Will XRP Jump to $1 This Week?

Ripple’s XRP token is in the spotlight again with a strengthening technical analysis outlook for the token. At the same time, investors are becoming more hopeful that a long legal battle with America’s financial regulator could soon end and, with XRP potentially skyrocketing as a result.

From a longer-term technical analysis standpoint, the XRP token now appears stronger than in a long time, despite falling prices on Monday and Tuesday this week. On the weekly chart, a clear uptrend has been established after the token traded up strongly on September 22.

The surprising price action has also led to important price levels being broken, with the token smashing through the $0.50 level on September 23. Naturally, the next major psychological level after that would be $1.

Still, a rise to $1 – a key level many XRP holders are waiting for – means that the price would need to double in just one week. Such an increase would be surprising given that the overall crypto market remains in bearish territory.

That said, XRP has some interesting developments going for it from a fundamental standpoint. First and foremost, Ripple’s long legal battle with the SEC could soon come to an end with an outcome favorable to Ripple.

More specifically, a U.S. District Court Judge has now overruled the SEC’s attempts to withhold documents in the case. The documents, written by former SEC division director William Hinman, relate to a speech that argues that BTC and ETH are not securities – a key argument that Ripple has also used in relation to XRP’s status.

Secondly, unexpected help today arrived from Cardano (ADA) founder Charles Hoskinson, who last weekend said he sees XRP as a commodity and not a security. That distinction has become extremely important in the crypto industry in recent years, given that classification as a security would involve much greater regulatory scrutiny.

To be precise, Hoskinson may have his own reasons for saying this, given that his own ADA token also could face regulatory difficulties if it is classified as a security. In addition to XRP, Hoskinson said the same would apply to the majority of layer 1 tokens, such as ETH, SOL and more.

Late last month, XRP broke through the $0.50 level for the first time since May, fueling hopes that the token could reach as high as $3 soon.

As of press time at 10:40 UTC, XRP traded at $0.4815, down 6.8% for the past 24 hours but still up 4.1% on a 7-day basis.

Reports /TrainViral/