Here’s Why XRP Price Could Rally Soon

XRP has continued its climb today and is up nearly 3% in the last 24hrs having tested resistance levels at $0.50.

Amid bullish sentiment and belief that Ripple will win its two-year court case against the US Securities and Exchange Commission (SEC), XRP investors continue to wait for a mass breakout.

September is traditionally a bearish time for the crypto markets, but XRP closed with its best month of 2022.

With October usually a bullish month in crypto cycles and the high-profile court case seemingly favoring XRP, the token could enjoy surging price action in the coming days and weeks.

XRP Testing Resistance

As CryptoNews previously noted on Tuesday and Wednesday, the bulls appear to have taken hold of XRP, with investors and traders pushing significant price action in the short term.

The token broke out of the symmetrical triangle and tested $0.50 late on Wednesday, and while there was some price retraction, the coin found key support at $0.49 and now appears to break out further.

Should it sustain and break through $0.50, the next resistance level will be $0.56 and then $0.61, perhaps even reaching $0.66.

The volume is also extremely bullish for short-term price increases, at $2.27 billion, trailing only Bitcoin and Ethereum and the three main stablecoins (USDT, USDC, BUSD).

XRP vs SEC Court Case

The main reason for XRP’s continued success over the last month – where it has increased nearly 50% from early September – is continued good news in its court case against the SEC.

Many analysts and commentators believe XRP’s parent company, Ripple, is now on course to win the high-profile case.

The latest major news saw a US District Court Judge, Analisa Torres, allowing emails written by ex-SEC employee William Hinman to be used in their defense.

The emails from the senior employee, who worked as Corporation Finance Division Director, allegedly describe ether (ETH) as not a security as, like Bitcoin, it is “sufficiently decentralized.”

The alleged comments are a cornerstone of Ripple’s defense.

Numerous high-profile analysts in the crypto community believe a landmark win for XRP over the SEC would see the coin go parabolic and beat its January 2018 all-time high of $3.84.

Elon Musk Twitter Deal Good News?

Elon Musk returning to his $44 billion Twitter deal has also been taken as a good sign for XRP.

Many believe Musk, a known crypto fan, and user, will add tipping and payment functions to the social media site, where users can send crypto.

Dogecoin is expected to be the biggest beneficiary if that change happens, but some are predicting other coins, such as XRP, will also benefit.

CBDCs and Binance

As Reuters reported on Thursday morning, the financial messaging system SWIFT completed testing for a global central bank digital currency (CBDC), having tested a number of different protocols over the last eight months.

The protocols used were not named, but XRP and its Ledger is a high-profile CBDC solution that many are expecting will receive mass institutional adoption should it win its case against the SEC.

Finally, the world’s largest centralized exchange, Binance, has continued to show its support for XRP, hinting they believe Ripple will be successful in their case.

Not only did the exchange add XRP to their ‘Learn & Earn’ section, but they have now started offering XRP as a Dual Investment, allowing users to buy or sell the crypto at their desired prices while earning high-interest yield.

While XRP is an appealing coin, diversification in any portfolio is key. Another coin that looks set for big gains in the coming months is IMPT – a new eco-friendly crypto that has sold $1 million in just three days of the presale.

Reports /TrainViral/