24 hours.

As of press time, XRP is trading 7.3% up at a price of $0.52 and a market cap of $26.1 billion. The recent price jumping XRP comes as the Ripple network growth peaks to a 3-month high. As on-chain data provider Santiment reported:

#XRPNetwork has jumped back over $0.52 on a mild decoupling from the rest of the #crypto back today. Yesterday’s network growth was the highest in three months, with over 2,773 $XRP new addresses created.

The current optimism surrounding XRP is also due to the market expecting an end to the SEC case very soon. Also, Ripple holds the edge in this case and seems that it could defend its position of XRP not being a security.

Ripple defendants recently filed the motion opposing SEC refusal to allow two firms the permission to file Amicus Briefs in the XRP lawsuit. Ripple has been clearly pressing hard on every SEC move and looks determined to take the case to its conclusion by the year end.

Ripple’s XRP Can Rally 30% More

Riple’s native cryptocurrency XRP has once again managed to break past its crucial resistance of $0.50 and if the momentum continues further, analysts are expecting the XRP price to rally all the way to $0.66 based on the technical charts. If it sustains $0.50, it could reach next $0.56,$0.61, and $0.66 subsequently.

What are we thinking to this #XRP breakout? $0.66 price target! pic.twitter.com/IOoJRisc7I

— Cryptoinsightuk (@Cryptoinsightuk) October 5, 2022

The last month of September proved to be the best monthly close for XRP in entire 2022. Also, the month of October has been usually good for the broader crypto market. This could also provide a much needed boost to the XRP price.

All eyes will be on the Ripple vs SEC case which could be a major pathbreaking event for XRP holders.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.